FTSE recovery gains traction after Fed boost August 10, 2011 The FTSE continued its rally in early trading today after an unprecedented pledge by the Fed to keep interest rates low to stimulate economic growth encouraged investors. Wall Street rebounded yesterday setting the tone for markets across the globe. In tandem with positive export data from China showing a lift in July the move by [...]
Markets bounce back ahead of Fed statement August 9, 2011 Britain’s top share index bounced back above the 5,000 level and US markets opened higher as investors hoped for some soothing words from the US Federal Reserve on the global debt and growth problems. Wall Street has gained ground since opening, with major indices climbing more than two per cent ahead of the Fed’s policy [...]
FTSE sinks below 5,000 August 9, 2011 The FTSE 100 plunged below 5,000 for the first time since 7 July 2010 as the crisis of confidence in world markets deepened. The latest plunge came after indices across Europe had opened on the front foot before returning to a downward spiral. Rallying calls form President Obama failed to limit the damage caused by [...]
CITY MOVES | WHO’S SWITCHING JOBS August 8, 2011 Santander The retail and commercial bank has promoted Robin Foale, formerly the divisional managing director for corporate and commercial banking in Thames Valley & South West, to managing director for its business banking division. In his new role, Foale will review the services offered to small businesses in Santander’s branch and telephone network. Prior to [...]
Markets remain volatile after ECB action August 8, 2011 The FTSE 100 initially fought back this morning as investors found new confidence in banking shares after the European Central Bank (ECB) moved to stabilize the beleaguered Spanish and Italian economies. Italian and Spanish bonds are being bought by the ECB to avoid a potentially catastrophic debt default by the two countries. Bond yields fell [...]
CITY MOVES | WHO’S SWITCHING JOBS August 7, 2011 Survitec Group The manufacturer and distributor for the marine, defence and aerospace survival technology industries that was bought by private equity firm Warburg Pincus in 2010 has appointed Paul Lester CBE as chairman. Lester, the former chief executive of VT Group and group managing director of Balfour Beatty, is currently chairman of Greenergy and non-executive [...]
Banks lead FTSE down on close after tumultuous week August 5, 2011 Banks and commodity stocks fell sharply on Friday as the top share index extended losses into a sixth straight trading day, battered by a global debt crisis and unmoved by US jobs data easing fears of another economic recession. London’s blue chip FTSE 100 closed down 146.15 points, or 2.7 per cent at 5,246.99, as [...]
FTSE continues downward spiral August 5, 2011 Markets continued the downward spiral which saw £35bn wiped off London’s blue-chips yesterday as the debt crisis and fears that the world economic recovery is not gaining traction took their toll. There were few signs of life in markets across Europe this morning with the FTSE 100 slumping 2.8 per cent on opening. Germany’s Dax [...]
Banks “on track” with lending targets August 5, 2011 The country’s top banks said they are track to meet government-set targets on lending to businesses, agreed earlier this year to boost the faltering economy in exchange for legislative restraint by the government. The British Bankers Association (BBA) said that as part of the deal – known as “Project Merlin” – the country’s top five [...]
ABERDEEN SETS SAIL FOR COWES IN STYLE August 4, 2011 THE RECEIVED wisdom about sailing is that it is equivalent to “standing under a cold shower tearing up £20 notes”. Make that “standing under a fire hydrant tearing up £50 notes” and the description is spot on, said double gold-winning Olympian Sarah Gosling, as she sheltered from the rain in Bow Churchyard outside Aberdeen Asset [...]