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 [...]
FTSE flat after Slovak vote blow October 12, 2011 The FTSE 100 was flat this morning after Slovak lawmakers rejected a plan to expand the Eurozone rescue fund and the US earnings season kicked off with disappointing results. Slovakia’s decision rattled world markets as the plan — which would see Greece saved from economic abyss through new loans — is central to hopes that [...]
Banks: little stability gain from Vickers too big to fail October 11, 2011 THE VICKERS Commission was completely unnecessary in solving the “too big to fail” problem, RBS chief Stephen Hester told a committee of Lords yesterday. “I believe that goal would have been accomplished without Vickers due to the international reforms that are in place,” Hester said. Barclays’ Bob Diamond agreed: “It’s not a question of with [...]
Gulliford sells PR firm to Lord Bell’s Chime October 11, 2011 SIMON Gulliford has sold his consulting firm to Lord Bell’s Chime Communications in a deal that could net the marketing boss up to £5m. Chime will buy Gulliford Consulting for an initial £2.5m, with a further £2.25m performance related payment deferred. The deal for the entire company is mostly comprised of cash, with a small amount [...]
FTSE breaks winning streak on worries over Euro bailout October 11, 2011 THE FTSE 100 share index snapped a four-day winning streak yesterday, as worries over Europe’s debt problems and the impact on the global economic recovery prompted investors to bank some of the recent gains made in commodity and financial stocks. The index closed down 3.3 points, or 0.1 per cent at 5,395.70, but recovered from [...]
Miners peg back FTSE as investors eye Slovak vote October 11, 2011 European shares slid this morning as investors eyed a key vote in Slovakia on whether it will back the Eurozone rescue package. The FTSEurofirst 300 index of top European shares was down 0.6 per cent while London’s blue chip index also edged down as miners opened weakly. Analysts said traders were cautious ahead of the [...]