Liverpool FC up for sale under Broughton April 16, 2010 BRITISH Airways’ head Martin Broughton has been appointed as the new chairman at Liverpool FC, as the club’s owners confirmed that it is up for sale. He will help owners Tom Hicks and George Gillett find buyers for the club at the right price. Meanwhile Barclays Capital has been retained by the Americans to lead [...]
Demand for bank shares lifts FTSE 100 to a 22-month high April 15, 2010 THE FTSE 100 share index hit a 22-month high for the second day yesterday, as US data and earnings reports fanned hopes that a recovery in the world’s largest economy was gathering pace, with banks also buoyed by bullish broker comment. The FTSE 100 closed 28.76 points higher at 5,825.01 – its highest close since [...]
BarCap raids senior banker at Rothschild April 15, 2010 BARCLAYS Capital has poached a third senior banker from Rothschild’s financial institutions group (FIG) in the form of Ben Davey, a ten-year veteran of the firm. Davey, who was one of three co-heads of Rothschild’s UK FIG team, becomes co-head of European FIG at BarCap. He joins former colleague Stefano Marsaglia, who jumped ship from [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 14, 2010 FINANCIAL TIMES BP TO PRESS ON WITH CANADA OIL SANDS PLAN BP will press ahead with its plan to invest in Canada’s controversial oil sands, the company will signal at Thursday’s annual general meeting, in spite of protests from environmentalists and concerns among some shareholders. More than 140 investors have backed a resolution calling for [...]
Lehman documents made public April 14, 2010 Undisclosed documents used to contribute to the 2,200-page report on the crash of Lehman Brothers were yesterday made public by US bankruptcy judge James Peck. The report by Anton Valukas, the court appointed examiner, showed that Goldman Sachs, Barclays and DRW Trading of Chicago took over the US futures and options trades of Lehman Brothers [...]
CITY MOVES | WHO’S SWITCHING JOBS April 14, 2010 FSSC The Financial Services Skills Council has appointed Trevor Matthews, the chief executive of Friends Provident, as its new chairman. Matthews joins a number of high-profile City bosses on the FSSC board, including Resolution Group chief executive John Tiner, Standard Life managing director John Gill, KPMG vice chairman Brendan Nelson, and Angela Knight, the chief [...]
FTSE 100 hits 22-month high as solid US results boost investor sentiment April 14, 2010 BRITAIN’s top share index hit a 22-month closing high yesterday, as solid results from JP Morgan and Intel and strong US retail sales lifted hopes that a recovery in the world’s biggest economy is gaining momentum. The FTSE 100 closed up 34.59 points, or 0.6 per cent, at 5,796.25 — its highest close since June [...]
Bankers must look hard at pay if they want to win back the public’s support April 14, 2010 JUDGING by public and media sentiment over the past couple of years, the fairground arcade staple of whack-a-mole will at some point be replaced by the sport of whack-a-banker. The credit crunch blame-game does not appear to be dissipating. A particular bone of contention between the banks, politicians and the public is the issue of [...]
Silicon Valley Bank aims for UK licence April 13, 2010 SILICON Valley Bank (SVB), the American lender that has backed Twitter and Cisco Systems, is applying for a UK banking licence in a move that could bring serious competition to the commercial market. The US-based firm aims to open its first branch in London next year if the FSA gives it the thumbs up. SVB, [...]
Titanic fine for Northern Rock bosses April 13, 2010 NORTHERN Rock’s former deputy chief executive has been fined an astonishing £504,000 for misreporting mortgage arrears at the stricken bank. David Baker was also banned from “performing any function in relation to any regulated activity”, effectively ending any chance of the 56-year-old returning from retirement. Northern Rock refused to comment on whether he will still [...]