CITY MOVES | WHO’S SWITCHING JOBS June 6, 2010 London Stock Exchange The exchange has hired Gay Huey Evans and Paul Heiden as non-executive directors and made Raffaele Jerusalmi an executive director. Huey Evans, pictured, is vice chair of investment banking and investment management at Barclays. Heiden is executive chairman of Talaris Topco and a non-executive at United Utilities, while Jerusalmi is director of capital [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 3, 2010 Financial times TNK-BP STEP UP SALE OF GAS FIELD TNK-BP, BP’s Russian joint oil venture, ratcheted up the pressure for a sale of its vast Kovykta gas field on Thursday, announcing that it was pushing the unit that owns the licence to the field into bankruptcy. The move raises the stakes over the future of [...]
CITY VIEWS: WHAT DO YOU THINK WILL HAPPEN TO TAKE HOME PAY THIS YEAR? June 3, 2010 DAVID HAYES | WILLIS “Pay will basically remain stable. Some areas might see an increase and certain sectors will see a reduction. A lot of companies are looking to keep costs down to avoid having to cut staff numbers, which means a freeze on pay.” HUGH MASTIN | BARCLAYS GLOBAL INVESTMENT “Take home pay has [...]
PERSONAL FINANCE NEWS June 3, 2010 NO OVERSEAS FX FEES WITH KALIXA Whether you are heading to South Africa for the World Cup or elsewhere this summer, you ought to be thinking about your currency arrangements as early as possible. Kalixa, the pre-paid Mastercard, has announced this week that it will be waiving its standard foreign exchange fee for all point-of-sale [...]
Barclays buys Tricorona in climate push June 2, 2010 BARCLAYS yesterday agreed to buy Swedish carbon credits trader Tricorona, cementing the bank’s position as the biggest player in the emissions market. Barclays has offered eight Swedish kronor (70p) per share for Tricorona, representing a total consideration of around 1.13bn kronor, or £98m, and a premium of 40 per cent to the firm’s last closing [...]
Banks drag FTSE down even lower June 2, 2010 BRITAIN’S top share index fell yesterday, led down by banks, but finished well off session lows on fresh hopes for economic recovery after strong US pending home sales data. The FTSE 100 closed 11.98 points or 0.2 per cent lower at 5,151.32, having dropped as low as 5,072.53. The index fell 0.5 per cent on [...]
UK bank stocks are attractive but precarious June 2, 2010 COMPARED to some of the financial institutions in continental Europe, Britain’s banks, even the part-nationalised ones, are managing to exude an air of respectability and even strength. While French and German financial institutions – banks and insurers – are estimated by Barclays Capital to hold just under €80bn of Greek debt, British banks have minimal [...]
Big oil will live on, but faces a harder future June 2, 2010 AS BP steps up its efforts to stem the oil leak in the Gulf of Mexico, the speculation surrounding the costs associated with the clean-up continues to increase. BP estimates that the cost will be roughly $4bn, while some analysts predict that the clean-up, along with related lawsuits, could be as high as $10bn. While [...]
European insurers line up to buy half-stake in Barclays Vie June 1, 2010 A QUEUE of European insurers is waiting in the wings to snap up half of Barclays’ French life insurance business, Barclays Vie, after the bank last week entered talks to offload a 50 per cent stake in the venture for around €65m (£54.2m). French groups CNP Assurances, Axa and La Mondiale are all thought to [...]
Diversify your exposure June 1, 2010 NAVIGATING market volatility is always tough for any fund manager seeking to generate alpha and the ongoing sovereign debt and banking crisis in Europe has been a definite test of managers’ mettle. Recent data shows that worried investors have been redeeming assets held in funds. Outflows from European equity funds in the week ending 19 [...]