Fitch cuts RBS and Lloyds October 13, 2011 BANKS worldwide came under fire from a zealous round of downgrades by credit rating agency Fitch yesterday, knocking share prices for the UK’s biggest lenders. Fitch cut the long-term default rating of both RBS and Lloyds by one notch to A and put Barclays on a negative outlook to reflect the reduced chance of another [...]
Banks need billions – from where? October 13, 2011 EUROPEAN bank analysts are now fully immersed in a game of spot the weakest link, a game that is getting bank chiefs rather hot under the collar. Josef Ackermann, chief of Deutsche Bank, is so incensed that he slammed the EU’s bank recapitalisation plan publicly yesterday. “It’s not the capital resources of banks that are [...]
Surprise rise in UK exports over August October 13, 2011 UK EXPORTS increased to their highest level ever in August, as the economy fared unexpectedly well, according to data out yesterday from the Office for National Statistics. A 0.5 per cent increase in total exports compared with July was recorded, taking the total value up £191m to £40.77bn. Meanwhile, imports fell by £205m, also 0.5 [...]
CITY MOVES | WHO’S SWITCHING JOBS October 13, 2011 Maxifier The online ad campaign performance specialist has appointed Helen-Clifford Jones as head of UK and vice president of sales in EMEA. She will be responsible for leading the expansion of the UK and the move into EMEA. Jones has ten-years of experience in the digital media, publishing and advertising industries. Prior to joining Maxifier, [...]
FTSE pegs back on global growth woes October 13, 2011 THE UK’s top share index retreated from a key technical level yesterday, with bank stocks hammered after being hit by a downgrade from credit rating agency Fitch just a week after rival Moody’s. Barclays fell 7.4 per cent, while RBS closed 6.4 per cent lower and Lloyds lost 5.5 per cent. Trade data from China [...]
Fitch cuts ratings of Lloyds and RBS October 13, 2011 Ratings agency Fitch cut the credit score of bailed-out lenders Lloyds and Royal Bank of Scotland, saying the government had become less likely to give them further financial support. Fitch’s downgrade of Lloyds and RBS followed a similar move last week from rival Moody’s, which also cited a reduced likelihood of additional state assistance for [...]
Miners drag FTSE lower October 13, 2011 Miners led a retreat on the FTSE 100 today as copper prices dropped with global growth worries resurfacing following weaker-than-expected Chinese trade data. China’s trade surplus narrowed in September for a second month in a row as growth of exports and imports both fell below forecasts, reflecting global economic weakness. However in a boost for [...]
CITY MOVES | WHO’S SWITCHING JOBS October 12, 2011 Gazprom Gazprom Marketing and Trading, the subsidiary of the Gazprom Group, the world’s largest gas company by asset base, has appointed Tony West as power strategy manager. West joins from Scottish Power, where he managed the commodity market risks within the energy management division. Prior to joining Scottish Power, he worked at Sapient. He has [...]
FTSE rises as miners gain and euro hope pushes bank stock October 12, 2011 STRONG miners and banks boosted Britain’s top shares yesterday, keeping the index on an upward tilt, underpinned by progress in tackling the Eurozone sovereign debt crisis and recent upbeat US data. The mood, already elevated by hopes European leaders will unveil new measures to solve the crisis by the month’s end, was further lifted when [...]
New ways to raise funds for your MBA October 12, 2011 FUNDING an MBA can be a tricky thing. Many schools offer grants and scholarships, often sponsored by businesses or donors, and some lucky students’ fees are paid by their businesses. But for many, stumping up the cash for those three little letters involves dealing with banks. As we all know, banks are not exactly keen [...]