Barclays rights issue rump to be sold today October 3, 2013 THE RUMP of Barclays’ rights issue could come in at around £300m, it emerged last night, after at least five per cent of investors declined to take up the offer of new discount shares. The £5.8bn issuance will support the bank’s capital position, and each existing investor was offered one new share for each four [...]
Best of the Brokers for 3 October 2013 October 2, 2013 SCHRODERS Numis has cut its rating on the investmentfirm from “add” to “hold” with a target of 2,632p for its voting shares. The broker now has just one “buy” rating in the sector – on Aberdeen – but still views equity managers, especially those in emerging markets, as good long-term value. OPHIR ENERGY Nomura has [...]
CVC seals deal to sell Campbell soup in Europe October 1, 2013 CAMPBELL Soup is selling some of its European canned soups and meals brands to private equity firm CVC Capital Partners for €400m, the firm announced yesterday. Campbell said in August that it was in talks to sell some brands to CVC Capital as it focuses on its core North American soup and meal business and [...]
Higher capital demands for banks under new stress test says BoE October 1, 2013 The Bank of England has released the record of a Financial Policy Committee Meeting which discloses plans for British banks to hold more capital than foreign competitors. Annual stress tests are set to start next year, with Barclays, HSBC, Lloyds, Co-op, Standard Chartered and RBS all being tested. The Bank stresses its "key overarching priority would [...]
Aquis targets November launch date September 30, 2013 AQUIS Exchange, the trading platform which has attracted the attention former Barclays boss Bob Diamond, has told prospective clients it hopes to launch the exchange next month. The company, which has been set up by former Chi-X chief executive Alasdair Haynes, wrote to potential customers last week telling them it hoped the trading platform would [...]
Borrowers set for small cut in interest rates September 29, 2013 MORTGAGE borrowers who use the government’s new guarantee scheme could see interest rates fall by up to one percentage point, City A.M. understands. Banks lending under the scheme will have to pay the government a fee for each mortgage given out, a cost that will be passed on to borrowers. But the fee will only [...]
Ex-Barclays boss Martin Taylor lined up as possible Lloyds chair September 29, 2013 VETERAN financier and corporate chairman Martin Taylor could take over from Sir Win Bischoff as the chairman of Lloyds Banking Group, it emerged over the weekend. Taylor was chief executive of Barclays in the 1990s, followed by a stint as chairman of high street giant WH Smith as well as six years spent as an [...]
City Moves for 30 September 2013 | Who’s switching jobs September 29, 2013 Hausfeld & Co The litigation law firm has appointed Boris Bronfentrinker as partner. He joins from Freshfields Bruckhaus Deringer, where he was a senior lawyer in its cartel defence and commercial disputes practice. Macquarie Securities The institutional equities arm of Macquarie Group has appointed Brandon Krieg as managing director and head of electronic execution in [...]
London Report: UK data to show the economy in healthier state September 29, 2013 EXPECTED improvements in the purchasing managers’ index (PMI) data for manufacturing, construction and services this week should all point to further signs of the UK’s economic growth. “The purchasing managers’ surveys are expected to show further robust growth in September across the services, manufacturing and construction sectors which would bode well for hopes that GDP [...]
Growth confirmed as first quarter’s estimate hiked September 26, 2013 THE THIRD estimate of the UK’s GDP in the second quarter of this year was announced yesterday, with robust growth of 0.7 per cent confirmed. The Office for National Statistics (ONS) also changed its view of the first quarter’s growth, suggesting a 0.4 per cent expansion, upgraded from the 0.3 per cent previously estimated. Recent [...]