FTSE digs in after gains July 5, 2011 The FTSE started solidly today after breaking the 6,000 barrier yesterday but bleak service sector data cast a shadow across European markets. Growth in the eurozone’s service sector slowed for a third straight month in June — sending negative signals to investors. The UK Markit/CIPS services PMI came in at 53.9 for June, down from [...]
Bankers facing jobs bloodbath July 4, 2011 INVESTMENT bankers are facing the prospect of mass lay-offs as the City struggles to cope with an ongoing period of low trading volumes and depressed revenues. City A.M. understands that Credit Suisse plans to announce hundreds of job cuts this Thursday following a headcount freeze put in place in London last month. The bank has [...]
Eurozone producer prices slip July 4, 2011 Producer prices in the Eurozone slipped more than expected in May, declining by 0.2 per cent, after a 0.9 per cent jump the previous month. However, underlying data suggest that price pressures remain intense, according to Barclays Capital: “The annual inflation rate for the core (excluding food and energy) consumer goods PPI reached 1.3 per [...]
Banks hit by S&P Greece default blow July 4, 2011 Banking shares took a hit in early trading after ratings agency S&P issued a fresh warning over the Greek debt crisis. S&P said Greece would be likely to default if it follows a debt rollover plan in which French banks would allow the country to pay back its debt to them over decades. Investors were [...]
Heartening US data prompts market rally July 1, 2011 Financial stocks have powered ahead today after good economic news from the US and a reduction in concerns over Greece’s debt prompted a market rally. Lloyds, Barclays and RBS, the UK’s three biggest banks, have provided firepower to the FTSE 100, leaving it 0.7 per cent higher at the close, at 5,989.76 and bringing it [...]
US manufacturing up but consumers remain wary July 1, 2011 US manufacturing growth picked up in June, a national index has shown, in a second day of positive data that points towards an end to the soft patch that has dogged the economy in recent months. A separate survey of consumer confidence showed it edged up in June, as fuel prices fell and eased the [...]
Barclays offloads private equity assets for £460m June 30, 2011 BRITISH lender Barclays has sold a €520m (£460m) portfolio of private equity fund investments to French firm Axa Private Equity. Led by Bob Diamond, the bank is seeking to sure up its capital position in the face of tough new regulation. The lender said the portfolio included investments in private equity funds as well as [...]
CITY MOVES | WHO’S SWITCHING JOBS June 30, 2011 Penningtons Penningtons Solicitors has boosted its corporate practice by appointing James Klein as a partner. Klein, who was previously a partner with Berwin Leighton Paisner, will lead the corporate team at Penningtons’ City office, bringing the number of partners at the firm to 63. Klein has a strong track record of corporate finance transactions, including [...]
BARRED: MOBILE BOSS TALKS HIS WAY INTO HIS OWN GLASTO PARTY June 30, 2011 IF YOUR name’s not down, you’re coming in – not even if your name is Tom Alexander, chief executive of Everything Everywhere, and you are trying to get in to your own party at Glastonbury. As the other partygoers got stuck in to the free drinks inside the VIP farmhouse rented by the mobile phone [...]
Banks reveal hundreds of UK and US job cuts June 29, 2011 THE AXE is set to fall on hundreds of investment banking jobs in London and further afield, with Credit Suisse, Goldman Sachs and Barclays all proposing cuts to their headcounts in recent days. Credit Suisse is planning to cut more than 600 jobs in its investment banks, including upwards of 100 in its London operations, [...]