Euro worries push banks down, leave FTSE flat December 15, 2010 THE FTSE tipped up to 5897 briefly this afternoon but sank again to close flat at 5882, dogged by Eurozone worries and poor performances by the banks. Barclays was the top FTSE100 faller, down 3.7 per cent as worries resurfaced over European sovereign debt, caused by Moody’s announcement that it was reviewing Spain’s credit rating, [...]
BEST OF THE BROKERS December 14, 2010 BARCLAYS BANK Deutsche Bank rates the bank “buy” with a target price of 372p. The researchers see potential for a restructuring programme under new management, or at least a stripping out of undervalued capital. However, the broker has cut its target price from 395p and earnings per share estimates by four to six per cent [...]
Looking ahead to 2011: some likely winners and laggards December 14, 2010 FROM sovereign debt crises threatening the very future of the euro to currency wars and more quantitative easing, 2010 has been an eventful year in the foreign exchange markets. Currency traders will be pleased to hear that volatility, which has been so characteristic of the FX markets since the crisis, is unlikely to disappear any [...]
City warns over rights issue rip off December 13, 2010 INVESTMENT banks have been slammed by the City’s top institutional investors for charging unfairly high fees to companies raising capital through rights issues. An inquiry commissioned by the Institutional Investor Council, backed by the Association of British Insurers and the National Association of Pension Funds, lashes out at investment banks today for charging underwriting fees [...]
Mining firms haul FTSE 100 to highest level in five weeks December 13, 2010 Strong miners pushed Britain’s top share index to a five-week closing high on Monday, buoyed by firmer metals prices on strong economic data from China, while sector consolidation moves gave oil services firms a fillip. The FTSE 100 closed up 47.80 points, or 0.8 per cent, at 5,860.75, its highest close since 9 November, albeit [...]
Metro Bank eyes expansion after raising £50m December 13, 2010 Metro Bank, launched in July as Britain’s first new high street retail bank in more than 100 years, said it had raised £50m of new capital from investors to further develop its business. The latest round of capital raising builds on an initial £75m raised earlier this year, and the company said the new cash [...]
CITY MOVES | WHO’S SWITCHING JOBS December 12, 2010 Lee Overlay Partners Philip Lawson (pictured) has rejoined Lee Overlay, the global active currency managers. Lawson has been appointed as a portfolio manager and will be responsible for investment decisions related to client portfolios. He brings with him 18 years of currency experience, most recently working for Barclays Global Investors, working in the client solutions [...]
China hints at rates increase December 12, 2010 CHINA may increase interest rates, after state media yesterday confirmed that more “prudent” monetary controls would replace the previous “appropriately loose” policy. “Strategic economic restructuring will be accelerated and stabilising price levels will be given a more prominent position,” state media reported at the end of yesterday’s Central Economic Work Conference in Beijing. Consumer prices [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 9, 2010 FINANCIAL TIMES BP DELAYS LIBYA DEEP WATER PLAN BP has delayed its plans to explore in the deep water off the coast of Libya until next year after deciding not to use its original drilling rig “for operational reasons”. The UK oil group said that it was still in the process of ensuring any safety [...]
Bank levy to raise £2.5bn for Treasury December 9, 2010 THE government yesterday finalised legislation imposing a levy on banks that will raise £2.5bn for the treasury, with the tax to be charged at 0.05 per cent next year and 0.075 per cent in 2012 – although it could be adjusted depending on the tax receipts generated. The rates are higher than anticipated, with the [...]