Boris Bike workers prepare for 48-hour strike over pay dispute August 4, 2013 WORKERS at the Barclays Cycle Hire scheme will go on strike for two days next week, transport union RMT confirmed yesterday. Around 63 workers will join the action, which begins at 9pm on Sunday, lasting 48 hours. The RMT is citing the imposition of a pay rise limited to two per cent, shift pattern changes [...]
Lloyds presents Osborne with a dilemma – is it time to return the bank to private hands? August 2, 2013 As Lloyds shares pass their true break-even point of 73.6p, is it now time for chancellor George Osborne to return the bank to private hands? Mike van Dulken, head of research at Accendo Markets: he turnaround is working and profits have returned. Another 30 days at/above 73.6p, or a 1/3 stake sale >61p, and the [...]
Equistone takes a bite out of Charles & Alice August 1, 2013 EQUISTONE Partners, the private equity firm carved out of Barclays two years ago, yesterday backed a buyout of upmarket French dessert maker Charles & Alice Group. The deal, Equistone’s third French acquisition this year, will see the firm finance a secondary management buyout (MBO) led by Charles & Alice’s president Thierry Goubault. Terms were not [...]
Lloyds share price passes break even point for taxpayer as bank reports swing to profit August 1, 2013 Share prices in Lloyds Banking Group have surpassed what the City regards as the "real" break even point for the taxpayer as the group reports a swing to profit in the first half of the year. This morning, the Lloyds share price passed the 73.6p "real" break-even point, which represents the average price at which [...]
Before the open – 01/08 August 1, 2013 Asian shares were up last night on the back of unexpected good manufacturing data from July. The NBS purchasing managers’ index came in at 50.3 – up from 50.1 the month before and above expectations of 49.8 (above 50 indicates growth, below contraction). HSBC’s measure of manufacturing PMI, however, said the industry shrank, coming in [...]
Exclusive: Barclays tries to avoid shocking markets again July 31, 2013 BARCLAYS is considering changing the way it reports capital and leverage ratios to match regulators’ calculations more, City A.M. has learned, after the authorities shocked markets with fears over the bank’s stability. The lender had been considered one of Britain’s safest major players, but this week was forced into a £5.8bn rights issue, as well [...]
Banks hold talks on remittances July 31, 2013 The British Bankers’ Association and the government yesterday held talks on the problems faced by remittance services. The payments firms allow individuals to send money abroad, but 250 face having their accounts closed by Barclays because the bank is worried about the risks of the services being abused by money launderers and other criminals. The case [...]
City Moves for 1 August 2013 | Who’s switching jobs July 31, 2013 Premier Farnell The electronics company has announced the appointment of Andrea Dunstan as chief people officer. Dunstan has over 20 years’ experience in human resources (HR). She was previously group HR director at Wincanton. Prior to that, she worked at AstraZeneca. Royal Bank of Canada The bank’s capital markets division has recruited Sian Hurrell as head [...]
London Report: US growth gives the FTSE fuel for a further rally July 31, 2013 THE FTSE 100 rallied yesterday as the quickening pace of the global economy’s heartbeat revived confidence that economic recovery can be sustained even if stimulus is withdrawn. Economic growth in the US unexpectedly accelerated in the second quarter, with gross domestic product growing at a 1.7 per cent annual rate, stepping up from the first-quarter’s [...]
RBS hopes to name new chief executive on Friday July 31, 2013 The Royal Bank of Scotland is hoping to name its new chief executive alongside its results on Friday, according to Sky sources. Sky Sources: RBS hopes to name new chief executive to replace Stephen Hester along with results on Friday — Sky News Newsdesk (@SkyNewsBreak) July 31, 2013 However, there is no formal deadline for [...]