FTSE climbs for sixth day on optimism over US earnings and stress test hopes July 13, 2010 BRITAIN’S top shares climbed for the sixth consecutive session yesterday, led by banks on optimism that US peers would post strong earnings and lift the sector, and that Europe’s lenders would pass a key stress test. The FTSE 100 closed 104 points, or two per cent, higher at 5,271.02, hitting its highest close in over [...]
Barclays hires bankers for Asia business July 13, 2010 BARCLAYS has hired six senior bankers in Singapore for its wealth management business, including Soh Chye Guan from HSBC, as it seeks to tap into growing numbers of high net worth individuals in Southeast Asia. The move comes after the bank, which managed £151.2bn globally under its wealth management arm Barclays Wealth, poached three senior [...]
Former LTCM trader surfaces at London-based hedge fund July 12, 2010 ONE of the survivors of Long-Term Capital Management (LTCM), the US hedge fund infamously bailed out by Wall Street in the late 1990s, has resurfaced at London-based Capula Investment Management. Ayman Hindy became a partner at Capula last week, according to a regulatory filing. He has been working at the government fixed income specialist for [...]
ECONOMIST VIEWS: WHAT WILL DRIVE THE UK’S ECONOMIC RECOVERY? July 12, 2010 SIMON WARD | HENDERSON “The UK GDP revision confirms a domestic demand-led recovery. Domestic demand was stronger than previously thought in the latest quarter and over the last year, with net exports correspondingly weaker. The demand upgrade was focused on fixed investment.” MICHAEL SAUNDERS | CITIGROUP “We expect that this ongoing monetary stimulus [weak pound [...]
CITY MOVES | WHO’S SWITCHING JOBS July 12, 2010 HSBC Private Bank The bank has appointed three associate directors to its high net worth team. Simon Gamse has over 28 years of experience, including working for Merrill Lynch, Goldman Sachs and Barclays Wealth. Jonathan Reed joins from Seven Investment Management, while Paul Avant (pictured) returns to London to take up his new position, having [...]
SMEs will save the UK… but my kids are all learning Spanish just in case July 12, 2010 WOL KOLADE, managing partner at Isis, is worried. The future of private equity – and the UK economy as a whole – is at a turning point, he says, and he’s not sure which way things will go. And when Kolade worries, people should listen – he knows what he is talking about. He joined [...]
BP gains while UK economic headwinds subdue the FTSE July 12, 2010 A JUMP in the share price of BP on hopes that the Gulf of Mexico oil leak will soon be capped outweighed a weakness in miners to push the FTSE 100 share index higher for a fifth session yesterday. The index closed up 34.08 points, or 0.7 per cent, at 5,167.02 having last week gained [...]
Germany’s bonds in EU stress tests July 11, 2010 THE most dramatic stress scenario for tests being applied to European banks envisages write-downs of 2.3 per cent on German government bonds, 20 per cent on Greek sovereign debt and between five and 11 per cent apiece in the case of other periphery Eurozone countries such as Portugal and Italy, reports suggested yesterday. The “shock” [...]
Deutsche’s Jain tops EU power list July 11, 2010 DEUTSCHE Bank’s investment banking chief Anshu Jain has topped a power list of the 100 most influential people in European financial markets. Jain was named by Financial News as the most powerful financial individual in Europe, beating his own boss – Deutsche’s chief executive Josef Ackermann – into sixth place. This year’s list contains a [...]
Taylor Wimpey refinancing in a bid to beef up land purchases July 11, 2010 HOUSEBUILDER Taylor Wimpey has returned to the negotiating table with lenders, in a bid to access funding for land purchases. The company, which completed a £1.55bn debt restructuring last year, now wants to refinance its bonds and bank loans, according to the Financial Times. Although the firm’s repayments on debts are not due until July [...]