Financial shares buoy FTSE 100 January 14, 2013 The blue chip index edged up in early trading, but failed to replicate strong gains overnight in Asia. Resources and financial shares were in favour this morning, with oil and gas services provider Petrofac the top FTSE 100 riser. Eurasian Natural Resources was up 1.58 per cent, as Credit Suisse upgraded the stock from “neutral” [...]
Financial firms sack or suspend record number of staff January 13, 2013 FINANCIAL firms and watchdogs have tightened the screws on staff suspected of misconduct in the last year, according to figures out today. In 2012, almost 1,400 financial services workers were dismissed or suspended, or resigned while under investigation by their employer or a regulator, figures from the Financial Services Authority show. In the same year [...]
Strong start to 2013 as US M&A market surges January 13, 2013 MERGER and acquisition activity hit a record high in the opening weeks of 2013, according to new figures from Dealogic, marking a stark change from the flat markets of 2012 as US deals drove the sector. The first two weeks of the year saw $80.8bn (£50.1bn) worth of deals globally – the best start to [...]
First-time buyers need to save eight years to build up deposit January 13, 2013 THOSE looking to get their foot on the housing ladder are taking eight years to save up the necessary deposit, according to research out this morning. The average deposit on a first home was £31,059 during 2012, Barclays said today, meaning potential buyers had to save eight times as long as in 1995, when a [...]
City Moves for 14 January 2013 | Who’s switching jobs January 13, 2013 Legal & General Alex Gipson has been appointed as a loans originator and underwriter in Legal & General’s commercial lending team. He joins from RBS, where he worked for 27 years. Gipson was most recently director of housing finance within RBS’s structured finance team. He is a social housing expert, and has worked on numerous [...]
UK consumer price index is forecast higher January 13, 2013 UTILITY prices are expected to have lifted the UK’s consumer price index (CPI), the household spending index due out tomorrow along with a swathe of housing and retail data. “We expect CPI inflation to have edged up to 2.8 per cent year on year in December from 2.7 per cent, and retail price index (RPI) [...]
Banks keep FTSE 100 above 6,100 level January 11, 2013 The blue chip index nudged up in early trading this morning – staying above the 6,100 level – as it consolidated overnight gains from the US, where the S&P 500 hit a five-year high. Financial stocks were bouncing about at the top of the FTSE 100 in early deals, with Barclays and RBS adding 1.8 [...]
The good, the bad January 10, 2013 THE DIVIDED state of the UK retail sector was brought into sharp focus yesterday as an upbeat Tesco and Shop Direct claimed victory in the Christmas retail wars, while Marks and Spencer suffered the fallout of a worse-than-expected festive period. Following muted performances by rivals Sainsbury’s and Morrisons, a resurgent Tesco revealed its strongest sales [...]
RBS reshuffle looms ahead of Libor fines January 10, 2013 SENIOR RBS bankers are likely to lose their jobs over the Libor-fixing scandal as the state-backed institution looks to satisfy investors, politicians and the public that individuals have been punished, it emerged yesterday. Investment bank boss John Hourican and markets head Peter Nielsen are believed to be potential casualties. Neither was involved in Libor fixing, [...]
Wanted: more advisers to deliver a Royal Mail sale January 10, 2013 THE investment banks are on board and now the next stage ahead of the ultimate privatisation of the Royal Mail is about to be sorted; the appointment of a financial public relations team that will sell a deal to the City via the financial media. Various firms, including City heavyweight RLM Finsbury, are vying to [...]