US revises up number of jobless claims March 31, 2011 CLAIMS for unemployment benefit in the US have been revised upwards, and came in above the expectations of economists for the latest week of data available. New jobless claims were reported at 382,000 last week, yet the figure should have been 394,000, government sources said yesterday. For the week ending 26 March, 388,000 new benefit [...]
FTSE ends six-day rally after Irish bank stress test results March 31, 2011 BRITISH bank shares fell on further concerns about the state of finances in the peripheral Eurozone countries, dragging the country’s top shares lower by the close yesterday and ending a six-day winning run. Ireland said its four remaining banks require another €24bn ($34.1bn) to enable them to withstand potential losses from a worsening of the [...]
BLOOMBERG WOOS BARCLAYS March 30, 2011 New York mayor Michael Bloomberg (pictured) yesterday called on Barclays bank to move its headquarters to the Big Apple. “It would be a great move for them to move here,” Bloomberg said at a press briefing. “I hope they move here; it’d be great for us.” Barclays has held early-stage talks with US regulators about [...]
Populist tax on oil firms has backfired March 30, 2011 IF George Osborne is to be believed, Britain is open for business once again. Some senior executives clearly agree: Sir Martin Sorrell, WPP’s boss, wants to move his firm’s legal base back to Britain if all of the proposals in the Budget are voted through. But if you are an oil and gas company, or [...]
Diamond: Banking transition will sort the wheat from the chaff March 30, 2011 BARCLAYS chief executive Bob Diamond has warned that many banks will not survive the transition to “the new environment” of higher capital and liquidity requirements. Speaking at a conference hosted by Morgan Stanley, Diamond also said that Barclays is “at an advanced planning stage” with its “living will” or resolution plan, in cooperation with several [...]
Labour market recovery boosts optimism on US March 30, 2011 AN ADP report yesterday showed that private employers added 201,000 jobs in March – slightly below consensus expectations for an increase of 208,000 jobs. Small and medium firm payroll growth remained strong in March, adding 102,000 and 82,000 jobs, while large firms added 17,000 jobs. “This indicates continued momentum in the pace of labour market [...]
FTSE rally continues despite earnings woes for retailers March 30, 2011 THE FTSE 100 closed higher for a sixth consecutive session yesterday, its best run since August 2010, as investors ditched retailers over earnings worries in favour of growth sectors such as industrials and mining. Dixons issued a profit warning and gloomy outlook as a survey from the CBI showed the underlying trend for retail sales [...]
The clock is ticking to keep your savings from the taxman March 30, 2011 IF YOU are in the 20 per cent of Londoners who, according to research from Fidelity, put off getting their individual savings account (Isa) to the last week of the financial year, now is the time to shelter your savings from taxation. You will have to act quickly to pick up the best deals. Of [...]
Senior rainmaker who advised Harrods sale March 29, 2011 KEN Costa’s contacts book will be sorely missed at Lazard, which he is leaving at the end of this week for unknown reasons. During his three and a half years at the firm he is best known for pulling off the £1.5bn sale of Harrods to the Qatari royal family, a deal in which he [...]
Barclays Capital hires Morgan Stanley’s Connor to boost team March 29, 2011 BARCLAYS Capital yesterday hired Josh Connor from Morgan Stanley to lead its global transportation banking group within the firm’s Global Industrials Investment Banking Group. Connor will be based in New York and will join the firm in July. The hire follows a series of moves by the bank over the past few months to bolster [...]