FTSE rebounds but Wall St fall goes on May 24, 2011 UK stocks rebounded today as miners regained ground after grim falls yesterday, though final gains were small. The FTSE 100 ended the session 0.4 per cent higher at 5,858.41 but recorded a high of 5,884.66 in the day’s trading as investor confidence returned. Bargain hunters moved in on miners, which recovered along with metals prices [...]
Miners buoy FTSE but ratings threat casts shadow May 24, 2011 Mining stocks put the FTSE 100 on the front foot in early trading as metal prices rose – boosted by Goldman Sachs recommending investors to buy into commodities. Commodities trader Glencore made its full market debt and rose slightly from its price on the so-call grey market, but remained below the 530p offer price of [...]
Don’t blame banks for low demand May 23, 2011 VINCE Cable was grand-standing on his favourite topic yesterday: the ills of British banks. But there was more sound than sense in his warning that lenders had better “meet the commitments they agreed” – or else. That’s because the five Merlin banks have so far done exactly as promised. They have collectively set aside £190bn [...]
BANKS’ LENDING AGREEMENTS May 23, 2011 Q. WHAT DID THE BANKS COMMIT TO? A. Under the terms of “project Merlin”, a deal with the Treasury aimed at reviving lenders’ image, five banks – RBS, Lloyds, HSBC, Barclays and Santander UK – agreed to make £190bn in credit available to businesses this year, versus £179bn in 2010. They earmarked £76bn of this [...]
Broughton bid of £230m puts him in the lead May 23, 2011 SIR Martin Broughton, the deputy chairman of airline IAG, yesterday pulled further ahead in the race to buy the Tote, after it emerged his bid values the state-owned betting pool at £230m. The development puts further distance between his offer and the £200m- valued bid being wagered by high street bookmaker Betfred. Sir Martin’s Sports [...]
The changing of the guard at Goldman Sachs May 23, 2011 A changing of the guard at Goldman’s UK investment banking division is always closely watched and so it is that there is much discussion about the two thirtysomethings that have been put in charge of UK investment banking. The recent departure of Julian Metherell, the former head, who is going to start an investment firm [...]
CITY MOVES | WHO’S SWITCHING JOBS May 23, 2011 Agent Provocateur Retail veteran Chris Woodhouse has been appointed as non-executive chairman of luxury retailer Agent Provocateur. Woodhouse, director of Debenhams and chairman of restaurant group Gondola, which owns Pizza Express and ASK, will take a small stake in the lingerie business, which he will oversee alongside his existing role. Agent Provocateur, owned by private [...]
FTSE hit by China growth fears and eurozone crisis May 23, 2011 Commodity stocks took a hammering in early trading today as miners and energy related groups suffered from uncertainty in the global economy. The eurozone debt crisis continued to cast a shadow after Italy’s credit rating was downgraded by Standard & Poor’s from stable to negative. Chinese manufacturing data from HSBC showing a ten-month low also [...]
Banks miss small firms loan target of Project Merlin May 22, 2011 THE UK’s five largest banks have failed to meet a Project Merlin target for making £76bn of credit available to small and medium size businesses (SMEs) this year, the Bank of England is set to reveal today. Preliminary figures showed that in the first three months of the year, the banks – RBS, Lloyds, Barclay, [...]
RAINMAKING WON’T STOP PLAY AT CITY’S CHELSEA POWER SHOW May 22, 2011 TONIGHT the worlds of high finance and horticulture will collide at the most popular fixture in the City year: the Chelsea Flower Show charity gala. BSkyB chief executive Jeremy Darroch was spotted eyeing up garden sheds at last year’s Chelsea preview, while Topshop boss Sir Philip Green – known in the City as “PG” – [...]