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 [...]
Portugal’s debt nearly doubles in cost at sale January 5, 2011 PORTUGAL saw borrowing costs soar at its first debt auction of the year yesterday, with yields on the sale of six-month notes reaching a new record of 3.7 per cent – up by an eye-watering 170 basis points since its last six-month bond auction in September. However, at these rates, demand was higher than previously, [...]
TOP OF THE GAFFES January 5, 2011 IT’S NOT JUST BP: EVEN THE BEST MEDIA SPINNERS CAN’T STOP SOME CHIEF EXECUTIVES FROM CAUSING HAVOC WHEN PUT IN FRONT OF A MICROPHONE 1 Gerald Ratner called Ratners’ jewellery products “total crap” in 1991. His remarks wiped £500m from the value of the firm (later renamed Signet), and “doing a Ratner” became synonymous with [...]
British construction industry contracts in the final month of a prosperous year January 5, 2011 AFTER a booming middle of the year, the UK’s construction industry slightly contracted in the final month of 2010, it was revealed yesterday. Freezing weather conditions were blamed by many constructors for the decline, recorded by the purchasing managers’ index (PMI) compiled by Markit and the Chartered Institute of Purchasing and Supply. The index fell [...]
All that glisters is not gold January 5, 2011 2010 was a rather remarkable year; it was nearly impossible to lose money. Regardless of whether you invested in bonds, equities, or commodities a year ago, you are probably better off now. But the most impressive performances were in the precious metals sector. The price of gold rose by 30 per cent, while silver closed [...]
CITY MOVES | WHO’S SWITCHING JOBS January 5, 2011 Prudential The insurance giant has announced the appointment of Peter Goerke as group human resources director, with effect from the start of March. He will be a member of the executive committee and succeeds Priscilla Vacassin in the job. Goerke comes to the company from Zurich Financial Services Group, where he has worked since 2005 [...]
US jobs data leads FTSE to a strong close January 5, 2011 THE FTSE continued its strong start to 2011 as a late afternoon rally enabled it to stick at levels not seen since 2008. The FTSE 100 closed 29.99 points or 0.5 per cent higher to close at 6,043.86, still ahead of the important 6,000 mark and far above levels seen in the recession. Impressive US [...]