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 [...]
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 [...]