Best of the Brokers December 4, 2012 TESCO Espirito Santo has downgraded the supermarket giant from a “hold” guidance to a “sell” and cut the price target from 300p to 275p, warning of a drop in profit margins. CWC Barclays has upgraded the telecoms firm to an “equal weight” rating, and upped its target by 32 per cent to 41p following CWC’s [...]
UBS prepares to pay Libor fine of more than $450m December 3, 2012 SWISS banking giant UBS is set to be the next bank to settle with regulators over Libor manipulation claims, it emerged yesterday, with RBS likely to follow suit in the coming months. The bank could take the hit as soon as next week under negotiations taking place with the authorities in the UK and the [...]
Bank lending up on back of state aid plan December 3, 2012 BANK lending increased in August and September after the funding for lending scheme (FLS) got underway, according to Bank of England figures published yesterday. So far £4.36bn has been drawn down from the facility, with six of the 35 banks that have signed up taking money in the first two months. Overall lending to the [...]
Equistone exits travel firm ATPI in ICG-backed manager buyout December 3, 2012 PRIVATE equity house Equistone Partners yesterday said it had sold its portfolio company ATPI, a global travel firm, to management in a buyout backed by Intermediate Capital Group. Terms of the deal were not disclosed but Equistone Partners Europe director John Walker said the exit generated a “good return” for investors. Equistone snapped up ATPI [...]
Who’s switching jobs December 3, 2012 Insparo Asset Management Glenda Levin has been appointed head of marketing at the asset management firm. She joins from Pioneer Alternative Investments, where she was head of equity strategy for fund of funds. Levin has also held senior roles at Equitable Life and UBS. Barclays Hayley Rees has been appointed head of the bank’s infrastructure [...]
UBS could pay £280m fine for Libor fixing December 3, 2012 UBS could pay $450m (£280m) to regulators following allegations that its employees submitting false figures to the organisation that compiles the Libor rate, according to a report in the New York Times. This summer Barclays paid a similar fine after admitting that it manipulated the benchmark interest rate, resulting in the resignation of its chief [...]
Roll up to cheer the firms back from the brink December 2, 2012 ROLL up, roll up to the Bloomsbury Big Top. The central London circus tent was the venue for the Institute for Turnaround (IFT) annual awards do. The ceremony recognises companies that have faced financial difficulties but have transformed their businesses to come out stronger than before. Topping the winners’ list was Kate Swann for her [...]
City Moves | Who’s switching jobs December 2, 2012 ECU Group Antony John has been appointed chief executive at the currency management firm. He joins from BNP Paribas FundQuest, where he was chief executive officer. John has also held senior roles at Investment Manager Selection and Lombard Odier. Barclays The bank has announced the appointment of Hayley Rees as head of the infrastructure and [...]
We need to put the past behind us and get the special relationship right December 2, 2012 ONLY a few months ago, talk of a special relationship between the US and the UK would have provoked some quizzical looks among many in the City. A number of British banks – Standard Chartered, HSBC and Barclays among them – had faced a summer of discontent as they were subject to accusations of wrongdoing [...]
What the other papers say this morning November 29, 2012 FINANCIAL TIMES Morgan Stanley to boost returns Morgan Stanley’s chief executive wants to use the bank’s excess capital to boost returns for the company’s “long suffering” shareholders. In the strongest signal yet that Morgan Stanley is preparing to hand back more than token sums to shareholders since the financial crisis, James Gorman told a securities [...]