FTSE 100 dragged down by Pearson and Fresnillo January 22, 2013 The FTSE 100 was trading modestly down this morning, although it was still near its highest level in four and a half years. On the blue chip index, education giant Pearson continued its losses from yesterday and shed 2.33 per cent this morning. Yesterday it warned that annual profits would be lower than expected amid [...]
Bankers leave glamorous jobs for compliance roles January 21, 2013 BANKERS are retraining in compliance in unprecedented numbers either to change career as their traditional jobs are cut, or to make sure they are well prepared to cope with tough new regulations, according to figures seen by City A.M. The City has lost over 100,000 jobs since the start of the financial crisis as banks [...]
Ex-Barclays staff lose right to anonymity in Libor court case January 21, 2013 UP TO 106 current and former Barclays staff named in emails relating to Libor fiddling lost their right to anonymity in a legal case yesterday, as a judge ruled in favour of a group of media organisations who wanted them unmasked. The staff, a minority of whom are thought to have been found to have [...]
Crest Nicholson plots return to London market January 21, 2013 UK HOUSEBUILDER Crest Nicholson is to return to the stock market nearly six years after it was taken private at the height of the housing market crash. The 50 year-old company, which builds homes mainly in the south of England, said it plans to raise £50m from the listing of new shares to pay down [...]
Resolution taps ex-Stan Chart boss to be chair January 21, 2013 FORMER Standard Chartered chief executive Sir Malcolm Williamson is set to become chairman of insurance buy-out vehicle Resolution, it was announced yesterday. Williamson, 73, will succeed Mike Biggs, who is stepping down as part of a plan to streamline the complicated executive structure at the FTSE 100 group, which was founded by industry pioneer Clive Cowdery in [...]
Dell appoints Evercore Partners to find alternative buyout offers January 21, 2013 DELL, the US personal computer manufacturer which is currently negotiating a private buyout deal, has appointed advisory firm Evercore Partners to find out if a better offer can be found, according to reports. Dell is believed to be close to a deal led by buyout firm Silverlake Partners, which is being supported by founder and [...]
It’s snow joke as Merkel faces Davos bookies January 21, 2013 THE MOST important people in the world are currently packing their toothbrushes, making sure the neighbour will feed the cat and getting ready for five days discussing the global financial system in the Swiss Alps. But The Capitalist wonders whether those attending this week’s World Economic Forum – or Davos to you and me – [...]
Equistone closes €1.5bn fund January 21, 2013 Equistone, the private equity shop spun out of Barclays last year, yesterday said it had defied a tough fundraising environment to entice €1.5bn (£1.3bn) from investors for a new fund. The group’s fourth European buyout fund will target investments of up to €300m. The firm has already completed eight investments from the fund, including the [...]
Investors sell off European luxury shares January 21, 2013 EUROPEAN shares rose yesterday, climbing back towards near two-year highs, as investors bought back into relatively “undervalued” sectors such as utilities and steel as they bet Europe’s economy will improve. A sell-off in luxury stocks capped gains, however, sparked by comments from Swiss watch maker Richemont about weak sales growth in China. Its shares lost [...]
Bank recovery is unlikely but true January 21, 2013 Chief Market Strategist, Cantor Index WHO would have thought that the banking sector would make such a spectacular recovery in 2012? And who expected it would do so in the wake of a breathtakingly toxic European sovereign debt crisis, which came to a crescendo when the European Central Bank president Mario Draghi made that immortal [...]