Miners carry the FTSE to small gains after talk Australia could axe new tax June 10, 2010 ARALLY by miners lifted Britain’s top share index by the close on Thursday, while improved economic sentiment gave the banks a boost. Another sharp fall for BP, however, limited the index’s gains, as the costs of the disastrous oil spill in the Gulf of Mexico continued to cloud the company’s future. Miners delivered the bulk [...]
CITY VIEWS: SHOULD PRUDENTIAL MANAGEMENT BE FORCED TO RESIGN? June 9, 2010 ARIF MALIK | BARCLAYS “The management must be held responsible for the AIA situation. If Prudential’s shares were in demand then they should not have had a problem with the rights issue but for it to reach this stage now, senior figures are partly to blame. It may be a better idea to have a [...]
Morgan Stanley man defects to Barclays Asia June 9, 2010 A TOP Morgan Stanley banker has defected from the firm’s Asia-Pacific M&A unit to take up a senior job at rival Barclays. Edward King is expected to join Barclays’ Asia-Pacific arm this summer after stunning bosses at Morgan Stanley with his resignation. Samuel Kim and Peter Ding, both senior bankers within the same division, will [...]
Shadow MPC votes to keep policy on hold June 9, 2010 UNCERTAINTY ahead of the emergency Budget and ongoing stagnation in the Eurozone, the UK’s largest trading partner, justifies monetary policy staying on hold this month, according to a majority of City A.M.’s Shadow Monetary Policy Committee (MPC). Coming ahead of the Bank of England decision, scheduled for midday today, seven out of the nine committee [...]
LISTED PRODUCT NEWS June 9, 2010 WORLD CUP COMMISSION PROMOTION Barclays Stockbrokers is celebrating the World Cup in South Africa by offering a 4-4-2 promotion, relating to the famous football formation. From the evening of 12 June Barclays Stockbrokers will offer heavy discounts on online trading commissions of just £4.42 for as long as England stays in the tournament. This compares [...]
London rises on comments by Fed chairman Bernanke June 9, 2010 BRITAIN’S top share index closed higher yesterday, lifted by gains in miners and banks, as investor appetite for risk was boosted by positive comments on the US economy from Federal Reserve Chairman Ben Bernanke. The FTSE 100 closed up 57.71 points, or 1.2 per cent, at 5,085.86, after a choppy session which saw the index [...]
CITY MOVES | WHO’S SWITCHING JOBS June 9, 2010 Evolution Group The investment banking group has appointed Philip Howell as a director of the group, effective immediately. Howell was appointed chief executive of Evolution’s investment management subsidiary, Williams de Broë, in February this year. He joined from Fortis Private Banking, where he had been regional chief executive since 2005 and was also a member [...]
FTSE sunk by BP’s oil slick woes June 8, 2010 Britain’s FTSE 100 share index fell yesterday, led down by energy shares as BP dropped again on fresh Gulf of Mexico oil slick worries and banks which were hit by Eurozone debt concerns and the threat of punitive taxes. By the close the FTSE 100 was off 40.91 points, or 0.8 per cent at 5,028.15 [...]
CITY MOVES | WHO’S SWITCHING JOBS June 7, 2010 Barclays Wealth. The wealth manager has appointed Aaron Gurwitz as chief investment officer and head of research, economics and strategy and Kevin Gardiner as head of global investment strategy. Gurwitz, pictured, joined the firm in 2008 as part of the Lehman Brothers acquisition, having previously worked for PIM and Goldman Sachs. Gardiner joined last year [...]
Stormy season sparks natural gas bull move June 7, 2010 IT HAS been a difficult six weeks or so for the energy markets. Whether it was the oil spill in the Gulf of Mexico, continued concerns about growth in emerging markets or no end in sight to the Eurozone sovereign debt crisis, investors were shunning riskier assets such as oil in favour of safe havens [...]