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 [...]
FTSE fightback foiled by bank weakness August 4, 2011 The banking sector put the brakes on potential gains on the FTSE 100 in early trading after poor results from Lloyds. The index was expected to be given new impetus today as hopes of a new package to breathe life into the US economy encouraged investors elsewhere. Former Federal Reserve vice chairman Donald Kohn said [...]
RBS set to cut thousands of banker jobs August 3, 2011 RBS is planning to lay off thousands of investment bankers over the next eighteen months as it concludes its integration of ABN Amro. The bank could lay off some 2,000 people by the end of 2012 in its global banking and markets division. But a source told City A.M. that it is not clear exactly where [...]
CITY MOVES | WHO’S SWITCHING JOBS August 3, 2011 Barclays Andrew Hall will move to Barclays as a wealth adviser from Towry, where he worked from August 2010. Previously he worked with Bank of Scotland Investment Service, part of Lloyds Banking Group. Hall will be based in Glasgow Office, starting on the 25 July. He will be joined by Robin Clements, who joins the [...]
PERSONAL FINANCE NEWS August 3, 2011 INVESTORS TAKE A MEGA BITE OF APPLE Clients of Barclays Stockbrokers have named Apple their favourite technology stock. 57 per cent favoured Apple over other technology stocks, 11 per cent Google, while 10 per cent said they would be interested in investing in Facebook and Twitter if and when they float. Cisco Systems, the US [...]