BP results boost FTSE 100 October 30, 2012 The blue chip index was trading up this morning, as a strong performance from oil major BP pushed up the FTSE 100. Trading volumes were expected to be thinner than usual, as hurricane Sandy shut Wall Street for a second consecutive day. Oil behemoth BP, which this morning announced it was hiking its dividend by [...]
Barclays faces first Libor damages trial as UK judge sets key precedent October 29, 2012 BARCLAYS will face a full trial over Guardian Care Homes’ (GCH) claims that the bank mis-sold it an interest rate swap product, in a landmark legal case which will determine which other firms can claim banks mistreated them. As part of the trial Barclays will have to send GCH 1.2m emails logged in its Libor [...]
Drug maker needs a high October 29, 2012 PHARMACEUTICAL giant GlaxoSmithKline will announce its third quarter trading results tomorrow. The drug maker has had a mixed year, and shares currently lie towards the middle of their 52-week range. GSK has appointed headhunters to find a replacement for Sir Chris Gent, who had been chairman since 2005, and traders will want details about when [...]
Hurricane Sandy drags FTSE 100 down October 29, 2012 The FTSE 100 fell in early trading, spooked by hurricane Sandy which has already shut the US stockmarket. Financial and mining shares dragged the main blue chip index down in early trading, with Hargreaves Lansdown the biggest loser on the FTSE 100, dropping 3.95 per cent. Insurers were also big fallers on the stock market [...]
Barclays mulls an investment bank salary cut October 29, 2012 INVESTMENT bankers are set to take another blow as Barclays considers cutting their basic salaries, joining the industry-wide flood of firms reducing pay and headcount levels. And recruitment specialists say any Barclays staff affected will have no choice but to grit their teeth and bear it, as they have few options elsewhere in the sector. [...]
Bleak times for investment bankers with few options October 29, 2012 UBS Investment Bank – A winning partnership” it says on the Swiss financial services firm’s website. It might want to rethink that slogan after it announces a much-anticipated programme of cuts this week. They are apparently set to stretch over three years and remove some 10,000 jobs or almost a sixth of its global workforce. [...]
Confidence in UK economy may be short-lived after production data October 28, 2012 CONFIDENCE in the UK economy may take a knock this week, with manufacturing data unlikely to match the strong GDP news released last week. After last week’s upbeat news that the UK has officially exited recession, the manufacturing purchasing managers’ survey (PMI) due on Thursday is expected to show the sector contracted again in October. [...]
FTSE 100 down as Anglo American in spotlight October 26, 2012 The blue chip index was down in early trading, as investors were cautious on weak data from the Eurozone and biding time ahead of US GDP released this afternoon. Mining shares bore the brunt of losses, although Anglo American bucked the trend, adding 2.1 per cent, as chief executive Cynthia Carroll announced she was to [...]
Barclays looks to bring fresh talent to board October 25, 2012 BARCLAYS is planning a gradual realignment of its board in the coming months, with some of the longer-serving members preparing to make way for fresh blood. The bank has no set limit or target size for the board and chairman Sir David Walker is known to be on the lookout for new talent. The bank [...]
Odey ups Man Group stake October 25, 2012 ODEY Asset Management yesterday sharply increased its stake in Man Group, taking a bold bet on a fightback by the struggling computer hedge fund firm. Odey, founded by veteran fund manager Crispin Odey and which is known for its lucrative bet in 2009 on a recovery in Barclays shares, has increased its stake in Man [...]