…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 [...]
CITY MOVES | WHO’S SWITCHING JOBS April 19, 2011 Travelodge Hotels Travelodge has appointed Gerald Lawless, executive chairman of the Dubai based hotel management company Jumeirah Group, as a non-executive director, effective from 3 May. Lawless has worked for Jumeirah Group, owned by Dubai Holding, since 1997, launching the seven-star Burj Al Arab. Prior to joining Jumeirah, Gerald had a 23-year career with Forte [...]
FTSE shares rebound but debt worries still dog bank stocks April 19, 2011 STRENGTH in oversold commodity issues fuelled a modest rally by Britain’s top share index yesterday, while sovereign debt worries continued to dog banking stocks. At the close, the FTSE 100 index was up 26.79 points, or 0.5 per cent at 5,896.87, having dropped 2 per cent on Monday to hit its lowest level since March [...]
Sinking ships April 18, 2011 S&P’s downgrade of US debt outlook rocks global markets US told it must slash budget deficit or lose AAA-rating Eurozone yields soar as sovereign debt crisis intensifies SOVEREIGN debt fears gripped markets on both sides of the Atlantic yesterday, after the US’s triple-A debt rating was put on a negative outlook by ratings agency Standard [...]
Kheraj back at Barclays April 18, 2011 HIGH-flying banker Naguib Kheraj is to return to his alma mater Barclays as a part time senior adviser, the bank said yesterday. Kheraj, who spent ten years at Barclays from 1997, including three years as its group finance directorfrom 2004, has returned to advise it on “a range of commercial and policy matters”, the bank [...]
Trading arm is the key to miner’s value April 18, 2011 NEGOTIATIONS over Glencore’s valuation are set to focus on the mining giant’s trading arm as commodity investors worry about the possible departure of key traders and the intangible nature of the people side of the business. “When you have hard assets you know the price for a metal and on that basis you are able [...]
Looking for an independent voice on Glencore April 18, 2011 AMONG all the many big beasts advising on the forthcoming flotation of commodities trader Glencore, one firm stands out in its unusualness and lack of big beastliness, and that is Liberum Capital. Liberum is an employee-owned investment bank whose Latin name means independent, whereas the rest of the advisers – including Credit Suisse, Morgan Stanley, [...]
US rate warning hammers FTSE to April’s lowest close April 18, 2011 BRITAIN’S top shares fell sharply yesterday as ratings agency S&P cut its US credit outlook to negative, but some investors doubt this will spur a much more significant flight from risky assets than already seen. The FTSE 100 closed down 125.93 points, or 2.1 per cent, at 5,870.08, its lowest close since 23 March. Just [...]
S&P’s US downgrade sparks stock sell-off April 18, 2011 Alarm over deteriorating public finances in the US, Greece and other peripheral eurozone nations hit markets today, pushing the FTSE down to its lowest close in four weeks. Credit rating agency Standard & Poor’s cut its outlook on the US’ rating outlook to negative, from stable, citing a lack of decisive action to rein in [...]