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 [...]
Evolution’s finance boss quits amid takeover talk August 15, 2011 EVOLUTION Group lost its finance director and reappointed one of its former non-executives to its board yesterday amid signs that a takeover bid for the firm was progressing. Andrew Westenberger, the group’s finance director for almost two and a half years, resigned with immediate effect and with no explanation or an immediate successor. But Evolution [...]
FTSE rises but Eurozone still weighs on some bank stocks August 15, 2011 ARALLY by commodity issues on a brighter demand picture pulled Britain’s top share index higher yesterday, though weakness in banks dented some sentiment as investors looked cautiously ahead towards a key meeting today on the Eurozone debt crisis. French President Nicolas Sarkozy will meet German chancellor Angela Merkel in Paris to discuss further steps to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 14, 2011 FINANCIAL TIMES FEARS RAISED AS “LACK OF CAUTION” FUELS COMMERCIAL PROPERTY VALUES Commercial real estate values have been spurred by a “lack of caution” on the back of an “astonishing” rebound in lending to the sector, according to one of the largest global fund managers. LaSalle Investment e, which manages $45bn (£27bn) of real estate [...]
Short selling ban fails to halt volatility in markets August 12, 2011 European stocks failed to rally significantly this morning after a ban on short selling in four pivotal Eurozone nations failed to stem the tide of losses seen over the week. The assault on short sellers, triggered by a collapse in confidence in banks including Societe Generale, had been hastily introduced in an attempt to stop [...]
Swiss ponder a peg to euro August 11, 2011 THE EURO pared recent losses against the Swiss franc yesterday, after a senior Swiss central bank official hinted that its currency could be pegged to the euro to prevent further appreciation. Investors have ploughed into the Swiss franc this week, viewing the currency as a relative safe haven while the debt crisis takes it toll [...]
GEORGE OSBORNE’S CAREER CHANGE AS BARCLAYS COMES CALLING August 11, 2011 WHAT’S this? George Osborne is moving on from the Treasury to become a relationship director in the Finance and Brokers team at Barclays Corporate? “Osborne’s role will include managing a portfolio of mid to large-size finance and broker clients, and working with the credit team to ensure the effective risk management of these clients,” declared [...]
Volatile FTSE ends on a high August 11, 2011 AFTER another rollercoaster session, fuelled by rumours about French banks, sovereign debt, and a possible short-selling ban in Europe, Britain’s leading share index ended with triple-digit gains yesterday. “We’re just awash with rumours, dragging us from pillar to post… We’re calling propagators of such stuff the ‘Pinstriped Looters’. They come in, smash the market with [...]