US mood rises despite house prices falling January 25, 2011 HOUSE prices in the US fell for a fifth consecutive month in November, a well regarded survey revealed yesterday. However, there was better news for the US recovery as official data showed consumer confidence hitting a seven-month high in January. The US Conference Board said its index of consumer sentiment jumped to 60.6 this month, [...]
CITY MOVES | WHO’S SWITCHING JOBS January 25, 2011 RSM Tenon The seventh largest accountancy firm has named accountant Peter Musgrave as head of its enlarged London office. RSM Tenon has brought together teams from four offices into the central London location in Chiltern Street in the West End and created a 450 strong team covering all the Group’s services. Peter previously ran the [...]
BlackRock sees jump in fourth quarter profit January 25, 2011 BlackRock Inc, the world’s largest asset manager, reported a big jump in fourth-quarter profit and revenue, topping analysts’ estimates, aided by the global stock market rally. With markets on an upswing, the $3.6 trillion investment unit for $15bn just over a year ago finally appears to be paying off for investors. BlackRock attracted a net [...]
What the other papers say this morning January 24, 2011 FINANCIAL TIMES FSA CHIEF SEEKS NEW SAFEGUARDS The head of the Financial Services Authority has called for a “radical rethink” of consumer protection in the UK, including the possible imposition of fee caps and bans on some retail financial products. The regulator has historically adopted a “light touch” approach for the regulation of financial products, [...]
China Hongqiao plans HK listing to raise $2.2bn January 24, 2011 CHINA HONGQIAO Group, the largest privately owned aluminium hydroxide producer in China, has launched the roadshow for its Hong Kong initial public offering, hoping to raise up to $2.2bn (£1.38bn). The deal involves 1.74bn primary shares with a guidance price range set at HK$7.10-$9.90 (57p-80p), representing a 2011 price to earnings ratio of 7.23-10.08 times, [...]
Greencore to fight rival bid January 23, 2011 GREENCORE is expected to sweeten its merger deal with Northern Foods this week in an attempt to best Boparan’s £342m cash takeover offer. Dublin-based Greencore is considering adding a cash sweetener on top of its all-share merger with Northern, according to people familiar with the companies. Northern’s board has dropped its support for the Greencore [...]
Barclays may overhaul its remuneration January 23, 2011 BARCLAYS could completely overhaul the way it remunerates its top staff next month. Bob Diamond is considering paying a portion of bonus payments for his top 1,000 staff in contingent convertible bonds – known as Cocos. Cocos are a more politically acceptable form of remuneration as they convert from debt to equity if a bank [...]
Davos ready for a deluge of bankers January 23, 2011 FINANCIAL services firms are set to make a strong reappearance at the World Economic Forum in Davos this week. Guests at the forum will include Barclays’ Bob Diamond, JP Morgan’s Jamie Dimon, Deutsche Bank’s Josef Ackermann, HSBC’s Stuart Gulliver and outgoing Lloyds chief executive Eric Daniels among others. The strong presence of banking executives comes [...]
CITY MOVES | WHO’S SWITCHING JOBS January 23, 2011 Navigant Navigant has announced the appointment of Romek Matyszczyk as a director in its London-based disputes and investigations team. With over 20 years of specialist valuation experience, Romek has advised on all aspects of valuing businesses, companies, listed and unlisted securities, intellectual property and intangible assets. Prior to joining Navigant, he was a partner in [...]
The pensions chief who says that investors are no longer a soft touch January 23, 2011 It is easy to see why the chairman of the National Association of Pension Funds (NAPF) looks more relaxed these days – this coalition government is less keen on beating shareholders over the head. Lindsay Tomlinson is lounging on a sofa in a bright modern office in the NAPF’s headquarters on Cheapside, opposite the recently-opened [...]