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 [...]
Banks’ shares boost sees FTSE rise back over 6,000 January 11, 2011 THE FTSE jumped back above the psychologically-important 6,000 level yesterday, driven by rises in bank shares. London’s main blue chip index rose by one per cent, up 57.7 points for the day, closing at 6,014. Barclays shares rose 5.5 per cent, and HSBC by 2.4 per cent, as bank shares led the way. A note [...]
TOP RISES AND FALLERS January 11, 2011 BANKS, miners and energy firms did well yesterday as fears about European sovereign debt receded once more and as many brokerages and banks upgraded their recommendations. ARM holdings won the day, however, on the back of takeover rumours. Smith & Nephew, Marks & Spencers and Capital Shopping Centres all fell back. ARM holdings – 6.99 per cent Rumours [...]
CITY MOVES | WHO’S SWITCHING JOBS January 11, 2011 Investment Solutions Investment Solutions, the multi-manager portfolio provider, has appointed a new chief executive: Rufus Warner. Warner comes to the firm from Earth Capital Partners and after 27 years in asset management, including stints at Societe Generale Asset Management, Close Investments, Morgan Grenfell Asset Management and Fidelity. He will now take charge of the UK [...]
Banks support FTSE amid broad-based gains January 11, 2011 LONDON’S FTSE made strong gains today as bank shares surged and sovereign debt fears receded. Athough stocks gave back some of the day’s earlier gains by the market close, the leading index closed closed up 57.73 points or one per cent at 6,014.03. It ended a three-day losing streak and stayed ahead of the 6,000 [...]
Diamond says banks should stop saying sorry January 11, 2011 BARCLAYS’ Bob Diamond has told Parliament he believes banks should stop apologising for mistakes made during the financial crisis. In a crammed room, which spectators had to queue to enter, Barclays’ incoming chief executive refused to commit to again waiving his bonus – and said Barclays would not quit London even if the bank was [...]
FTSE 100 bounce back led by banks January 11, 2011 The FTSE 100 lifted in early trading today as banking stocks led the way. The recovery came after a poor session yesterday with the euro zone debt crisis casting a shadow over European markets. Citigroup upgraded HSBC to “buy” from “hold”, fuelling more confidence in the banking sector. Barclays also climbed as the London Stock [...]