DAVOS DIARY January 25, 2012 IS Lord Mandelson missing the limelight? The dark prince was all over the forum like a rash yesterday, hot-footing it from one engagement to another. Before any sign of sun was showing through the thick snowclouds covering Davos yesterday, Mandy suited and booted for a breakfast hosted by WPP chief executive Sir Martin Sorrell. Demonstrating [...]
Banks and oil firms weigh on the FTSE January 25, 2012 BRITAIN’S top shares closed lower yesterday as banks fell out of favour after brokers urged caution on the sector after recent gains, while poor growth in the UK highlighted the challenges facing corporates to meet earnings expectations. London’s blue chip index closed down 28.90 points, or 0.5 per cent at 5,723.00, as the FTSE 100 [...]
Hedge fund managers rush to set up new firms January 25, 2012 Several high-profile hedge fund managers are attempting to set up their own firms, despite a year of underperformance for the industry. Managers including ex-Gartmore employee Guillaume Rambourg, former Barclays Capital commodities trader Todd Edgar and Sutesh Sharma, a senior proprietary trader at Citi are amongst those trying to raise capital for new businesses. The launch [...]
FTSE flat as UK recession looms January 25, 2012 The FTSE 100 was flat after optimism from strong results from Apple in the US fell away with GDP data showing that Britain is on the brink of recession. Later today the Fed will announce its interest rate decision after the European markets close, with no change expected to the US central bank’s 0.25 per [...]
CITY MOVES | WHO’S SWITCHING JOBS January 24, 2012 Liberum Capital Mark Godridge has joined the investment bank as chief executive of its US subsidiary Liberum Capital Inc. He joins from JP Morgan Cazenove, where he has led the European and emerging market sales team since the merger of the two companies in 2010. In the five years preceding the buyout, Godridge was president [...]
Banks peg back FTSE as Greece faces the abyss January 24, 2012 The rally on the FTSE 100 stalled this morning after talks to address the Greek debt crisis appeared to be floundering with the threat of a default casting a shadow. Financial stocks pinned the market back as Eurozone ministers yesterday rejected an offer made by private bondholders to help restructure Greece’s debts, sending negotiators back [...]
Retail guru leaves the firm he helped to float January 23, 2012 ANDREW Bracey, who is leaving the world of online grocery shopping to join recruiter Michael Page, has been Ocado’s chief financial officer since November 2009. Prior to Ocado, he was head of consumer and retail investment banking at Jefferies International, with an 18-year career in investment banking and private equity behind him. After studying at [...]
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 [...]