Barclays hit by FSA fine of over £1m January 26, 2011 BARCLAYS has been handed its second fine in two weeks by Britain’s financial watchdog, after it was found to have breached rules on handling clients’ money. The bank’s investment arm, Barclays Capital, has been made to pay £1.12m by the Financial Services Authority (FSA) for failing to protect and segregate clients’ money on an intra-day [...]
Barclays to cut 1,000 jobs January 26, 2011 Barclays is to cut about 1,000 jobs as it stops offering financial planning advice in its branches. The bank said it was consulting with the Unite trade union about ending the service, which is due to occur on 18 February and affect about 1,000 staff across Britain. The bank plans to focus its investment service [...]
BlackRock’s profits soar January 25, 2011 PROFITS at BlackRock, the world’s largest asset manager, soared 77 per cent in the fourth quarter of 2010, beating all expectations yesterday. Higher hedge fund fees and inflows into its exchange-traded fund business generated earnings of $670m (£419m), or $3.42 per share, up from $379m, or $2.39 per share, in the same period in 2009. [...]
Spanish bank input below expectations January 25, 2011 SHARES in Spain’s banks slipped yesterday after the Spanish government refused to inject the anticipated level of capital into the country’s ailing institutions. Finance minister Elena Salgado accelerated the recapitalisation of Spain’s savings banks with a further €20bn capital injection. She said the government contribution would “in no way exceed €20bn (£17bn)”, leaving the private [...]
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 [...]