FTSE hits a six-month high as Greek fears recede January 23, 2012 BRITAIN’S top share index hit a six-month closing high yesterday, fuelled by banks and commodity stocks, as fears receded over the potential for a messy Greek default in Europe’s debt crisis. The UK benchmark index ended up 54.01 points, or 0.9 per cent, at 5,782.56, its highest close since 29 July. Banks rose, with investors [...]
Resource stocks lift FTSE as Eurozone closes in on Greece debt deal January 23, 2012 The FTSE 100 started in positive territory this morning — with hopes that Eurozone finance ministers can nail down a final agreement over the festering Greek debt pile on the rise. Banking shares across Europe were buoyed by renewed optimism that Greece can avert a default which would derail the bloc’s efforts to stabilize struggling [...]
NY Fed sells AIG assets January 19, 2012 CREDIT SUISSE has won an auction to buy a $7bn mortgage securities portfolio once owned by AIG. The Federal Reserve Bank of New York, which did not reveal the sale price, was selling the assets it acquired through the bailout of American International Group in 2008. Goldman, Barclays Capital and Bank of America Merrill Lynch [...]
In defence of hedge funds: Institutional investors are giving a vote of confidence January 19, 2012 THE latest hedge fund performance figures show the average fund was down nearly 5 per cent in 2011, and have prompted some to say: “The hedge fund model is broken”. It is worth noting that global shares, according to the MSCI All-Country World Index, were down 9.4 per cent in 2011, but nobody is arguing [...]
Law firms jump the fences in a quest for capital January 19, 2012 EARLIER this week, law firm Irwin Mitchell hired Glyn Barker as its chairman designate. Barker, a 30-year veteran of PwC, built the accountancy giant’s private equity practice and was its vice chairman until the end of last month. In the corporate world, cross-hiring between industries is common – take Chris Grigg’s sideways jump from Barclays [...]
Deal for Endemol as lenders approve €2.8bn debt-for-equity restructuring January 19, 2012 THE TV production company behind Big Brother and Deal or No Deal yesterday announced “an important milestone” as its lenders agreed to overlook millions of euros of debt in exchange for equity. Endemol received more than the required two thirds support from its creditors – including Barclays, RBS, Apollo and Centrebridge – who will hold [...]
Bank stocks lead the way as the FTSE continues its climb January 19, 2012 BRITAIN’S top share index closed higher yesterday, led by banks after bullish earnings from their US peers and with hopes building that the recent coordinated action by central banks and the IMF would be enough to avoid an economic crisis. The FTSE 100 index rose 38.78 points, or 0.7 per cent, to 5,741.15, after breaking [...]
Bank stocks up as Eurozone fears ease January 19, 2012 The FTSE 100 today opened with a strong performance in the banking sector with investor confidence being buoyed by efforts to bring the Eurozone back in line after months of damaging instability. The International Monetary Fund (IMF) is seeking to raise up to $600bn (£388.8bn) which would help ease worries about funding in the Eurozone. [...]
Gove pleased by Barclays’ move to back academies January 18, 2012 BARCLAYS yesterday launched an initiative to support independent state-funded schools across the country, in a move which was welcomed by education secretary Michael Gove. The scheme – which focuses on academies, free schools, university technical colleges and studio schools – encourages senior staff at Barclays to become school governors, provides free financial advice to the [...]
BANKERS NET £1.2M IN EIGHT MINUTES January 18, 2012 THERE WAS some rapid number crunching at last night’s IFR Awards for the investment banking community at Grosvenor House. The multimillion-pound question: could the 1,000 assembled investment bankers between them find £1.2m to take the total raised for Save the Children over the event’s 17-year history to £20m? And all in eight minutes, which was [...]