Bank bounce offsets mining slump to drag FTSE upward September 1, 2011 A BOUNCE back by banks hauled the UK’s leading share index higher yesterday, with earlier falls reversed in the afternoon after stronger than expected manufacturing data allayed fears over the health of the US economy, ahead of a key jobs report. At the close, the FTSE 100 was up 24.12 points or 0.5 per cent [...]
FTSE down as miners struggle but banks rally September 1, 2011 The FTSE 100 failed to track gains on Wall Street and in Asia overnight as the mining sector pegged the index back. Traders and investors were digesting a raft of economic data from across the globe and assessing whether the economic recovery was gaining traction. Miners were hit by figures from China showing that its [...]
Banking profits face Vickers hit August 31, 2011 BRITAIN’S banks could see earnings slashed by nearly a third due to reforms proposed by John Vickers and his Independent Commission on Banking (ICB), analysts have said. But they will at least have several years to implement the reforms. An aide to Nick Clegg has told City A.M. that despite fiery rhetoric from Vince Cable, [...]
Bank reforms missing the big picture August 31, 2011 IT is hard to know whether to laugh or whether to cry about the latest round of banker-bashing, fuelled as ever by Vince Cable, who always knows exactly what the public wants to hear, though rarely what the economy actually needs. The biggest problem, as ever, is that the argument about the Independent Commission on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 31, 2011 FINANCIAL TIMES TOBACCO TRADE GROUP CHIEF QUITS The head of the UK tobacco industry’s main trade body has resigned after failing to persuade the coalition government to rescind anti-tobacco measures introduced under Labour. Christopher Ogden will step down in October following a review of the organisation’s structure initiated by its members, British American Tobacco, Imperial [...]
WHAT DO THE BANKS SAY ABOUT THE RINGFENCE? August 31, 2011 LLOYDS Lloyds has taken the most pro-ringfence stance of all the banks – and argues that almost all of Lloyds’ operations should be inside the fence. Chief executive António Horta-Osório (pictured) argues that a ringfence should form a crucial part of a resolution plan to allow regulators to wind up failing banks in an orderly way. [...]
CITY MOVES | WHO’S SWITCHING JOBS August 31, 2011 Argonaut Capital Partners The European equity boutique with £1.1bn of assets under management has appointed Edward James, formerly head of operations at Octopus Investments, as chief operating officer. Prior to Octopus, James worked at Euroclear, where he led the firm’s expansion into the UK fund processing model and managed the purchase of EMXCo, and at [...]
FTSE edges up as investors eye US strategy August 31, 2011 The FTSE 100 opened solidly this morning as investors kept their eyes on the situation across the Atlantic with hopes still alive that the US Federal Reserve will trigger stimulus measures to boost the struggling economy. US stocks rose for a third straight day yesterday in a volatile session, after minutes from the latest Federal [...]
Banks rally but City frets over ringfence August 30, 2011 BRITISH banks’ share prices rallied dramatically yesterday as London played catch up with world markets after Monday’s holiday. Analysts said that investors were pricing in the possibility of further quantitative easing due to the Federal Reserve’s September meeting being extended from one to two days. But UK lenders were also helped by a bullish note [...]
PPI fine payments hit £215m in first six months of 2011 August 30, 2011 BANKS have paid out a total of more than £215m in compensation so far this year to clients that were mis-sold payment protection insurance (PPI), figures published by City regulator the FSA revealed yesterday. The data released showed that 16 banks – representing 92 per cent of all PPI claims made – had so far [...]