European shares in biggest fall since March 2009 August 18, 2011 European equities have suffered their biggest daily fall in two and a half years as a slew of downbeat US data cast further doubt on the strength of the recovery in the world’s biggest economy. German shares fell 5.8 per cent, underperfoming the wider market, with traders citing the effects of a short-selling ban on [...]
Global growth fears drain confidence from markets August 18, 2011 Renewed fears over spluttering global economic growth dragged back world markets with commodity and financial stocks suffering in the increasingly bleak climate. Morgan Stanley cut its forecast for global growth, citing “recent policy errors” in the US and Europe, plus prospects of further fiscal tightening in 2012. MSCI’s world equity index fell 0.8 per cent [...]
Bakers sees revenues hit record levels August 17, 2011 CITY law firm Baker & McKenzie regained its position as the world’s largest law firm by revenues yesterday, reporting a record global income of $2.27bn (£1.37bn), a rise of eight per cent from last year. The growth in revenue was led by strong performances across the firm’s Asia Pacific and Latin America offices, particularly in [...]
CITY MOVES | WHO’S SWITCHING JOBS August 17, 2011 Stephenson Harwood The law firm has strengthened its projects team by hiring Jonathan Cripps and Rebecca Carter (pictured) as partners. Cripps and Carter join from Eversheds, where they acted for public and private sector infrastucture clients including the Ministry of Justice, the North London Waste Authority and the Office of Government Commerce. The firm has [...]
Falling financial stocks drag FTSE lower amid euro fears August 17, 2011 Weaker financial stocks led British shares lower yeterday as the outcome of a Franco-German summit left investors still anxious about the Eurozone debt crisis and concerned about the impact of plans for a new tax on the industry. The FTSE 100 index closed down 0.5 per cent at 5,331.60, having at one stage dropped back [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 16, 2011 FINANCIAL TIMES CITIC ARM TO PRESS AHEAD WITH HK LISTING Citic Securities is to go ahead with a planned Hong Kong listing that could raise up to $2bn for the Beijing-based financial services group. Bankers say that the listing is likely to take place by the beginning of September. The decision comes as many other [...]
SINKING FEELING FOR MAROONED TECH MOGUL August 16, 2011 TRAGEDY was narrowly averted on Monday night, after the sea almost claimed the life of American businessman George David in the Rolex Fastnet Race. Shortly after rounding Fastnet Rock, David’s yacht Rambler 100 capsized in high seas after the keel broke off with a “sickening sound”, sweeping the former United Technologies chairman into the Irish [...]
Upbeat US outlook lifts FTSE but Eurozone worries linger August 16, 2011 BRITAIN’S top shares ended a shade higher yesterday, notably banks, after a better than forecast report on industrial output in the United States and as Fitch confirmed that nation’s top credit rating with a stable outlook. The UK benchmark index ended up 7.05 points, or 0.1 per cent, at 5,357.63, having spent much of the [...]
German GDP blow drags down markets August 16, 2011 European markets were this morning dragged down by figures showing spluttering German GDP growth. The slowdown in the Eurozone’s strongest economy cast a shadow over today’s summit between France’s Nicolas Sarkozy and Germany’s Angela Merkel aimed at hammering out solutions to the bloc’s debt crisis. The FTSEurofirst 300 index of top European shares was down [...]
BofA in credit card arm sale to add capital August 15, 2011 MERRILL Lynch owner Bank of America is to shut down or sell off its credit card businesses in the UK, Ireland and Canada as it seeks to build a “fortress balance sheet” against legal claims, it said yesterday. Bank of America sold its $8.6bn (£5.3bn) Canadian credit card portfolio to local banking group TD Bank [...]