FTSE jumps as Chinese rate cut and UK services stats hearten traders June 7, 2012 BRITAIN’S top shares hit a three-week high yesterday as China’s surprise move to cut interest rates and firm UK services sector data boosted investors’ appetite for risk, although charts signalled strong resistance on the way up. German Chancellor Angela Merkel’s comments that her country stood ready to use the existing instruments already created in the [...]
Bonuses slashed at Sainsbury’s and M&S June 7, 2012 The chief executives of major retailers J Sainsbury and Marks & Spencer have both taken cuts in their bonuses after failing to meet targets and as recession forces them to scale back growth plans. Philip Clarke, head of rival Tesco, last month forewent his annual bonus, paying the price for a weak performance in the [...]
Barclays’ Absa buys card firm June 6, 2012 Barclays is set to snap up the private label store card portfolio of a major African retailer. Absa, based in South Africa and 55.5 per cent owned by Barclays, will pay 10bn rand (£775m) to buy the portfolio from clothing and footwear firm Edcon. The Edcon store card business operates mainly in South Africa, with [...]
Barclays wins Lehman ruling June 6, 2012 Barclays is entitled to recover roughly $1.8bn of disputed assets and interest related to Lehman Brothers Holdings Inc’s bankruptcy, a US federal judge said yesterday, reversing a decision by a federal bankruptcy judge. The decision by US District Judge Katherine Forrest in Manhattan is a setback for James Giddens, the trustee of Lehman’s brokerage unit [...]
European states avoid the bond market as debt issues tumble June 5, 2012 EUROPE’S market for new debt issuance has shrunk 17 per cent since last year, new figures show. As uncertainty over the introduction of eurobonds continues to cloud the market, statistics from Dealogic show that Europe’s level of new debt issuance fell to $1.11 trillion (£723bn) in the first five months of 2012. This is down [...]
Barclays caught up in UniCredit tax prosecution June 5, 2012 ITALY is to prosecute several Barclays bankers alongside former UniCredit chief executive Alessandro Profumo, who is now chairman of one of the world’s oldest banks, Banca Monte dei Paschi di Siena. Profumo, who is being prosecuted alongside 19 others including a handful of Barclays bankers, is being targeted for allegedly authorising a scheme that allowed [...]
Wonga criticised as it looks at American dream of a flotation June 5, 2012 WONGA is set to float in the US in a listing that could value the controversial payday loans firm at more than £1bn. It is considering joining Nasdaq or the New York Stock Exchange next year in another blow to the London stock exchange. It is believed to be choosing an investment bank to help [...]
CITY MOVES WHO’S SWITCHING JOBS June 5, 2012 VAT Consultancy The VAT and customs duty advice firm has appointed Julie Park (right) as its new managing director, responsible for the daily running of the business and corporate expansion. Park is a former director at Deloitte and will work alongside VAT director Steve McIntyre. RSM Tenon Tim Ingram has been appointed as chairman at [...]
CITY MOVES | WHO’S SWITCHING JOBS May 31, 2012 Brooks Macdonald Funds The fund management firm has appointed Christine Tacon as chairman of UK Farming, its new asset-backed UK farming business. Tacon was managing director of Co-operative Farms from 2000 to December 2011, and an executive board member of Co-operative Food Retail. UK Farming targets investment in existing arable farmland. Kleinwort Benson Valentina Tacchino [...]
Brewin Dolphin’s new finance director set to replace Bayford May 30, 2012 BREWIN Dolphin will step into the next calendar year under new financial leadership, the investment management firm announced yesterday. Andrew Westenberger is set to assume the role of group finance director on 1 January 2013, replacing Robin Bayford. Bayford, who joined the board of Brewin Dolphin in 1990 and was appointed finance director the following year, is [...]