FTSE 100 up on optimism over fiscal cliff deal November 19, 2012 The leading share index was trading up this morning, buoyed by optimism that the US will avoid the fiscal cliff. Miners and banking shares led the FTSE 100 higher this morning, with Eurasian Natural Resources the biggest blue chip riser, adding 3.27 per cent. On the FTSE All-Share, internet grocer Ocado rose almost 21 per [...]
Grocer Ocado dismisses loan breach fears November 18, 2012 OCADO, the online grocery shop, yesterday brushed off market speculation that it is seeking to renegotiate its debt covenants with its lenders, saying there was “no threat” it would breach its covenants. A weekend report suggested the online supermarket, which floated to much fanfare in 2010, was seeking to reset its debt or extend the [...]
City Moves | Who’s switching jobs November 18, 2012 Boost ETP The investment product provider has appointed Richard Kent (right) as head of product operations and Jose Poncela as senior in-house counsel. Kent joins from UBS, where he was a director in its equity and fund-linked derivatives team. He has also worked for Barclays Capital. Poncela has held roles at Nomura International, UBS and [...]
FTSE 100 down on global growth concerns November 16, 2012 The blue chip index edged down in early deals as investors fretted over US fiscal cliff concerns and Eurozone growth. Buyout group Melrose was the biggest faller on the leading share index, shedding 13.69 per cent as it said it was facing slowing revenue trends. Utility firm Pennon firm 2.55 per cent, while steelmaker Evraz [...]
Will resolution’s turnaround plan be successful? November 15, 2012 KEVIN RYAN | INVESTEC The recovery process is far from assured and shareholders may have to endure further cost hikes. This, combined with no news on the corporate restructuring, leads us to view the outlook as cloudy and we retain our ‘sell’ recommendation. ALAN DEVLIN | BARCLAYS [The results] are further evidence of the company’s [...]
Who’s switching jobs November 15, 2012 Maurice Turnor Gardner The law firm has announced the appointment Sarah Conway as partner in its residential property practice, effective January 2013. She joins from Allen & Overy, where she has worked since 1998. Conway has also held the partnership at Carruthers & Co, and focuses on residential property transactions for high net worth clients. [...]
Eurozone worries weigh on FTSE 100 November 15, 2012 The leading share index was trading down this morning, as investors were spooked by growth worries in the Eurozone. Wolfson Microelectronics sank six per cent in early trading, followed closely by stove maker Aga, which fell 5.42 per cent. Engineering firm Wood Group declined 4.82 per cent, while investment manager Man Group dropped 4.8 per [...]
Cocos are gogo as buyers flood Barclays’ issue November 14, 2012 BARCLAYS’ groundbreaking new contingent convertible bonds – cocos – received an enthusiastic welcome from investors, in a very positive sign for the market as banks will have to increase issuance of the instruments. The bank is raising $3bn (£1.89bn) in the 10-year instruments, with a face yield of 7.625 per cent. But with the final [...]
Banks and a brave industry boss square up to claims firms November 14, 2012 BRAVERY is not a quality conventionally attributed to the bosses of business lobbying groups but step forward, John Cridland. The CBI director-general’s decision to lob a grenade into the row over payment protection insurance (PPI) mis-selling is in danger of splitting his body’s membership. Cridland’s argument that there should be a time limit on compensation [...]
Barclays set to reveal 42 Libor names as legal row over care home’s derivative gets personal November 14, 2012 DOZENS of Barclays’ staff could be drawn into the Libor-fixing row, as their names are likely to be published as part of the legal battle with Guardian Care Homes (GCH). GCH claims it was mis-sold an interest rate swap product, and that by fiddling its Libor submission Barclays unfairly influenced the interest rate on which [...]