FTSE 100 flat on worries over retail sales data August 16, 2012 The blue chip index was flat in early trade, having closed modestly down on Wednesday, as investors were cautious ahead of the release of UK retail sales data. Gold producer African Barrick Gold was the top FTSE 250 riser, up almost 10 per cent on speculation parent company Barrick Gold could sell its 74 per [...]
How have the bank‘s top brass been hit? August 15, 2012 Nobody at the top of Standard Chartered has resigned over the Iranian sanction-breaching charges – a stark contrast with the outcome of Barclays’ LIBOR scandal. Peter Sands initially responded slowly to last week’s allegations. The chief executive was on holiday and taken by surprise. But since then he has impressed analysts and investors by flying [...]
Seven lenders subpoenaed in Libor probe August 15, 2012 SEVEN banks have been subpoenaed by US authorities as part of an investigation into possible manipulation of the Libor interest rate, it was revealed last night. JP Morgan Chase, Deutsche Bank and Barclays will have to face questions from a joint probe by New York and Connecticut investigators after receiving subpoenas in recent weeks. Britain’s [...]
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 [...]