Miners and debt concerns leave FTSE lower January 10, 2011 EXCITEMENT over takeover talks at joint replacement specialist Smith & Nephew was not enough to keep the FTSE in positive territory as miners weighed on the index today. The FTSE 100 closed down 37.39 points or 0.6 per cent at 5,946.94 as worries over demand for copper in China and the impact of floods in [...]
ECB bond buying gives Portugal breathing space January 10, 2011 THE European Central Bank has thrown Portugal a temporary lifeline by buying up its bonds, traders said, as pressure mounted on Lisbon to seek an international bailout. Germany, France and other eurozone states have been pushing Portugal to seek EU-IMF assistance, following Greece and Ireland, in a bid to prevent contagion spreading to the eurozone’s [...]
Banker bashing January 9, 2011 “POLITICS OF ENVY IS BACK” ***** STARRING DAVID CAMERON ● ALAN JOHNSON ● STEPHEN HESTER ● BOB DIAMOND POPULIST banker bashing is set to make a dramatic return this week, ahead of a politically sensitive bonus round in the City. Alan Johnson, the shadow chancellor, yesterday accused the coalition of “standing idly by” while bankers [...]
Brussels is calling the shots over banker payouts January 9, 2011 MUCH of the rhetoric surrounding bankers’ bonuses is just that: rhetoric. David Cameron yesterday said that he didn’t want to micromanage British banks, a sentiment that should be welcomed, but the truth is that politicians in Brussels – not Britain – really call the shots when it comes to variable remuneration. For the Committee of European [...]
Diamond set to receive a smaller bonus January 9, 2011 BARCLAYS’ new chief executive Bob Diamond is preparing to receive a pared down bonus for 2010, despite heading up the bank’s investment banking arm last year. While an investment banking bonus would normally be around £15m-£25m, Diamond is likely to get more of a chief executive’s bonus, in the £6-£10m range, despite only just taking [...]
No deal on pay transparency January 9, 2011 THE government is unlikely to win concessions on pay transparency for banks but will instead secure a promise to increase lending to small and medium-sized businesses. Despite a campaign by some politicians, who have called for banks to reveal how many employees receive over £1m in pay, divisions among banks make it unlikely that an agreement [...]
Standard Life predicts the FTSE 100 will surge to 6,900 by the year’s end January 6, 2011 REDUCED FEARS of a double dip recession could lead to the FTSE 100 hitting 6,900 by the end of this year, according to Standard Life. Low-valued stocks, including those of BP and Barclays, could help to push the index up 15 per cent despite an anticipated bumpy ride, according to the Edinburgh-based firm. The insurer [...]
Winter freeze hits UK services sector January 6, 2011 SNOW and adverse weather during December were blamed for a contraction in Britain’s services sector, yesterday. The country’s largest sector experienced its first decline for 20 months, stalling the recovery. Yet economists hope business activity will pick up this month – assuming there is no return to arctic conditions. “It is worth noting that in [...]
CITY MOVES | WHO’S SWITCHING JOBS January 6, 2011 Syndicate Asset Management The fund management group has promoted Jeremy Rance to the role of chief operating officer for the group. He will now be in charge of organising operational performance across all of the group’s subsidiaries. He joined the company in June last year at its subsidiary Ashcourt Rowan, having previously worked at Barclays, [...]
Barclays wins dismissal of US risky debt suit January 5, 2011 BARCLAYS won the dismissal of a lawsuit brought by US investors seeking to recover losses from the British bank’s alleged failure to disclose and properly account for its real estate exposure. US District Judge Paul Crotty found yesterday an “absence of ample allegations that Barclays did not truly believe” how it valued its subprime and [...]