SABMiller beer volumes fall July 22, 2010 Brewer SABMiller reported a decline in first-quarter beer volumes yesterday despite a World Cup boost, after floods, national mourning and a tax hike hit drinking in key markets. The brewer of Miller Lite, Peroni and Pilsner Urquell said that underlying beer and soft drink volumes were one per cent down year-on-year. Analysts were on balance [...]
Development Securities eyes £100m rights issue July 22, 2010 BRITISH property firm Development Securities yesterday said it planned to raise about £100m through a share placing and rights issue to fund future projects. The company, which specialises in office and retail development projects, said it would place about 4.1m shares at 250p a piece, a discount of 8.8 per cent to their closing price [...]
CITY MOVES | WHO’S SWITCHING JOBS July 22, 2010 DLA PIPER The law firm has poached Stephen Hoyle from Ernst & Young to join its London office as a partner and head of UK tax. Hoyle, a specialist in corporate tax and structured transactions, was a partner at E&Y’s international tax services group. Prior to that, he worked as a managing director in Deutsche [...]
Morgan Stanley continues down the road to recovery July 21, 2010 WALL Street lapped up a solid set of second-quarter results from Morgan Stanley yesterday, buoying market sentiment after a disappointing performance over the same period from some of the bank’s peers, notably Goldman Sachs. Morgan Stanley beat analyst expectations with post-tax profit of $1.4bn (£921m) for the three months to June, swinging back into the [...]
MPC moots revival of QE programme July 21, 2010 BANK OF ENGLAND policymakers considered extending the £200bn quantitative easing (QE) programme this month after weaker data pointed to a deteriorating economic outlook. At the monetary policy meeting held on 7 and 8 July, the minutes revealed that the committee considered “arguments in favour of a modest easing in the stance of monetary policy”. “A [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2010 BANK OF IRELAND The bank has appointed Bill Greaves to the position of head of corporate banking in the UK. Greaves previously led the bank’s technology, media and telecoms team, which he established in early 2005 upon joining the group. Prior to that, he led the media team at Barclays. In his new role, he [...]
London breaks five days of losses on strong US earnings July 21, 2010 BRITAIN’S leading shares broke a five-day losing streak yesterday after upbeat corporate earnings from the US and positive mergers and acquisitions sentiment spurred a rebound, led by banks and commodities. The FTSE 100 closed up 75.18 points, or 1.5 per cent, at 5,214.64, having shed 2.5 per cent over the previous five sessions. UK Banks [...]
Barclays finalises deal to buy Sweden’s Tricorona July 20, 2010 BARCLAYS’ offer for Swedish carbon credits trading firm Tricorona was yesterday declared unconditional, reinforcing the bank’s position as the most active player in the emissions market. Last month, Barclays announced a recommended cash offer, via its TAV subsidiary, of eight Swedish kronor (71p) per share for Tricorona, valuing the firm at 1.13bn kronor, or £100.4m. [...]
CITY MOVES | WHO’S SWITCHING JOBS July 20, 2010 XENFIN CAPITAL The systematic trading firm has hired Luca Rubinelli to head up its new fixed income trading arm. Rubinelli joins from a family office, where he was a multi-asset portfolio manager on the proprietary trading desk. Prior to that, he was a director at Société Générale in the derivatives solutions group and also held [...]
FTSE knocked for fifth day as US results hit confidence July 20, 2010 BRITAIN’S top share index ended lower yesterday for a fifth straight session as generally disappointing US results hurt investor sentiment, offsetting strong gains from mining stocks buoyed by firmer metals prices. The FTSE 100 closed down 8.82 points, or 0.2 per cent, at 5,139.46, having fallen 0.2 per cent on Monday. TELECOMS HIT BY BUDGET [...]