WHAT THE OTHER PAPERS SAY THIS MORNING June 25, 2012 FINANCIAL TIMES EU plan to rewrite budgets The European Union would gain far-reaching powers to rewrite national budgets for Eurozone countries that breach debt and deficit rules under proposals likely to be discussed at a summit this week, according to a draft report seen by the Financial Times. State-backed cyber attack cost UK company £800m, [...]
BarCap commodity investors flee June 25, 2012 Barclays Capital said investors withdrew $8.2bn (£5.3bn) from commodity investments in May, the largest outflow in eight months. Barclays blamed a “perfect storm” of downgrades, lacklustre macroeconomic data and the ongoing Eurozone debt crisis.
WHO’S SWITCHING JOBS June 25, 2012 Edison Investment Research The investment research firm has made three appointments to its London team. Tom Carless joins as finance and operations director from 7city, a specialist financial training firm. He spent five years as finance director at Ovum. Additionally, Will Forbes and Zsolt Mester join Edison’s team of analysts, from Arc Asset Management and [...]
Banks and miners peg FTSE back June 25, 2012 Miners and banks led the FTSE 100 lower in early trading as fears over stalling global growth took their toll. With the grim scene in the Eurozone still casting a shadow investors were shying away from riskier assets. Spain today formally requested a bailout loan for its banking sector from its eurozone partners. The loan [...]
Customers should vote with their feet to punish bad service June 24, 2012 EVERY so often, a company makes a mistake. These things happen; we are all human, after all. But the extraordinary and seemingly never-ending IT blunder that rendered RBS and its NatWest unit unable to service customers properly in recent days takes the biscuit. It has severely inconvenienced a large number of people, and has reminded [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 24, 2012 FINANCIAL TIMES MPC member wants £50bn easing The Bank of England needs to pump at least another £50bn into Britain’s “stalled” economy, says David Miles of its interest rate-setting committee, warning that only a “substantial” third round of emergency bond-buying will kick-start recovery. Bank chiefs enjoy double-digit pay rises Top US and European bankers, including [...]
Market report: FTSE drops after Moody’s downgrade banks June 22, 2012 The FTSE was down this morning following poor global growth forecasts and the decision by credit ratings agency Moody’s to downgrade some of the world’s biggest banks. Last night Moody’s lowered the credit ratings of 15 of the world’s biggest lenders to reflect the risk of losses they face from volatile capital markets. But the [...]
Ratings slashed on global banks June 21, 2012 BRITISH banks were among 15 global financial institutions hit by a sweeping set of downgrades from rating agency Moody’s late last night. Barclays’ credit rating was cut two notches, while HSBC and RBS each had a notch knocked off their ratings. In a separate but concurrent announcement, Lloyds also had its rating downgraded by one [...]
Severn Trent to target bonds at retail investors June 21, 2012 INDIVIDUAL investors will have the chance to buy bonds from FTSE 100 utilities firm Severn Trent, the company announced yesterday. The company hopes to raise up to £100m from the scheme, which will offer individuals a return of 1.9 per cent above retail price inflation (RPI) over the next 10 years. “There’s a lot of [...]
ADVISERS June 21, 2012 BARCLAYS TOBY CROASDELL CHARLOTTE WEIR Severn Trent’s inflation-linked bond issue is the first move by a water company into the fast-growing market for RPI-linked bonds. The deal was jointly arranged by Investec and a Barclays team that included directors Toby Croasdell of the fixed income syndicate and Charlotte Weir of corporate debt capital markets. This [...]