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 [...]
Banks propel FTSE upwards after interest rates decision December 9, 2010 BANKS helped Britain’s top shares rise yesterday after the Bank of England kept interest rates and quantitative easing measures unchanged, while US jobs figures raised hopes that a recovery was under way. The FTSE 100 was up 13.43 points, or 0.2 per cent, at 5,807.96, eradicating Wednesday’s losses, though gains were muted, with some traders [...]
Q&A BIS FUNDING December 9, 2010 Q. Does the Department of Business Innovation and Skills (BIS) have programs that help entrepreneurs? What are they? A.BIS has several programs that can give extra funding to entrepreneurs. Chief among them are the Enterprise Finance Guarantee (EFG) and the Enterprise Capital Funds (ECF). EFGs are bank loans intended for small and medium sized enterprises [...]
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 [...]