BlackRock says it has stabilised as it beats earnings predictions October 20, 2010 BLACKROCK, the world’s largest asset manager, posted sharply better-than-expected quarterly earnings last night, as it attracted more assets from clients and earned stronger fees on the back of a stock market rally in September. New York-based BlackRock said earnings rose to $551m (£347.9m)?during the three months to the end of September, compared to $317m a [...]
Fears of an overshoot grow as budget deficit jumps unexpectedly to £16.2bn October 20, 2010 PUBLIC borrowing unexpectedly rose to a record high for September, demonstrating the sheer scale of the challenge facing the coalition government as it yesterday unveiled deep spending cuts. Excluding the temporary effects of financial intervention, net borrowing was £16.2bn, well above the consensus forecast of £14.3bn. Including the effects of this intervention, net borrowing was [...]
JP MORGAN BOSS DIMON WARNS ON UK REGIME October 20, 2010 MUCH has been made of rumours that JP Morgan is to abandon plans to build itself an all-singing, all-dancing new HQ in Canary Wharf, with talk rife that the UK’s punishing tax regime and regulatory changes are behind the bank’s reluctance to commit. And in a little-noticed interview aside recently, JP Morgan’s chief executive Jamie [...]
CITY MOVES | WHO’S SWITCHING JOBS October 20, 2010 RBC Capital Markets The investment bank, part of the Royal Bank of Canada group, has hired Jonathan Guy and Tim Huff as directors in its equity research team, with a focus on mining. Huff, pictured, joins RBC with over 17 years of experience, most recently gained at the Royal Bank of Scotland. Prior to that, [...]
FTSE 100 ends up following mixed reactions to the cuts October 20, 2010 Britain’s top share index closed higher yesterday, led by miners on the back of firmer metals prices, with investor sentiment buoyed by positive corporate earnings releases from the United States. The market reaction to the government’s spending review was muted. The FTSE 100 ended up 25.04 points, or 0.4 per cent, at 5,728.93, having closed [...]
A Qatari takes on Wall St October 20, 2010 KAPITOIL BY TEDDY WAYNE Duckworth, £8.99 IT’S 1 October, 1999 and Karim, a genius computer progammer from Doha, is landing in New York. He’s been brought to help a company called Schrub Equities protect itself from the Y2K bug – New York’s biggest security concern at the time. The opening of this first novel by [...]
Blacks fields potential buyers October 19, 2010 CAMPING and hiking retailer Blacks Leisure yesterday confirmed it has received several approaches to take over all or parts of its business. Shares in the company rose 25 per cent to 42.50p following the news that Blacks has taken on financial advisers McQueen to help field potential offers. The share price gives the company a [...]
Facebook couldn’t have been British October 18, 2010 IT is simply untrue that Britain doesn’t produce any wealth and job creating entrepreneurs any more. Take some of the stories in today’s City A.M.; they demonstrate that Britain retains a vibrant start-up and growth culture. Hugh Willis, 50, and Mark Poole, 49, who founded BlueBay in 2001, are today each £82m richer after they [...]
Qatar Holding snaps up 5pc stake of Santander in Brazil October 18, 2010 QATAR will take a five per cent stake in the Brazilian unit of Spanish lender Banco Santander, with a $2.7bn (£1.7bn) investment that adds to its big bank deals in recent years. Santander, the Eurozone’s biggest bank, will issue bonds to Qatar Holding – the direct investment arm of the Qatar Investment Authority – that [...]
FTSE 100 bounces back after a strong performance from the financial sector October 18, 2010 Britain’s top shares rebounded yesterday after falls in the past two sessions, boosted by oils and banks, with better-than-expected results from Citigroup and hopes of more US economic stimulus improving sentiment. The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up [...]