JP Morgan and Merrill hang on to top spots April 10, 2012 BANK of America Merrill Lynch has held on to its second place spot in a global league table of investment banks, Thomson Reuters data showed yesterday. Despite management troubles in its European business this year that have seen star banker Andrea Orcel decamp to UBS, BAML is still at the top end of the table, [...]
Hargreaves seals refinancing April 10, 2012 Energy company Hargreaves Services has re-financed its core UK banking facilities and increased them from £115m to £175m. The firm’s facilities are made up of a £125m revolving credit facility and a £50m invoice finance facility. The deal to extend the debt to 2015 has been done with a five bank syndicate that includes RBS, [...]
CITY MOVES WHO’S SWITCHING JOBS April 10, 2012 OpCapita Stephen Alexander has been appointed operating partner at the private investment firm, which over the past six months has acquired Comet, the electricals retailer, and Game UK, the video games retailer. Alexander has more than thirty years’ experience in European consumer businesses. He began his career with Imperial Foods, before moving to Allied Domecq, [...]
FTSE loses almost all its 2012 gains on renewed fears for the Eurozone April 10, 2012 BRITAIN’S top share index plunged yesterday to surrender almost all its remaining 2012 gains, led by falls in risk-sensitive miners, oils, and banking stocks after last Friday’s weak US jobs data undermined global economic expectations. The FTSE 100 index closed down 128.12 points, or 2.2 per cent, at 5,595.55, its second biggest percentage fall of [...]
US jobs blow dents markets April 10, 2012 The FTSE 100 tracked losses in Asia this morning as bleak US jobs data took its toll on investor sentiment with miners and banks hit. On Friday the US Labour Department reported that the number of unemployed workers was almost 13m and hiring slowed, raising the alarm over the state of the country’s economic recovery. [...]
Clinton project picks IPO banks April 9, 2012 For-profit higher education company Laureate Education, which has former US President Bill Clinton as honorary chancellor, has picked banks to lead an initial public offering that could raise as much as $750m. Laureate has chosen Morgan Stanley and Barclays to lead the proposed offering, sources said. Citigroup is also an active bookrunner in the IPO.
Thomas Cook nears a £1.2bn deal over debt April 9, 2012 STRUGGLING holiday group Thomas Cook confirmed yesterday that it is close to a deal to roll over some of its £1.2bn debt pile. The 170-year-old firm said it is in “advanced talks” and expects to have an agreement with its lenders, who include RBS and Barclays, in time for its half-year results in May. Thomas [...]
Barclays shrugs off criticism of executive pay April 9, 2012 BARCLAYS is relaxed about the row over bonuses for its top executives and would be unfazed if an expected 10 per cent of shareholders vote against its remuneration report, said a source familiar with the bank’s thinking. The bank has shrugged off criticism amid suggestions that four of its biggest British institutional shareholders could cast [...]
Why most investors don’t care if Diamond gets rich April 9, 2012 IT used to be big news if the likes of Standard Life, Scottish Widows, Fidelity and Aviva combined forces to vote against a company’s remuneration report. Such a roster of big British institutions would have had the clout and the votes to make the company reconsider its intentions or risk a very bloody nose. Hence [...]
Brasserie Bar wins £6m injection April 9, 2012 Brasserie Bar Co, the restaurant group fronted by celebrity chef Raymond Blanc has secured a £6m facility from Barclays to fund its expansion. The company, which recently acquired eight former Chez Gerard sites, plans to grow its French eatery chain Brasserie Blanc from 11 to 19 restaurants by the end of the year and a [...]