Burberry leads FTSE 100 up October 11, 2012 The blue chip index was up in early trading, led by fashion retailer Burberry and UK banking shares. The collapse of the merger talks between BAE and EADS and Direct Line’s £2.62bn float were the main talking points this morning. Nat Rothschild’s Bumi rose 15.35 per cent in early trading on the mid-cap index, as [...]
City welcomes relaxing of banking rules October 10, 2012 THE CITY reacted positively to the Financial Services Authority (FSA)’s easing of banking rules yesterday, sending shares in Britain’s major banks up, although experts warned that the moves could prove risky. The FSA has been relaxing rules on capital and liquidity in recent months to encourage banks to lend. Banks are now set a fixed level [...]
August boost to wholesaling a boon to US recovery ambitions October 10, 2012 SALES of wholesale goods climbed in August, data from the US Census Bureau revealed yesterday, driven by increasing inventories. Overall sales were $450.4bn (£281.4bn), up 0.9 per cent on July’s figure, and up 2.1 per cent on August 2011. However this came mainly from building up inventories, which rose 0.5 per cent on the month, putting them some [...]
FTSE 100 down on global growth concerns October 10, 2012 The leading blue chip index opened down this morning, consolidating losses overnight from the US and Asia on further warnings from the International Monetary Fund. Airline Flybe sank 4.85 per cent in early trading, while home shopping group N Brown fell 3.69 per cent. Shipping firm Anglo Pacific fell 3.2 per cent in early trading. [...]
ING sells out to Barclays in UK retail bank exit October 9, 2012 ING Direct, the Dutch financial group, yesterday sold its £16.5bn mortgage and savings book to Barclays at a loss of £168m, as it bid farewell to the UK retail banking market. The deal, which is a major boost for Barclays’ retail base, will see Barclays take on 1.7m ING customer savings accounts with deposits of [...]
Don’t read too much into shift of focus – it started under Bob October 9, 2012 BARCLAYS’ purchase of ING Direct UK is being seen by many as yet another sign that the bank’s focus, under new chief executive Antony Jenkins, has shifted firmly to its retail arm. Jenkins’ early speeches have certainly been littered with regulator-pleasing pledges to shape up, putting him at the front of a queue of UK [...]
City Moves | Who’s switching jobs October 9, 2012 NGBI Private Equity David Turner has joined NGBI’s UK team as an investment manager. He qualified as an accountant with Grant Thornton before transferring into its corporate finance team, and was most recently a member of Experian’s corporate development office. Chadbourne and Park The law firm has announced that Silvia Fazio has joined the firm as an [...]
IMF growth gloom and poor data in manufacturing send FTSE lower October 9, 2012 UK shares fell for a second session yesterday, dented by a wary view of Europe’s debt troubles and concerns that gloomy global economic data bodes ill for the upcoming corporate earnings season. Data showed manufacturing output shrank more than expected in August and exports fell steeply, pointing to deterioration both in the domestic and the [...]
Barclays to acquire ING Direct October 9, 2012 Barclays this morning announced it is buying the deposits, mortgages and business assets from Dutch bank ING Direct as it looks to expand its retail banking operations. ING Direct, which wants to exit the UK retail banking market, said the move was part of a review of its strategic options for its UK business. Barclays [...]
FTSE 100 lower on weak corporate news October 8, 2012 The blue chip index was firmly lower in early trade, as worries over the health of the global economy pulled stocks down. Weaker resources prices and concerns ahead of a meeting of EU finance ministers to launch the latest bailout fund weighed on sentiment. Materials firm Cookson Group and recruiter Michael Page led the index [...]