British stocks hold their shine in spite of gloom February 17, 2010 UNEMPLOYMENT is high, the economy is barely out of recession and the UK’s fiscal deficit is cause for concern. Compared to emerging markets where growth is storming ahead, it seems like a no-brainer as to where to invest. Barclays Stockbrokers’ clients agree – half think emerging markets will deliver the greatest returns in 2010 while [...]
Good day for blue-chips sees FTSE flirt with the 5,300 level February 17, 2010 Britain’s top share index rose for the third consecutive day yesterday, led by financials and miners on bullish corporate results and economic data, and adding to growing optimism over the health of the global economy. The FTSE 100 ended up 32.58 points, or 0.6 per cent at 5,276.64, touching a two-week high during the session [...]
RBS opens talks for US Sempra February 16, 2010 ROYAL Bank of Scotland has begun discussions with potential buyers for the US parts of its Sempra Commodities business after JPMorgan paid $1.7bn (£1.1bn) for the European and Asian arms. JPMorgan yesterday signed a deal for RBS Sempra’s global oil and metal trading operations, plus its coal and gas capabilities on the continent and in [...]
Era of cheap money is gone forever February 16, 2010 THERE is one, overwhelming reason why interest rates are going up on products such as credit cards, even though the Bank of England’s base rate remains very low. It has nothing to do with greed, bonuses, rip-off Britain or conspiracy theories – and all to do with the costs associated with the massive amounts of [...]
Barclays top dogs decline bonuses as they defend ability to reward key staff February 16, 2010 BARCLAYS’ two top executives yesterday moved to soothe populist anger over the City’s remuneration culture by agreeing to forego their 2009 bonuses while emphasising their “gratitude” for state action to prop up the banking system during the crisis. Chief executive John Varley and president Bob Diamond, head of the lucrative investment bank Barclays Capital, declined [...]
Varley rejects calls for a break-up of universal banks February 16, 2010 JOHN Varley, the chief executive of Barclays, yesterday reiterated his defiant stance against calls for a break-up of the group’s retail and investment banks, challenging them to “bring science to the table instead of emotion”. Varley, who has been a vocal opponent of US President Barack Obama’s proposals to split up major banks, said he [...]
Profits surge at Barclays February 16, 2010 BARCLAYS yesterday lit a firecracker under the UK banking sector as it posted a 92 per cent surge in full-year profits, thanks to a sterling performance in its investment banking division and a one-off windfall from the sale of its asset management arm last year. Pre-tax profit rose to £11.6bn, up from £6.1bn in 2008, [...]
Stellar growth should silence sceptics February 16, 2010 YESTERDAY’S full year results should silence the doubters once and for all. Little over a year after the bank was forced to write to shareholders insisting it was not seeking new capital, and would post better-than-expected profits for 2008, the bank has triumphed again. Group pre-tax profit for 2009 almost doubled to £11.6bn compared to [...]
Bharti will pay Zain $10bn February 16, 2010 Bharti Airtel will finance its $10.7bn (£6.78bn) bid for Kuwaiti telecom firm Zain’s African assets with foreign currency loans. India’s top mobile operator is believed to be in talks with Standard Chartered, Barclays, State Bank of India, Goldman Sachs and Nomura to secure funding. State Bank of India had already agreed to provide $2bn in [...]
Strong Barclays results help FTSE to chalk up solid gains February 16, 2010 BRITAIN’S top shares closed sharply higher yesterday as Barclays led a banking sector rally after its 2009 forecast-beating results, and oils and miners were buoyed by firmer commodity prices. The FTSE 100 ended up 76.59 points, or 1.5 per cent, at 5,244.06, extending gains into a second consecutive session after closing 0.5 per cent higher [...]