Positive Chinese data sees the FTSE grow to highest level since March October 18, 2012 BRITAIN’S top share index rose to a seven-month closing high ysterday, bolstered by mining stocks on a reassuring economic outlook from top metals consumer China. Chinese economic growth slowed to 7.4 per cent year-on-year during the third quarter, as expected, but industrial output and retail sales data for September beat forecasts, paving the way for [...]
Barclays increases PPI provision by £700m October 18, 2012 Barclays has set aside a further £700m to cover Payment Protection Insurance (PPI) claims, after experiencing higher than expected claim volumes since the end of June. It takes its overall provision to £2bn from £1.3bn. UK banks have set aside more than £10bn to cover claims relating to the mis-selling of PPI. PPI policies were [...]
FTSE 100 at one-month highs October 18, 2012 The leading blue chip index was up this morning to a one-month high, with miners leading the pack once again. Evraz, Kazakhmys, Vedanta and Antofagasta all rose on the FTSE 100 in early trading, cheered by early signs of improvement in the economy of China. On the FTSE All-Share, insurer CPP Group rose 10.71 per [...]
Meet our panel of City judges October 17, 2012 Allister Heath, City A.M. Allister joined City A.M. as editor in 2008. He oversees all of the content in the newspaper and also writes a daily Editor’s Letter. He is also a frequent contributor to other print and broadcast media, and is a regular guest on TV news. David Hellier, City A.M. David has been [...]
Don’t rule anything out when seeking to finance your MBA October 17, 2012 How to secure the funding necessary for an MBA is a cause for legitimate concern among candidates – especially when the cost can be over £41,000 per year, plus living expenses. Nowadays, less state funding is available, and “high-street bank loans have almost entirely disappeared”, says George Murgatroyd, research manager at the Association of MBAs. [...]
Banking shares buoy FTSE 100 October 17, 2012 The blue chip index opened marginally up this morning, buoyed by financials and miners. Investors were lifted by the latest unemployment figures, which show the number of jobless fell by 50,000 in the three months to August. On the leading index, Evraz, Eurasian Natural Resources, Royal Bank of Scotland, Lloyds Banking Group and Rio Tinto [...]
BBA plans to clean up industry with new register of bankers October 16, 2012 BANKERS could be forced to gain approval from a professional body to work in the City under proposals being put forward by trade association the British Bankers’ Association (BBA). The lobby group’s chief executive Anthony Browne said last night that the BBA may push for an independent sector regulator “with teeth” that would be able [...]
Blankfein’s caution proves risk-off banking is here to stay October 16, 2012 FOR a brief hour or so yesterday, the banking world was gripped by a success story. Goldman Sachs, which this time last year posted close to half a billion dollars in losses, threw its hat into a largely upbeat round of US results by almost doubling overall revenues and sending shares up in early trading. [...]
Has Goldman Sachs recovered from claims that its managers called clients muppets? October 16, 2012 YES Sarah Murphy Goldman Sachs’s brand has been through considerable tumult in recent times, but over the past six months it has seen a significant increase in the scores it receives from our UK BrandIndex. Back in March, the bank’s brand hit a major low when a former Goldman worker claimed management thought of their [...]
FTSE 100 up on banking and mining shares October 16, 2012 The blue chip index was up this morning, as investors reacted more positively to US macroeconomic data, consolidating gains in Asia and the US. Mining and banking stocks pushed the FTSE 100 up in early trading, with Lloyds, Evraz, Kazakhmys and Antofagasta leading the blue chip index. Insurer CPP Group topped the FTSE All-Share index [...]