FTSE up as Greek endgame arrives February 9, 2012 The FTSE 100 crawled up this morning as investors braced themselves for an expected decision on a Greek debt deal and the prospect of the Bank of England pumping in another £50bn into its quantitative easing programme. Greek officials said pension cuts were the sticking point in talks which have lurched from one crisis point [...]
BarCap’s role in £56bn deal is challenged February 8, 2012 BARCLAYS Capital’s last-minute inclusion in the adviser list for the Glencore-Xstrata merger, which has lifted its place in the Thomson Reuters league table for M&A worldwide, has been challenged by one of its rivals. Thomson Reuters, which has lifted BarCap from eighth to sixth following the bank’s declaration that it is an adviser on the [...]
BEST OF THE BROKERS February 8, 2012 BARCLAYS Citigroup released a note on UK banks yesterday, maintaining its overall overweight rating on the sector. The broker named Barclays its top pick in the sector, with a “buy” rating and an increase in its target price from 245p to 275p. In the same note, Citi maintained its “buy” rating on Lloyds, HSBC and [...]
Investors waiting for Greece put the brakes on FTSE rally February 8, 2012 BRITAIN’S blue chips closed a touch lower yesterday as investors awaited more clarity on a Greek debt deal. Greek party leaders gathered to agree reforms needed to secure a new EU/IMF rescue package necessary to avoid a chaotic default that would aggravate Europe’s financial crisis. Rating agency Standard & Poor’s added pressure on negotiations between [...]
Miners buoy FTSE as Greece remains on knife edge February 8, 2012 The FTSE 100 opened on the front foot this morning as investors continued to cling onto hopes that Greece could be steered away from financial meltdown. Greek party leaders were set to meet again today to hammer out a reform deal in return for the new €130bn rescue from the IMF and EU. Leaders of [...]
UK banks to see weak loan growth – Citigroup February 8, 2012 UK banks could see weak loan growth in 2012 as households and corporates cut debt levels amid a tough economic environment and regulators press them to raise capital ratios, Citigroup said. Citigroup analyst Andrew Coombs downgraded Royal Bank of Scotland Group to “neutral” from “buy,” and cut his price target on Lloyds Banking Group on [...]
BarCap is late entry onto the adviser list February 7, 2012 Barclays’ investment bank BarCap has been brought in as an adviser to Xstrata, writes David Hellier. Its appointment came late on Monday night, too late for the bank to be named in the official announcement yesterday. Its inclusion will help BarCap maintain its climb up the investment banking tables and comes after the bank’s US [...]
ADVISERS ON THE UK’S MEGA-MERGER February 7, 2012 Barclays Capital was a last minute entrant onto the adviser list, City A.M. learned yesterday. The Bob Diamond-led bank, which made it onto the Facebook IPO, declined to comment last night. BarCap’s inclusion came late on Monday night as the final touches were being put to the deal. Inclusion will help it maintain progress in [...]
Misys chief to leave as part of £2bn merger February 7, 2012 BANKING software groups Misys and Temenos said yesterday they had agreed some of the key terms of a possible £2bn all-share merger between the peers, a deal which would see Mike Lawrie relinquish his position as chief executive of Misys. Guy Dubois, currently chief executive of Temenos, will act as CEO of the combined group [...]
MPs waver over bashing bank bonuses February 7, 2012 CHANCELLOR George Osborne gave a confused view on the banker-bashing bonus debate yesterday, at first calling them “unacceptable” and then castigating others for creating an “anti-business culture”. Speaking at a dinner held by the Federation of Small Businesses, Osborne (pictured) said: “Of course rewards for failure are unacceptable – and those who believe in the [...]