ECONOMIST VIEWS: WILL GDP GROWTH HOLD UP DURING THE REST OF 2010? October 26, 2010 ROSS WALKER | RBS These things are never linear – it’s not unusual to get erratic data at a turning point. We are going to see a rebalancing of the economy, which is an awfully good thing but also involves a bit of pain. GRAEME LEACH | INSTITUTE OF DIRECTORS The GDP numbers are better [...]
Weak bank figures send FTSE lower October 26, 2010 WEAK banks helped drive Britain’s top share index to a lower close yesterday, with sentiment hit by a loss at UBS’s investment bank and as investors locked in profits after sharp gains over the last two months. The FTSE 100 closed 44.68 points, or 0.8 per cent, lower at 5,707.30, its biggest one-day percentage drop [...]
Diamond: Let bad banks go bankrupt… October 25, 2010 BARCLAYS president Bob Diamond yesterday said no bank should ever again have to fall back on the taxpayer for a bailout, as he argued that the future stability of the banking system lies in the successful implementation of “living wills”. “Strong banks want strong regulation,” Diamond said, referring to the raft of regulatory changes currently [...]
Barclays warns of consolidation October 25, 2010 BARCLAYS president Bob Diamond yesterday predicted that the avalanche of new financial regulation will spark a wave of consolidation across the banking sector, as struggling banks are swallowed up by more successful rivals. Diamond, answering questions from delegates at the CBI’s annual conference, said that higher capital requirements in particular would mean that banks will [...]
Small businesses in London score big win in profits, jobs and growth October 24, 2010 SMALL businesses in London are leading the way in making money and creating jobs in the UK, a study showed. The capital, the south west of the country and Wales top the index of small businesses making substantial contributions to their home regions, according to the Barclays Business Regional Impact Index. The survey ranked regions on [...]
Meet the CEO of the most important City firm you have never heard of October 24, 2010 As he saunters into his office in the City, Tim Howell, the chief executive of European settlement house Euroclear, looks cool and collected. He certainly doesn’t look like a man caught in the most classic of all business squeezes – with clients wanting him to improve his services while being adamant they should pay less [...]
Don’t let a long sugar trade leave you with sweet nothing October 24, 2010 SUGAR prices have shot through the roof in the last week, with sugar number 11 – the main benchmark for raw sugar prices – rallying comfortably over 28 cents per pound, double its price in late 2008. Commodity traders might be licking their chops at the thought of a sharp correction – or even a [...]
Betfair float values company at £1.4bn October 22, 2010 Betfair has priced its initial public offering at 1,300 pence per share – valuing the company at £1.4bn Betfair, the world’s largest bettingwebsite, said it had sold 16.2m shares in the offering, excluding an overallotment option, or 15.2 per cent of the company. It had offered the shares at 1,100-1,400 pence. The company has more [...]
CITY MOVES | WHO’S SWITCHING JOBS October 21, 2010 Schroders The asset management firm has hired Philippe Lespinard as its new chief investment officer of fixed income, effective from 1 November. Lespinard joins from Brevan Howard in London, where he was a partner and head of absolute return strategies. Prior to that, he was chief investment officer at BNP Paribas Asset Management in Paris. [...]
PROPERTY NEWS October 21, 2010 HOME BUYERS GO GREEN It appears that Britons’ global conscience is alive and well. A new survey commissioned in advance of Energy Saving Week (25-31 Oct) says that over half of people are attracted to a new home because of its energy efficiency. Well, ok, maybe there is a little bit of self-interest there: the [...]