THERE’S NEVER A BAD TIME FOR BORIS TO ASK FOR CASH March 7, 2012 BORIS Johnson likes to make much of the fact that he has convinced the private sector to give him oodles of cash. Barclays gave £25m to help pay for his Boris bikes while Emirates, the airline, will pay £36m over the next ten years to sponsor the Thames cable car. But his method of extracting [...]
Europe slowing as US grows March 7, 2012 THE EUROZONE continues to look weak as industrial data published yesterday showed the economy in decline, while the US kept growing with positive jobs figures. German industrial orders plummeted in January, falling 2.7 per cent on the month as foreign orders collapsed. Export orders fell 5.5 per cent, led by an 8.6 per cent fall [...]
FTSE resilient despite Greek deal fears March 7, 2012 The FTSE 100 proved resilient this morning as strong corporate results shored up the index despite falls on other markets across the globe. European shares overall steadied after two straight days of losses as investors braced for news on whether Greece would succeed in restructuring its huge debt pile. The Greek bond swap deal must [...]
Santander UK prepares for float with a board overhaul March 6, 2012 SANTANDER UK has overhauled its board and appointed a new chief financial officer in a move widely seen as preparation for the float of the business when market conditions improve. Stephen Jones, who the bank poached from Barclays last year, will join the board as CFO and head of regulation, so that the lender has [...]
FTSE pegged back by weak resources March 6, 2012 Resource stocks dragged the FTSE 100 backwards in early trading as fears over global growth continued to cast a shadow over markets. Higher oil prices triggered by the West’s tussle with Iran also added to the uncertainty and investor sentiment was weak. London’s blue chip index tracked losses on Wall Street and in Asia with [...]
London needs somebody to gamble on an IPO March 5, 2012 WITH the Edwards vacuum technology company heading for a £1bn flotation in the US and Mayfair-based jewellery retailer Graff also preferring a Hong Kong listing to braving the UK new issue markets, only one thing is certain: the London IPO market is in a pretty bad way. Bankers that I’ve been speaking to say they [...]
CITY MOVES | WHO’S SWITCHING JOBS March 5, 2012 Warburg Pincus The private equity firm focused on growth investing has announced the appointment of Francesco Granata as an executive-in-residence, focusing on the healthcare sector. Granata will be based in Warburg Pincus’ London office, and will help the firm assess new investments in the biopharmaceutical sector. He has over 35 years experience in the pharmaceutical [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 4, 2012 FINANCIAL TIMES EU TO PUSH QUOTA FOR WOMEN DIRECTORS The EU’s executive is to press ahead with plans for quotas to increase the proportion of women on corporate boards, triggering a protracted fight between Brussels and national governments. Viviane Reding, justice commissioner, will announce the first step towards European-level legislation, a year after she threatened [...]
BACK IN THE SADDLE FOR PROPERTY’S EPIC CYCLE March 4, 2012 AS MEMBERS of the property world flock into Cannes today for a week of networking at the industry’s MIPIM conference, 86 of their peers are taking a slower route through the French countryside by taking part in the six-day Aedas Cycle to Cannes charity ride. Executives from firms including Land Securities, Capital and Counties, and [...]
Qataris fund rollout of 75 City info pods March 4, 2012 THE QATARI Islamic Bank’s British branch, QIB UK, has partnered with on-the-go media firm Renew to fund the rollout of a new round of information pods in the City of London. Since first hitting the streets on 26 January, Renew’s 4.5-feet high pods double as recycling bins and information screens, updating City workers on the [...]