Do as we say, not as we do, says the Mirror January 12, 2011 EDITORS at the Daily Mirror could barely contain their excitement at the coming of bonus season yesterday, splashing their front page on the beleaguered chief executive of RBS, Stephen Hester under the headline “Do the right thing: give up your obscene £3m bonus”. “The Mirror calls on Mr Hester and all the other fatcat bankers [...]
London hits 31-month closing high as Portuguese fears fade January 12, 2011 BRITAIN’S top share index hit a 31-month closing high yesterday, boosted by banks after a successful bond sale in Portugal eased investor concerns over Europe’s sovereign debt crisis, and as miners tracked metals prices higher. The FTSE 100 ended up 36.69 points, or 0.6 per cent, at 6,050.72, its highest close since early June 2008, [...]
TOP RISERS AND FALLERS January 12, 2011 Miners and banks drove the FTSE up to 6,051 yesterday as a successful debt issue in Portugal reassured investors. Vedanta and Eurasian Natural Resources both benefitted from analyst upgrades by Deutsche Bank. A referendum in Kazakhstan on the president’s rule also helped. National Grid, GKN and J Sainsbury all dropped back. Eurasian Natural Resources – [...]
Rising export markets give morale boost January 12, 2011 BRITISH exports rose by 4.1 per cent (£0.9bn) in November, official data showed yesterday, as a separate survey revealed buoyant confidence among exporting companies. Overall the UK’s trade deficit edged upwards to £4.1bn, but only because of rocketing oil prices and erratic items, the Office for National Statistics (ONS) said. Excluding these elements, exports rose [...]
Good news boosts FTSE to 2008 levels January 12, 2011 BANKS and miners dominated the FTSE today, leading the index to another 31-month high as good news from Portugal’s bond sale boosted financial stocks, and miners tracked metals prices higher. Four FTSE 250 companies also posted double-digit gains as news that Gartmore agreed a £335.3m takeover deal by rival Henderson sent their shares higher. The [...]
Portugal bond auction dominates markets January 12, 2011 European markets were today putting Portugal under the microscope as the ailing euro zone member launched its first debt auction of the year. The country – desperately trying to avoid a bailout from the European Union and IMF – is tapping bond investors for around €1.24bn. All eyes are on the auction which is key [...]
Fears over government loan targets January 11, 2011 THERE were growing fears over government plans to boost bank lending last night, after Santander said it might not participate in any deal as critics warned overly-ambitious targets could backfire. The government is locked in talks with Britain’s five biggest banks over plans to impose business lending targets for this year, as part of a [...]
LBO loans up on last year January 11, 2011 LOANS issued for leveraged buyouts (LBOs) reached a global volume of $89.3bn (£57.4bn) in 2010, indicating the first annual increase since before the downturn. The rise in volume could indicate the return of debt-financed buyouts of firms by investors, as the volume reached nearly five times the amount recorded in 2009 of $18.2bn – the [...]
Diamond: We have to stop saying sorry January 11, 2011 BARCLAYS boss Bob Diamond came out fighting at a high-profile public hearing yesterday, insisting it was time for banks to stop apologising for the financial crisis. Appearing before an influential group of MPs, Diamond said “the period of remorse and apology” that followed the banking meltdown needed to end. “The biggest issue is ‘How do [...]
Banks hoist FTSE back above 6,000 after a losing streak January 11, 2011 BANKS, lifted by upbeat broker comment, helped hoist Britain’s top share index back above the 6,000 level yesterday as investors shrugged off Eurozone debt worries for the time being. The FTSE 100 index closed up 57.73 points, or 1 per cent, at 6,014.03, snapping a three-day losing streak. Banks were the standout gainers after falls [...]