JP Morgan to seal Sempra deal February 15, 2010 JP Morgan is near to closing a deal to buy RBS Sempra for $1.7bn. The deal, which could be announced as soon as today, excludes the more valuable North American parts of RBS Sempra Commodities. JP Morgan had been in exclusive talks to buy all of RBS Sempra, but US plans to stop proprietary trading [...]
Credit card rates soar to 12–year high February 15, 2010 CREDIT card rates have reached a twelve-year high as providers become wary of borrowers inability to repay debts during the recession. The average credit card rate now stands at 18.8 per cent, a four per cent rise from 2006 when increased competition between providers drove rates down. Banks and credit companies face higher pricing for [...]
Top RBS bankers quit amid furious backlash over bonuses February 15, 2010 TWO investment banking hotshots have quit their positions at Royal Bank of Scotland just weeks before the annual bonus round, amid a furious populist backlash against potential payouts at the bailed-out bank. Steve Ashley, the head of interest rates trading, and Chris Fleming, the head of European flow sales, resigned on Friday. Both are thought [...]
Banks and commodities make gains as Wall Street is closed for public holiday February 15, 2010 BRITAIN’S leading shares rose 0.5 per cent yesterday, led by firmer banks and commodity issues after falls in the previous session, while British Airways climbed on increased hopes for a global alliance. At the close, the FTSE 100 was 25.02 points higher at 5,167.47, well below the session peak of 5,194.29. Blue chips drifted off [...]
European stocks boosted despite Greek concerns February 15, 2010 EUROPEAN shares closed higher yesterday, supported by gains in banks and miners while defensive food producers fell, but a lack of clarity over eurozone support for Greece was seen capping further gains for equities. The FTSEurofirst 300 index of top European shares provisionally closed 0.4 per cent higher at 991.76 points, after falling 0.3 per [...]
Barclays set for a bonanza February 15, 2010 BARCLAYS is preparing to give a boost to the banking industry tomorrow, when it is expected to kick off the UK bank reporting season by announcing a bumper £11.2bn profit haul. The figure includes a £6.2bn one-off profit on the sale of its asset management arm Barclays Global Investors to BlackRock last year – a [...]
SPREAD BET GURU February 14, 2010 Q.Dear Josh, what should I keep an eye out for this week when trading equities? A.We are getting stuck in to the UK earnings season now and there are a number of firms announcing this week, including Barclays, Intercontinental Hotels, BAE Systems and the miner Anglo American. Barclays will be the major focus because it [...]
THE TIPSTER PROFIT FROM THE SELL-OFF AND BUY CHEAP February 14, 2010 A STRONGER dollar and concerns about the global economic outlook have caused a pullback in commodity prices in recent weeks. This has put downward pressure on the shares of oil majors such as BP and Shell, which have both fallen 10 per cent since 12 January. By buying these at current levels, you are getting [...]
BT has £9bn pension hole February 11, 2010 BT yesterday revealed a yawning pension deficit of £9bn. Shares in the company – which now has the biggest pension deficit in the private sector – nose-dived as the extent of the black hole was revealed. The firm announced an agreement with trustees to pay back the vast sum over 17 years, adding £525m into [...]
Sir Win Bischoff adds reinforcements to the board at Lloyds Banking Group… February 11, 2010 LLOYDS Banking Group yesterday appointed two new non-executive directors, the first board appointments since Sir Win Bischoff became chairman of the reviving institution. Glen Moreno, the current chairman of Pearson, becomes the group’s senior independent director. Moreno has significant experience in the banking industry, having held a number of positions at Citigroup between 1969 and [...]