Broker views give US indices a boost November 17, 2009 US STOCKS rose to fresh 13-month highs yesterday as upbeat broker views on improving prospects for two Dow components offset disappointing holiday spending outlooks from Target and Home Depot. Even so, the underlying tone was negative as investors fretted about the strength of the recovery and the recent rally, and more stocks fell than rose. [...]
Lehman lawyers in attempt to claw back $10m from BarCap November 17, 2009 LAWYERS representing Lehman Brothers have filed a $10bn (£5.9bn) court case against Barclays Capital over assets transferred during Lehman’s bankruptcy. Alvarez and Marsal, the consultancy hired after Lehman filed for insolvency, wants to claw back ‘windfall’ profits it claims BarCap received after buying the New York group. Lawyers say the contract agreed in September 2008 [...]
EasyJet warns of a tough winter ahead November 17, 2009 BUDGET airline easyJet yesterday warned the aviation industry is in for a tough winter as it revealed its pre-tax profit halved over the past year despite customers trading down to cheaper transport options. Reported pre-tax profit at the airline fell 50.4 per cent to £54.7m in the year to September, down from £110.2m in 2007, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 17, 2009 FINANCIAL TIMES BARCLAYS RETAIL CHIEF WARNS NEW ENTRANTSThe new head of global retail banking at Barclays has joined the backlash of traditional bankers against the entry into banking of supermarkets and other consumer companies. Antony Jenkins said the new competitors may be under-estimating the difficulties of breaking into the market. APOLLO SETS SIGHTS ON NYSE [...]
Pressure still on for BA, despite the Iberia deal November 16, 2009 BRITISH AIRWAYS’ agreement to a $7bn merger with its Spanish rival Iberia has highlighted just how much the airlines have struggled during the recession. A surging oil price ahead of the financial crisis had put pressure on costs, which saw both businesses and consumers tighten their belts, causing passenger numbers to slump. The merger, said [...]
Copper looks red hot for next year November 15, 2009 COPPER’S status as a widely used industrial metal meant it was always going to do well in 2009. Restocking, East Asian growth and growing confidence in the global economic recovery saw the price of the red metal on the London Metal Exchange (LME) rise to as high as $6,700 a tonne earlier in the year. [...]
Caz set to cede power to JPMorgan November 15, 2009 BLUE-blooded stockbroker Cazenove is set to sell the remaining 50 per cent of its business to joint owner JP Morgan, in a bumper deal that will spark multi-million pound windfalls for its veteran former partners and star-performing current staff. Under the terms of a joint venture struck by the pair in 2004, JP Morgan has [...]
JPM Cazenove tie-up created a force to be reckoned with November 15, 2009 WHEN US investment bank JP Morgan struck a deal to buy out half of Cazenove back in November 2004, many in the City felt it would be the beginning of the end, with the Queen’s stockbroker losing its reputation as a consummately professional independent dealmaker. In fact, quite the opposite has proved the case; despite [...]
Evolution ups private client ante November 15, 2009 EVOLUTION group chief executive Alex Snow is today set to confirm the hire of private banker Philip Howell to head up its wealth management business, Williams de Broë. Howell, who formerly ran Fortis private bank’s operations in the UK, Channel Islands, Italy, Spain, Gibraltar and Monaco, will become chief executive of the division. He takes [...]
Q & A : THEBONUS CLAMPDOWN November 15, 2009 Q.HOWWILLTHENEWRULESAFFECTBANKERS’ PAYA.A code of conduct on bonuses published by the Financial Services Authority (FSA)in February this year said firms needed to ensure that remuneration policies did not expose them to excessive risk. It set out the proportion of bonuses that needed to be deferred and how long deferrals should be, how much should be awarded [...]