Banks plan an elite currency deal platform December 9, 2010 BIG banks frustrated by the opening of foreign exchange markets to greater competition plan to launch a rival, bank-only currency dealing system, City A.M. learned yesterday. The move aims to restore their level of influence in currency markets, which has declined since the Icap-owned EBS trading platform was opened to non-bank institutions such as high-frequency [...]
Luminar seals new £99m finance deal from banks to keep business moving December 9, 2010 NIGHTCLUB business Luminar yesterday confirmed a £99m injection from banks. The owner of the Oceana and Liquid club brands has signed a three-year loan deal with Lloyds, Barclays and Royal Bank of Scotland. The money should give it some breathing space to pay down debts and see if the new strategy from chief executive Simon [...]
FTSE closes up but US uncertainty weighs on Wall Street December 9, 2010 LONDON’S FTSE 100 closed above 5,800 today for only the second time in almost a month, pushed up by financial services firms. Barclays, RBS and the Prudential were among the biggest gainers, while energy firm BG also rose more than three per cent and services firms Serco and BT also made the top ten. HSBC [...]
BORIS FUND BREAKFAST CLUB MEETS AT SAVOY December 7, 2010 LONDON mayor Boris Johnson played host to a star-studded launch for the corporate sponsors of the charitable Mayor’s Fund for London yesterday morning, with grandees of the City treated to an 8am poached egg and salmon breakfast in return for their paid-up membership of the London Business Club – an organisation for fund donors. The [...]
Retailers and commodities push FTSE to three-week high December 7, 2010 Britain’s top shares closed at their highest level in over three weeks yesterday, lifted by commodity makers and retailers as equities remained the preferred asset class among investors despite macro concerns. The FTSE 100 ended up 38.17 points, or 0.7 per cent, at 5,808.45, having closed 0.4 per cent higher on Monday and 7.3 per [...]
Banks: retail sector is competitive December 7, 2010 LEADING banking industry figures yesterday defended the level of competition in the UK’s retail banking sector, in evidence to the Treasury Select Committee. Lloyds Banking Group chief executive Eric Daniels, whose bank faces the possibility of being broken up by the government, denied that the UK market was made uncompetitive by four of the top [...]
Standard Life buys tech firm Focus Solutions for £42m December 7, 2010 SAVINGS and investments giant Standard Life yesterday agreed a £42m cash offer for software provider Focus Solutions, its third technology-focused acquisition in 18 months. The deal is equivalent to 140p per share, about a ten per cent premium on Monday’s closing price of 127.5p and relies on Standard Life acquiring 100 per cent of Focus’ [...]
An Alpine refuge from the Eurozone storms December 7, 2010 FOR centuries, Switzerland has been perceived as one of the safest places to store your wealth. Not only does it have a long legacy of a discreet private banking system it has also been successful at keeping inflation under control, promoting economic growth and keeping its fiscal books in order. Consequently, the Swiss franc does [...]
CITY MOVES | WHO’S SWITCHING JOBS December 7, 2010 Aviva Investors Aviva Investors has appointed a new client portfolio manager for fixed income, Raphaelle Moysan (pictured). She will be responsible for liaising with potential clients with a focus on fixed income and absolute return. She will be based in London and report to Anne-Sophie Girault, while also working with the fixed income teams globally. [...]
Bet on black: Oil prices discover fresh energy December 6, 2010 FOR a commodity used to grabbing the headlines, crude oil has been overshadowed by its cousins for much of 2010. Unlike copper, coffee or cotton, which have climbed steeply, oil remained entrenched in its trading range between $70 and $85 a barrel. Not any longer. Cold weather sweeping across Europe, strong energy demand from emerging [...]