CITY MOVES WHO’S SWITCHING JOBS April 2, 2012 Marsh The global insurance broking and risk management firm, a subsidiary of Marsh & McLennan Companies, has announced the appointment of Edwin Charnaud as chairman of its global infrastructure practice. Reporting to chairman, global industries Jim Pierce, he will continue to be based in London. Charnaud will retain his current responsibilities as leader of Marsh’s [...]
FTSE posts big rise as US and China manufacturing data ease concerns April 2, 2012 BRITAIN’S top share index posted its biggest daily rise in two months yesterday, up nearly two per cent as manufacturing data from the world’s biggest economies eased concerns over sluggish growth, offsetting uncertainty in Europe. Rising shares of mining companies also helped. London’s blue chip index climbed 106.44 points, or 1.9 per cent to 5,874.89. [...]
Entwhistle looks to raise £75m to launch new UK bank Scoban April 2, 2012 British financier Ray Entwistle is hoping to raise £75m to get his new private bank, Scoban, up and running although he said the process was taking longer than planned. Entwistle, who spent much of his career at private bank Adam & Co and helped sell the firm to Royal Bank of Scotland in 1993, said [...]
Goldman Sachs leads Diageo to stake in Cuervo April 1, 2012 GOLDMAN Sachs is working closely with Diageo as the spirits company hones in on its deal to buy equity in $3bn-plus (£1.9bn) tequila brand Jose Cuervo. Along with UBS and Credit Suisse, Goldman is expected to lead Diageo to a deal with Jose Cuervo by the early summer, possibly as soon as next month. The [...]
FTSE buoyed by miners March 30, 2012 The FTSE 100 rebounded in early trading as mining stocks continued to edge up. In London copper prices climbed and are on track for a more than 10 per cent first-quarter gain. However more sluggish demand from China is still casting a shadow. Among miners Kazakhmys and Antofagasta were the star performers, up two per [...]
ADVISERS BARCLAYS March 29, 2012 CO-HEAD M&A MATTHEW Ponsonby, co-head of mergers and acquisitions for Europe, the Middle East and Africa is one of the key players on the team advising International Power (IP). The bank hired Ponsonby in 2009 to set up an M&A team in Europe, and he has since led a team advising car rental company Avis [...]
Maybe the co-operative model isn’t so good after all March 29, 2012 PSST. Don’t tell Nick Clegg, but “co-operative” is not a byword for success. Earlier this year, the deputy prime minister said he wanted Britain to become a “John Lewis economy”, in reference to the firm’s employee-owned structure. Yet there are just two major co-ops in the UK. John Lewis, the patron saint of retailers, is [...]
Ken promises to freeze the congestion charge March 29, 2012 KEN Livingstone yesterday launched his transport manifesto with a pledge to keep the congestion charge at £10 for the next four years. The Labour mayoral candidate also confirmed that he would not reintroduce the charge’s controversial western extension zone, even though he thinks Boris Johnson was wrong to scrap it. Promising a “better deal for [...]
FTSE 100 dragged lower as fears of fresh slump weigh on bank shares March 29, 2012 HEIGHTENED worries over global economic growth, after more disappointing data from America and the UK, dragged Britain’s leading shares lower yesterday, with energy and banking stocks taking the biggest hit. The FTSE 100 index closed down 66.96 points or 1.2 per cent at 5,742.03, extending its falls into a third straight session and reaching a [...]
Mining gains offset retail weakness March 29, 2012 The FTSE was broadly flat in early trading with a bounce back in the mining sector helping to offset weaknesses among blue chip retailers like Marks & Spencer. Official figures which yesterday saw the UK’s GDP figures revised down have hit investor sentiment while energy stocks are coming under pressure from volatile oil prices. But [...]