LISTED PRODUCT NEWS March 10, 2010 DEUTSCHE OFFERS INDONESIA ETF Deutsche Bank’s ETF division db x-trackers has launched the world’s first UCITS III-compliant China and Indonesia ETFs. Listed in Singapore, the China ETF tracks the CSI 300, which replicates the performance of A-shares that are listed on the Shanghai and Shenzhen indexes. DB x-trackers is scheduled to launch the Indonesia ETF, [...]
Barclays on hunt to buy US banks March 9, 2010 BARCLAYS is seeking to buy a large US retail bank in a bid to bolster its high street presence in the US, bringing it in line with the booming performance of its investment banking division Barclays Capital. Antony Jenkins, chief executive of global retail banking, is heading up an internal team charged with building on [...]
FOREX FLASH March 9, 2010 Goldman upbeat on sterling The pound has been in retreat since yesterday, after trade data for January suggested that a weaker pound is not yet helping British exports. But this could be short-lived. Goldman Sachs economist Erik Nielsen thinks that the UK economy should emerge from recession before the Eurozone. Nielsen made the comments during [...]
Banks weigh on the FTSE as Credit Suisse warns of future funding crisis March 9, 2010 BRITAIN’S top share index closed a touch lower yesterday, as a weakening in banks after a cautious research note from Credit Suisse slightly outpaced buoyant oil issues and drugmakers. The FTSE 100 ended down 4.42 points, or 0.1 per cent, at 5,602.30, having closed up 0.1 per cent on Monday, its highest close since 2 [...]
UK trade gap widens March 9, 2010 THE UK’s goods trade deficit with the rest of the world has grown to its widest since August 2008, official figures have shown. Exports in January plummeted by almost 7 per cent leaving the deficit at £7.987bn compared with £7.01bn in December. The figures were disappointing because the weak pound was expected to boost exports. [...]
Turquoise expands bank share roster March 8, 2010 THE London Stock Exchange (LSE) yesterday sealed a deal with three leading banks to sell a nine per cent stake in Turquoise, the trading platform it bought at the end of last year. Barclays, JP Morgan Cazenove and Nomura have each snapped up three per cent of the venture, which was merged with the LSE’s [...]
Citi’s Shedlin joins rival bank March 8, 2010 Gary Shedlin, who was most recently chairman of Citigroup’s investment banking effort for financial institutions, is departing to join Morgan Stanley, a Morgan Stanley spokeswoman said. Shedlin in his new position with Morgan Stanley will be a vice chairman focused on financial institutions, spokeswoman Alyson Barnes said. His position will be a new one. While [...]
Alternative exchanges give traders an edge March 8, 2010 ANOTHER shake-up of London’s trading landscape is underway after the London Stock Exchange (LSE) announced on Monday that it would sell 9 per cent of Turquoise, its European trading facility, to three investment banks. Barclays, JP Morgan Cazenove and Nomura each bought a 3 per cent stake of Turquoise for £1m. The multiple owners of [...]
CITY MOVES | WHO’S SWITCHING JOBS March 7, 2010 Santander The Spanish banking group has appointed Damian McGann as head of business development in its corporate banking team. McGann has over 20 years of experience in the sector and joins from Lloyds Banking Group, where he previously headed up substantial businesses in the Midlands and Scotland. He will focus on a range of businesses, [...]
Greek bond sale buys time for the EU March 4, 2010 GREECE was forced to accept a crippling level of interest on its issue of a €5bn (£4.5bn) bond yesterday, ensuring that it was massively oversubscribed. Just 24 hours after the struggling country announced new austerity measures, national debt management boss Petros Christodoulou said the gilt sale was “going very well, beyond expectations”. The news sent [...]