FTSE 100 rallies on US fiscal cliff deal January 2, 2013 Investors welcomed in the first trading day of the new year with a sharply higher blue chip index this morning, as the FTSE 100 rose around 90 points in early trading as US policymakers approved a deal to prevent the so-called fiscal cliff. Miners led the rally, with Eurasian Natural Resources, Rio Tinto, Anglo American [...]
Hollande vows to find a way to tax top earners January 1, 2013 FRENCH President Francois Hollande has vowed to stick to plans to raise the tax rate for top earners after his scheme to set a 75 per cent tax rate for those with €1m (£812,000) a year incomes was rejected. In a New Year’s Eve national address Hollande said the law would be redesigned to “ask [...]
Investment bank earnings fall in 2012 as bond markets boom January 1, 2013 INVESTMENT bank earnings fell slightly in 2012 as the bond markets became the main source of income for the industry, according to figures from data provider Dealogic. Total worldwide fees dropped 3.6 per cent to $67.1bn (£41.3bn), still well down on the pre-crash peak of $90bn in 2007. A third of investment banking revenue now [...]
Banks already bouncing back from a disastrous year January 1, 2013 LAST year will be remembered as a terrible one for the banking industry. In previous articles I have described the wider impact scandals such as Libor-rigging had on the reputation of the industry as a whole. However, 2013 is a new year and consumer perception could be looking up for the likes of Barclays and [...]
City Moves for 6 August 2013 | Who’s switching jobs January 1, 2013 White and Case The law firm has announced the appointment of Ross Allardice as partner in its UK and European private equity team. He has 11 years’ experience working with private equity funds, and was most recently at Kirkland & Ellis. Barclays The bank’s corporate and employer solutions division has recruited Sean McGowan to its [...]
Three trading resolutions for 2013 January 1, 2013 SUCCESSFUL traders constantly learn and try to improve. The New Year is a great time to reflect on how you could erase some of your bad trading habits, and here are some pearls of wisdom from three respected traders. RESEARCH DEEPLY There were periods of low volatility in 2012, making opportunities hard to find. As [...]
FTSE 100 down as US budget deal hopes fade December 21, 2012 The leading share index slipped back this morning – the final full trading day before Christmas – and fell 0.7 per cent in early deals, as a deal on the US budget looked less likely. US Republican lawmakers have rejected party leader John Boehner’s proposal in the fiscal cliff talks, leading to fears that $600bn [...]
Who’s who on Andrew Tyrie’s committee December 20, 2012 THE Parliamentary Commission on Banking Standards (PCBS) was established in the wake of the Libor scandal earlier this year and has already proved controversial with today’s report. The commission is looking into ways in which standards in the banking industry can be raised. It will probe the industry more broadly than an earlier commission led [...]
City Moves | Who’s switching jobs December 20, 2012 Squire Sanders The law firm has announced two appointments to its financial services practice group. Philippa Chadwick joins as a partner from Berwin Leighton Paisner, where she led its project finance team. Paula Laird joins as a banking and finance partner from Wragge & Co, where she was head of banking. Laird has also held [...]
Santa rally stumbles as FTSE 100 flat December 20, 2012 The Santa rally stumbled this morning, as the blue chip index remained flat in early trading, stalled by tensions in US budget talks. Yesterday, the FTSE 100 closed just four points behind the year’s highest closing mark. The ongoing Libor scandal, which continued in the spotlight for another day as two UBS traders were charged, [...]