Joint effort vital for better banking access June 13, 2010 BANKS must work together with policymakers, technology providers and non-governmental organisations (NGOs) to improve global access to financial services and boost economic growth in the wake of the financial crisis, a new report has found. According to the “Banking for Billions” report, launched today by Barclays and the Economist Intelligence Unit, 2.5bn people across the [...]
Inflation forecast to stay stubbornly high June 13, 2010 INFLATION data out this week is likely to cause a further headache for the Bank of England’s Monetary Policy Committee (MPC) after data on Friday showed the public’s expectations of long-term inflation had shot up sharply. The MPC has long argued it would look through what it sees as a temporary spike in inflation. But, [...]
SHOULD THE MPC BE WORRIED ABOUT THE RISE IN INFLATION EXPECTATIONS? June 13, 2010 MICHAEL SAUNDERS | CITIGROUP “Signs that high CPI and RPI figures are lifting inflation expectations are bound to worry the MPC. The MPC takes the inflation target seriously and it cannot stand by if it loses credibility. So far, longer-term inflation expectations remain fairly stable, combined with early fiscal tightening will keep the MPC on [...]
Be discerning about Europe’s banking sector June 13, 2010 THE last two years have been cataclysmic for the global banking sector. Yet most banks managed to stay afloat during the financial crisis and have returned to profitability this year. And after the wave of volatility that hit the markets in recent weeks, banking stocks are beginning to look cheap. But should investors be buying [...]
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 [...]