FTSE 100 dragged down by miners August 15, 2012 The FTSE 100 opened 0.6 per cent down this morning, as mining companies led the blue chip index down. Miners New World Resources, Rio Tinto, Vedanta, Anglo American and Evraz were all clustered in the morning’s biggest fallers on fears of slowing demand. New World and Rio Tinto fell by more than four per cent, [...]
Inflation on the up in July after airline fares rise August 14, 2012 INFLATION shocked analysts by flying up in July, driven by soaring air fares and early clothes sales, Office for National Statistics data (ONS) out yesterday showed. Inflation was 2.6 per cent on the consumer price index (CPI), up from 2.4 per cent in June and confounding city expectations of a steady decline. This higher rise [...]
City Moves | Who’s switching Jobs August 14, 2012 Savills Marcus Lemli has been appointed head of the real estate adviser’s German business. He currently leads its European investment operation. He joined Savills earlier this year from Jones Lang La Salle, where he headed its capital markets and leasing businesses. Coutts Keith Wilson has been appointed managing director, head of products and services development [...]
FTSE 100 up on improved European economic data August 14, 2012 Britain’s blue chip index opened up this morning, driven by improved economic data from Germany and France. In early trading, the FTSE 100 was up, tracking rises in Asia, as hopes were raised ahead of upcoming positive economic data from Europe. Insurer Standard Life was one of the morning’s biggest risers, adding 5.18 per cent [...]
Rake narrowly clings on to easyJet chair August 13, 2012 SIR MICHAEL Rake has held on to his chairmanship of easyJet, after a rebellion led by founder Sir Stelios Hajj-Ioannou narrowly failed to garner enough support to oust him. Around 47 per cent of easyJet investors yesterday backed Stelios’s attempt to get rid of Rake, including the tycoon and his family’s 37.2 per cent holding. [...]
Which warns banks not to start charging for current accounts August 13, 2012 CONSUMER groups yesterday warned that banks’ customers could be badly ripped off if the popular “free banking” model of current accounts is scrapped. Incoming Barclays chairman Sir David Walker revealed he “in principle” favours charging customers for current accounts, joining FSA boss Lord Turner who believes the system prevents new banks entering the market. Providing [...]
Barclays hits back at care home critics August 13, 2012 THE WAR of words between Barclays and Guardian Care Homes (GCH) intensified yesterday as the firm accused the bank of “intimidation” in its legal wrangling. Barclays is accused of mis-selling interest rate swaps to GCH – a claim it staunchly denies, arguing the firm is large and sophisticated, and understood exactly what it did. “This [...]
Sir David Walker plans to stop rewards for failure at Barclays August 12, 2012 NEW BARCLAYS chairman Sir David Walker is already working on finding a new chief executive for the beleaguered bank, it emerged over the weekend, and hopes to make his choice within the next six weeks – well before he formally takes up the position in November. The incoming boss also said he wants to clamp [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2012 FINANCIAL TIMES Posen in parting shot at King An outgoing member of the Bank of England’s Monetary Policy Committee has challenged the governor Sir Mervyn King for his insistence that central banks should buy only government bonds in quantitative easing programmes to stimulate growth. G20 plans response to rising food prices G20 countries are to [...]
Stelios plans fresh pressure on easyJet to sack chair Sir Michael August 12, 2012 EASYJET founder Sir Stelios Haji-Ioannou is today expected to lose a vote to oust chairman Sir Michael Rake – but he plans to continue in his efforts to remove him. The tycoon will not attend the shareholder meeting he called, but is understood to have drawn up a list of questions for the board on [...]