Recession shouldn’t stop tech innovation November 28, 2012 THE financial crisis has forced companies to operate in new and challenging environments. Many are now leaner organisations, the result of significant cutbacks in both staff and operations. But a simple trimming down is not a solution for the medium or longer term. A lot of companies are still clinging to in-house research and development [...]
Best of the Brokers November 28, 2012 BUNZL Citi cut the FTSE 100 distribution group’s target price from 1,250p to 1,190p but kept the firm at “neutral” to reflect a slow projected growth rate and lower earnings forecasts. ARM HOLDINGS Barclays Capital raised the Apple chip designer’s target price from 750p to 820p and kept its “overweight” rating, reflecting higher demand for [...]
Insurer Standard Life unveils details of £500m bond issue November 27, 2012 EDINBURGH-based Standard Life yesterday unveiled a £500m bond issue as the firm looks to improve its balance sheet. The life insurer and pension provider is enjoying a purple patch, with its shares up 50 per cent since June and analysts believe its business model is well-placed to deal with forthcoming regulatory changes. “We have taken [...]
Barclays’ shares drop on sale of Qatari warrants November 26, 2012 BARCLAYS’ shares dropped sharply yesterday after a sizeable sale of warrants by Qatar Holdings, which invested heavily in the bank at the height of the financial crisis. Goldman Sachs and Deutsche Bank bought the warrants – which can convert into shares at a later date – from the fund, and aimed to sell up to [...]
UBS fined £30m by watchdog over £1.4bn rogue trader loss November 26, 2012 SWISS bank UBS, which last week saw former trader Kweku Adoboli jailed for a £1.4bn trading fraud, was fined £29.7m by regulators yesterday for failing to prevent the scandal. The Zurich based bank, which lost its chief executive Oswald Gruebel over the trading debacle, managed to reduce an original fine of £42.4m the Financial Services [...]
Who’s switching jobs November 26, 2012 Alvarez & Marsal The professional services firm has appointed Faisal Galaria as a senior director. He was previously vice president of Spotify, where he was responsible for mergers & acquisitions and strategic partnerships. Galaria has also held senior roles at Skype and eBay. Pinsent Masons Jonathan Beastall has been appointed to the law firm’s corporate [...]
Barclays leads FTSE down as Qatar Holdings sells remaining warrants November 26, 2012 BRITISH blue chip shares fell yesterday, with Barclays tumbling more than five per cent, as the market retreated after its best performance this year last week. Barclays dropped 5.4 per cent after top shareholder Qatar Holdings cashed in its remaining warrants in the UK bank, a move which led to the sale of up to [...]
PPI fines to hit £16bn November 25, 2012 TOTAL PPI compensation payouts are likely to hit £16bn, according to new estimates out today, providing a £10bn boost to consumer spending but crippling shareholders and hitting banks’ ability to lend to firms and individuals. The PPI payouts are reaching such a scale that they are being described as a bank windfall tax in all [...]
What the other papers say this morning November 25, 2012 FINANCIAL TIMES Microsoft in talks over Europe stores Microsoft is exploring the possibility of extending its showcase stores strategy to Europe as it bolsters the number of devices and appliances on its software platforms. Jenkins urged to axe Barclays unit Some of Barclays’ biggest investors have urged Antony Jenkins, the bank’s new chief executive, to [...]
HSBC chairman Flint backs new Hippocratic oath for bankers November 25, 2012 DOUGLAS Flint is pushing for bankers to swear an equivalent to the medical profession’s traditional Hippocratic oath, as part of plans to improve standards in the industry. The HSBC boss is already on board with Barclays’ proposals for a new professional body to oversee qualifications in the sector, track misdemeanours as bankers change jobs, and [...]