Chinese data boosts FTSE 100 February 8, 2013 The blue chip index rebounded strongly this morning, as large-cap mining and engineering stocks led the rally on the back of improved Chinese trade data. Chinese exports and imports jumped more than expected last month, pointing to both stronger domestic demand and to a recovery in the world economy as a whole, which led to [...]
Senior Barclays staff delay pay February 7, 2013 MANAGING directors in Barclays’ investment bank will not get an upfront bonus for 2012, instead receiving the payouts – half cash and half shares – over the next three years. More junior staff will receive a bonus of up to £65,000 in cash upfront, gaining more at the expense of the 1,200 MDs affected. It [...]
Barclays’ investment bankers wait to hear their fate February 7, 2013 When Barclays chief executive Antony Jenkins speaks about shredding Bob Diamond’s legacy, as he did the other day, many of his group’s rivals are hoping he is talking about doing away with an actual part of the bank, rather than a cultural construct. For the growth of Barclays’ investment bank has been one of the [...]
Facebook and Google top list of tech buyers February 7, 2013 FACEBOOK and Google were the most prolific buyers of private technology companies in 2012, with the two web firms splashing out on 16 companies each as tech acquisitions hit their highest level for years. Financial data firm Privco revealed yesterday that acquisitions of private US technology firms reached 2,357, up from 22 per cent in [...]
Barclays supports Bumi board in run-up to boardroom battle February 7, 2013 ANALYSTS from Barclays yesterday spoke out in support of the Bumi board strategy, just two weeks before the boardroom battle that will decide the coal miner’s future. Having spoken to chief executive Nick von Schirnding, Barclays said in a note that “the strategy being pursued by the current board and company is the right one”, [...]
Burberry management reshuffle weighs on FTSE 100 February 7, 2013 The blue chip index was broadly flat in early deals, weighed down by luxury brand Burberry. This morning it announced a management shake-up, creating a new chief operating officer role and replacing its chief financial officer. Shares dropped 3.8 per cent in early deals. Investment manager Hargreaves Lansdown fell 2.25 per cent, after rallying more [...]
Notes on a scandal February 6, 2013 RBS took a £390m fine for Libor fiddling yesterday after watchdogs found that 21 staff had colluded with rivals over four years to fix the key market interest rates for the benefit of their own financial positions. Traders offered each other steaks and sushi in exchange for entering false interest rates to drive the Japanese [...]
UK wind fund blows onto LSE in £205m float February 6, 2013 INFRASTRUCTURE fund Greencoat UK Wind is hoping to raise at least £205m through a government-backed float that will jettison it to the main London market. Managed by Greencoat Capital, the fund has bought interests in six wind farms from utility firms SSE and RWE. Closed-end investment company Greencoat, which will be fully invested from launch, [...]
Car sales rev up as registrations rise for the 11th month in a row February 6, 2013 THE UK’S resurgent car-buying market shows no sign of slipping down a gear in 2013, having recorded its 11th straight month of growth in January. New car registrations jumped 11.5 per cent last month compared to the same time a year earlier, with 143,643 vehicles registered. The Society of Motor Manufacturers and Traders (SMMT), which [...]
City Moves for 7 February 2013 | Who’s switching jobs February 6, 2013 Quilter Cheviot The asset management firm has appointed Jane Seymour as group marketing director. She joins from Rathbone Brothers, where she held a similar position. Seymour has over 20 years’ experience working in the financial services sector, and will report to chief executive Martin Baines. Catalyst Corporate Finance The advisory business has appointed two new [...]