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 [...]
Weak investor sentiment holds back FTSE 100 November 14, 2012 Worries over the US economy and Greece’s unresolved debt crisis dragged down the leading share index in early trading this morning. On the FTSE All-Share, broker Icap led the fallers, tumbling 6.32 per cent as it reported a 26 per cent drop in profits. Electricals retailer Darty fell 5.46 per cent in early deals, as [...]
Inflation flies further away from 2pc target November 13, 2012 CONSUMER price inflation rocketed higher in October, due to tuition fee hikes and booming food prices, data revealed yesterday. The jump defied Bank of England expectations that inflation would fall towards its two per cent target. This jump might have been a factor in the Bank’s decision to hold fire on more quantitative easing (QE) [...]
Punters back Tucker in race to be governor November 13, 2012 THE BANK of England’s deputy governor Paul Tucker is now widely expected to take the top job next year, after Sir Mervyn King steps down. Chancellor George Osborne will announce the next head of the Bank of England in his Autumn Statement on 5 December. The winning candidate will take on a role far more [...]