FTSE slides as weak drugmakers and banks offset rally by mining and oil firms September 23, 2010 Britain’s leading share index ended slightly lower yesterday, rallying late on in tandem with a turnaround on Wall Street after US existing home sales data, with firmer oils offset by weak drugmakers and banks. By the close, the FTSE 100 was down 4.83 points or 0.1 per cent at 5,547.08, its third consecutive session of [...]
Coup at HSBC September 23, 2010 HSBC CHIEF executive Michael Geoghegan is set to step down from his role before the end of the year to make way for investment banker Stuart Gulliver, after a boardroom coup that will rock the banking sector. Geoghegan’s ego will be dealt a further blow with the appointment of HSBC’s finance director Douglas Flint as [...]
HSBC’s spectacular boardroom row September 23, 2010 BIG companies need to get their PR in order. BP’s reaction to its oil spill was all over the place at first, with its CEO Tony Hayward repeatedly putting his foot in it; the Prudential failed to communicate adequately to the media and shareholders during its hopelessly mismanaged bid for AIA. Now, disappointingly, it is [...]
FSA hauls in bank execs over bonuses September 23, 2010 TOP officials from Britain’s largest banks have met at the Financial Services Authority (FSA) to discuss the regulator’s proposed crackdown on banker’s bonuses and pay. Last month heads of remuneration from each of the top banks met at the financial watchdog to discuss ways in which the banks would adhere to the revised remuneration code, [...]
The City boys offering a cut above September 23, 2010 IF YOU can find it in the medieval maze between Lombard Street and Cornhill, tailoring shop Cad & the Dandy is a delightful place to get yourself togged up. It mixes old-fashioned charm – an antique mahogany cutting table, an old leather sofa for those waiting to be measured up, a Union Jack across one [...]
THE TIPSTER September 22, 2010 Mitchells & Butlers has lost ground this month despite last week reporting it is paying around £20m for 22 Ha Ha Bar & Grill restaurants. Can today’s trading update, which analysts expect to provide positive news, help lift the stock back up above the 300p level? ShortsandLongs.com has a rolling spread of 294.5p-296.1p. The afterglow [...]
Santander to be grilled by Commission September 22, 2010 SPAIN’S Santander will join the UK’s largest banks in facing individual grillings by the government’s independent banking commission when the private phase of the review gets under way next year. The commission’s official consultation launches tomorrow when ex-OFT boss Sir John Vickers, the chairman, publishes an initial “issues paper” setting out its agenda. The two [...]
Betfair founders hit jackpot with float September 21, 2010 BETFAIR yesterday announced a stock market listing that is expected to value it at up to £1.5bn, braving an IPO market that sorely bruised Ocado earlier this summer. If successful, the internet betting firm, which has seen a meteoric rise since it was launched a decade ago, would have a higher valuation than gambling stalwarts [...]
CITY MOVES | WHO’S SWITCHING JOBS September 21, 2010 Advent International The private equity firm has appointed Marcello Bottoli, the ex-chief executive of Samsonite, as an adviser focusing on opportunities in the retail and consumer sectors, especially branded consumer products, fashion and luxury goods. Bottoli led Samsonite for five years up until January 2009, during which time he turned around the firm and oversaw [...]
BEST OF THE BROKERS September 21, 2010 BARCLAYS Royal Bank of Scotland (RBS) expects that negative operating trends will reverse and a ‘new world’ Barclays is set to deliver. The broker reiterates a “buy” rating for the bank with a 410p price target. Gradual profit and loss momentum, fluidity and execution of group strategy are key to a sustained re-rating, according to [...]