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 [...]
Fund managers help FTSE 100 edge up again February 6, 2013 THE FTSE 100 nudged into positive territory yesterday on a strong showing from asset managers following robust results from Hargreaves Lansdown, which outweighed declines in energy stocks. The FTSE 100 closed up 12.58 points, or 0.2 per cent, at 6,295.34, having risen 0.6 per cent the previous session after suffering its sharpest one-day percentage drop [...]
RBS in Libor rigging shame February 6, 2013 RBS has been fined £390m ($612m) by US and UK regulators for rigging the Libor interest rate benchmark. The bank will pay $325m to the Commodity Futures Trading Commission, $150m to the US Department of Justice and £875m to the Financial Services Authority. More than a dozen traders at RBS offices in London, Singapore and [...]
Hargreaves Lansdown lifts FTSE 100 February 6, 2013 The FTSE 100 pushed back over the 6,300 level this morning, as investment manager Hargreaves Lansdown topped the index, rising more than seven per cent. This morning the company reported robust growth, with revenue up almost a quarter in the six months to December and pre-tax profit up 30 per cent over the period. “Customer [...]
Deals are back February 5, 2013 ■ Computer maker Dell taken private in largest leveraged buyout since before the financial crisis ■ US billionaire John Malone closes in on $20bn deal for UK telecoms giant Virgin Media TWO of the biggest buyout deals since the financial crisis struck were revealed yesterday, as British communications firm Virgin Media and US computer giant [...]