Barclay brothers reveal flow of bids for Ritz hotel October 5, 2011 SIR DAVID and Sir Frederick Barclay have recieved several unsolicited bids for their Ritz Hotel in Piccadilly and have valued the legendary site to be worth more than £625m. The Barclay brothers, who also own the Telegraph newspapers, revealed the approaches in the hotel’s annual results published on companies house, which also states that the [...]
UK’s services in unexpected lift to growth October 5, 2011 SERVICES expanded unexpectedly quickly in the UK in September, according to the purchasing managers index (PMI) from Markit, out yesterday. Any figure above 50 represents expansion, and services in the UK rose from 51.1 in August to 52.9 in September on the index. The higher number shows the sector increased its pace of growth. Composite [...]
CITY MOVES | WHO’S SWITCHING JOBS October 5, 2011 Victoria Private Investment Office The financial adviser and wealth management business, previously Victoria Capital, has relaunched as it aims to reach a wider market. Leading the firm’s expansion is Heather Maizels, the former head of Barclays Private Bank, who has been appointed as managing director. As an advisory board member of Barclays Wealth, which she [...]
Greek progress lends a hand to FTSE despite retail worries October 5, 2011 RALLIES by hard-pressed banks, insurers and commodity stocks led a bounce back by Britain’s top shares yesterday as support for debt-laden Greece revived investor appetite for riskier assets. Financial issues were boosted after the International Monetary Fund said it “definitely participate” in a second bailout package for Greece if the Washington-based lender was happy about [...]
SHARES SLUMP AS EURO FEARS GROW October 4, 2011 THE EUROZONE’S escalating financial crisis hammered European stocks yesterday, with markets also dampened by growing concerns over the fragility of the global recovery. The bad news was compounded after hours as Moody’s downgraded Italy by three notches, from Aa2 to A2. The prospect of a Greek default was heightened by an apparent delay in the [...]
Share price is undervalued, says Diamond October 4, 2011 THEY could not have timed it any better – or should that be any worse? Some of the biggest names in banking came together in London yesterday as industry shares fell over fears politicians are failing to tackle the Eurozone crisis. Bob Diamond, chief executive of Barclays, told the Bank of America Merrill Lynch conference [...]
Construction flat-lines on stagnant housing market October 4, 2011 FLAT activity in the construction sector in September was revealed yesterday by Markit’s purchasing managers’ index (PMI). A sharp fall from 52.6 in August to 50.1 in September was recorded, bringing the sector closer to the 50 threshold that separates growth from contraction. “UK construction companies continued to struggle in the face of growing concerns [...]
Another low for the FTSE as banks and miners take a hit October 4, 2011 BRITAIN’S top share index hit a 15-month closing low yesterday, with banks and commodity stocks leading a broad-based sell-off, as growing doubts over Greece’s ability to stave off a debt default triggered fears of financial turmoil. The UK benchmark ended down 131.06 points, or 2.6 per cent, at 4,944.44, its lowest close since 5 July [...]
FTSE falls below 5,000 as banks tumble October 4, 2011 The FTSE 100 plunged below 5,000 this morning as the banking sector took a hammering sparked by the economic chaos which continues to engulf Greece. While the Government unveiled initiatives to spark economic growth including ‘credit easing’ for small businesses, the state of the Eurozone’s finances continued to cast a shadow. European shares extended losses [...]
CITY MOVES | WHO’S SWITCHING JOBS October 3, 2011 Palamon Capital Partners The private equity firm has appointed Julian Carreras as a principal in its pan-European team, which comprises professionals from eight countries. The move marks a return to the company for Carreras, who previously worked at Palamon Capital Partners between 2003 and 2006, joining from Goldman Sachs. Between 2006 and 2011, Carreras held [...]