HSBC axes its Russian retail banking unit April 25, 2011 HSBC has become the latest international lender to pull the plug on its retail operations in Russia, as foreign banks struggle to crack the dominance of the country’s state-backed giants. The London-based bank’s exit follows that of Barclays, which quit its Russian retail banking operation last month. Barclay’s boss Bob Diamond said at the time [...]
FTSE slips as earnings news dominates April 21, 2011 The FTSE pushed downwards at the close for the Easter break despite a strong start boosted by a positive round of US results last night. The FTSE 100 closed down 3.96 points or 0.1 per cent at 6,018.30, having jumped 2.1 per cent over the day to close back above the 6,000 level for the [...]
Newcastle hard knocks fail to deter dignified Hughton April 20, 2011 IF football’s marketing men want an antidote to the bad examples set by Wayne Rooney snarling into the nearest TV camera and managers furiously haranguing officials, then they could do far worse than Chris Hughton. The former Newcastle boss was dignity personified when unceremoniously dumped by the Tyneside club in December, despite hauling them back [...]
IT’S A GAS FOR CLARE AT BANKER BRIEFING April 20, 2011 HOW can money be the same as gas? It’s a good question, and one that bankers were giving serious thought yesterday at a lunchtime talk at Clifford Chance by Clare Spottiswoode, member of the Independent Commission on Banking. The former gas regulator had been briefed to update 34 high-powered bankers, including Antony Jenkins, group chief [...]
No rate rise in sight for King and his doves April 20, 2011 TWO thirds of the Bank of England’s monetary policy committee (MPC) still oppose moves to normalise interest rates, despite rising price pressures. The Bank expects inflation in the coming months to exceed its February predictions, it said yesterday. “There remained a significant risk that inflation would exceed five per cent,” the MPC’s minutes revealed. However, [...]
CITY MOVES | WHO’S SWITCHING JOBS April 20, 2011 Barclays Corporate Barclays Corporate has appointed Tan Kah Chye as head of trade and working capital, joining from Standard Chartered Bank in Singapore, where he held the position of global head of trade finance for the past six years. At Barclays, Chye will use his experience in senior trade finance roles in Asia and Europe [...]
Bale won’t quit Spurs, says Hughton April 19, 2011 TOTTENHAM great and former Newcastle manager Chris Hughton believes star man Gareth Bale will reject overtures from Europe’s elite even if Spurs fail to qualify for the Champions League. Hughton admits tonight’s showdown with bitter rivals Arsenal will go a long way to deciding whether Harry Redknapp’s men, who lie fifth, can usurp Manchester City [...]
Banks sued in Libor case April 19, 2011 A EUROPEAN asset manager yesterday sued twelve US, European and Japanese banks, accusing them of conspiring to manipulate Libor, a benchmark used to set interest rates on hundreds of trillions of dollars of securities. Vienna-based FTC Capital and two funds it operates in Luxembourg and Gibraltar accused the banks of conspiring to artificially depress Libor, [...]
…as surveys highlight two tier economy in Eurozone April 19, 2011 GROWTH in the Eurozone’s economy has accelerated this month despite escalating fears over sovereign debt in several member states. An initial index reading of business output came in at 57.8 for April, up from 57.6 in March and the second highest since June 2007. All scores over 50 in the purchasing managers’ index (PMI) indicate [...]
ABI: Barclays cocos a no go April 19, 2011 SHAREHOLDERS should be wary of waving through a new form of compensation for top Barclays executives, an influential investor advisory grouped warned yesterday. The Association of British Insurers (ABI), whose members own 15 per cent of Barclays stock, has issued an “amber” traffic light warning to members regarding Barclays’ annual report. City A.M. understands that its [...]