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 [...]
Oil and mining shares drag FTSE lower as commodity price falls take their toll April 13, 2010 BRITAIN’S leading shares shed 0.3 per cent yesterday as oils and miners fell back on lower commodity prices, while banks moved lower on investor caution ahead of first-quarter results in the United States. At the close, the FTSE 100 was down 15.99 points at 5,761.66, having been stuck in a tight 37 point trading range [...]
SHAGGAN AND OTHER TALES OF INTEREST April 13, 2010 DICK TURPIN MANAGING DIRECTOR, ARTEMIS THE Arabic word “shaggan” has no equivalent in English. It means the power some singers, such as Edith Piaf, have to imbue the lyrics of a song with an inexpressible melancholy; a yearning for better times. The shaggan has worked, it seems. As I write, the UK market is well [...]
Position yourself now for a yuan revaluation April 13, 2010 CHINA’S premier Hu Jintao might have upheld his steely resistance to any pressure from the US to revalue the yuan yesterday, but there is little doubt that it is a question of when Beijing will revalue, not if. Although Chinese officials have always been very clear that any move would be gradual, an appreciation of [...]
BEST OF THE BROKERS April 12, 2010 BARCLAYS Seymour Pierce has issued a “sell” recommendation on Barclays, noting that during the last seven years, the bank has grown income by 18 per cent, while avoiding many of the toxic assets and poorly timed acquisitions. Barclays Capital’s top line could be 33 times the revenue of the UK retail bank, which the broker [...]