CITY MOVES | WHO’S SWITCHING JOBS October 5, 2010 KPMG The financial services group has hired Iain McLaughlin as its new UK head of recruitment. He joins from GlaxoSmithKline, where he spent six years working in human resources, most recently with a focus on the emerging markets. He has also worked in HR for the banking and IT sectors. McLaughlin’s appointment is part of [...]
BHP Billiton takeover of Potash could cost Canada over £1bn in lost taxes October 4, 2010 BHP BILLITON’S $39bn (£24.6bn) hostile bid for Potash cleared a hurdle yesterday, as an independent report found that BHP is a more suitable owner than potential rival Sinochem. The report, commissioned by the Canadian province of Saskatchewan, said that BHP’s takeover could cost the area at least C$2bn (£1.23bn)?in lost taxes, though the government could [...]
Banking bosses call on the City to work together to restore industry reputation October 3, 2010 LEADERS of the UK banking industry are this morning set to gather at the Mansion House for a summit to discuss ways to help the City rebuild public trust in the industry following the excesses and risk-taking of the pre-crisis years. Lord Mayor Nick Anstee will be joined at the event by banking scions such [...]
Banks ready to lend for big property buys October 3, 2010 MORE banks were willing to help fund large UK real estate purchases in the last six months than in the previous year, though many commercial property deals are being done without the need for debt, according to research out today. Twelve banks have lent at least £100m each in the period, in typical loan sizes [...]
Big banks top High Court appearances October 3, 2010 THE UK’S largest four banks were repeatedly in court last year as the number of High Court cases involving FTSE 100 companies jumped by 16 per cent. Lloyds Banking Group, Barclays, the Royal Bank of Scotland (RBS) and HSBC collectively made up 43 per cent of all High Court appearances by the UK’s largest companies, [...]
CITY MOVES | WHO’S SWITCHING JOBS October 3, 2010 Merchant Securities The financial services group has appointed Chris Smith as its new head of institutional broking, focusing on establishing a research capability in the financials sector. Smith has covered financials for over 20 years, latterly at Jefferies International and Oriel Securities. He also previously worked for HSBC James Capel, where he was the top-ranked [...]
THE TIPSTER October 3, 2010 SUPERMARKET J Sainsbury had a bumper summer with the share price plotting a course towards the 400p mark. The trading statement, due mid-week, has potential to bring buyers back in. For as long as talk of a double dip recession is kept at bay retailers may be in for a good Christmas. But be warned, [...]
Tate & Lyle is sweet on 2010 September 30, 2010 SWEETENER and starches maker Tate & Lyle said it expects annual profit to rise, after building on an encouraging start to the year over the summer. Chief executive Javed Ahmed said he expects “progress” in full-year pre-tax and operating profits, driven by growth in the speciality sweeteners and starches business including its sucralose sweetener Splenda. [...]
MEREDITH WHITNEY FEARS BANK APOCALYPSE September 30, 2010 A DIRE warning yesterday to the investment bankers of the world, as one of Wall Street’s most famous banking analysts, Meredith Whitney, called the apocalypse (Part II). Whitney, a former Oppenheimer & Co analyst who now runs her own advisory firm, is one of the most dedicated bears in the business, having begun by betting [...]
FTSE falls on weaker banks, despite advance made by BP September 30, 2010 BRITAIN’S FTSE 100 closed lower yesterday as weaker banks outweighed gains from energy stocks on stronger crude prices and comments suggesting BP could resume paying a dividend in 2011. The FTSE 100 closed 20.65 points, or 0.4 per cent lower at 5,548.62. It gained 6.2 per cent in September and 12.8 per cent in the [...]