Mining and banking shares boost FTSE February 11, 2013 The leading share index was modestly up in early deals, as mining and banking shares boosted the FTSE 100. Russian steelmaker Evraz rose 1.77 per cent. Miner Eurasian Natural Resources was up almost 1.7 per cent in early deals. Last week the Kazakh-focused miner soared more than nine per cent as it reported a jump [...]
Barclays’ tax avoidance unit to close down February 10, 2013 BARCLAYS will tomorrow announce it is shutting down its controversial tax avoidance units as part of a major drive to clean up its operations and its image after a series of scandals. Antony Jenkins became chief executive after Bob Diamond stood down in the wake of the Libor scandal, and tomorrow unveils his plans to [...]
Jenkins must walk the fine line between change and stability February 10, 2013 BARCLAYS’ share price has been on the rise since Antony Jenkins was appointed as chief executive late last August, recovering from the impact of the Libor scandal and Bob Diamond’s resignation in July 2012, and is now almost 30 per cent up on its price at this time last year. Optimists will be hoping that [...]
Hospital owner in talks to avert £2bn debt crisis February 10, 2013 THE owner of some of the UK’s best-known private hospital sites is to hold crunch talks with lenders over a £2bn debt pile, opening the door for a creditor takeover of the sites. General Healthcare Group, which owns 69 hospital sites including 9 Harley Street and Fitzroy Square hospital in London, is racing against time [...]
Market braced for bad news in Inflation Report February 10, 2013 ECONOMISTS have warned that markets should be braced for bad news this week as the Bank of England releases its quarterly update on the UK’s financial outlook. “The upcoming Inflation Report is likely to project that inflation will still be clearly above the two per cent target two years ahead, and perhaps not even back [...]
Trainee solicitor gets romantic as love and economics collide February 10, 2013 IT is probably not a book to give on the 14 February, unless the object of your affection finds economics particularly sexy. But with Saint Valentine’s day fast approaching, the timing for the publication of Will Nicholson’s memoir could not be more appropriate. A Story of Love and Market Forces was written by the Freshfields [...]
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 [...]