Barclays chief set for grilling February 7, 2010 BARCLAYS chief executive John Varley is expected to echo president Bob Diamond’s defence of big banks when he appears before the Treasury Select Committee tomorrow. Varley, who will be quizzed as part of the committee’s “too important to fail” inquiry into the banking sector, will insist that large institutions with the ability to buy and [...]
FOOTBALL FUND LAUNCHES OUT TO CHAMPION THE BEAUTIFUL GAME February 7, 2010 GIVEN the City’s penchant for all things football-related, it’s something of a miracle that the new London Nominees Football Fund has managed to keep its launch virtually entirely under wraps – particularly as it’s got some of the beautiful game’s best known names on board. The fund officially launched at the beginning of the month, [...]
BEST OF THE BROKERS February 7, 2010 BARCLAYS Shore Capital has reiterated its “buy” recommendation, saying it continues to view Barclays as the most attractively valued UK bank on a risk/return basis. The broker has downgraded earnings and rebased dividend forecasts, reflecting a quieter fourth quarter for BarCap, tighter margins and a focus on capital preservation. ROYAL DUTCH SHELL Morgan Stanley says [...]
Defender of business says a hung parliament would be disastrous February 7, 2010 HE MIGHT have parted company with the CBI four years ago, but Lord Digby Jones is still one of the staunchest defenders of the private sector. When he gives me his business card at the opening of a Vodafone store in the City, it is emblazoned with a motto that sums up his philosophy: “Only [...]
Big City banks must be allowed to grow again February 7, 2010 TOMORROW, Barclays chief executive John Varley will become the latest business leader to appear before the Treasury Committee’s inquiry into how to solve the problem of banks that are deemed too important – or too large – to fail. Following President Obama’s recent proposals, this is a hot topic at the moment and the committee’s [...]
FTSE at lowest level in three months as bank shares drop February 4, 2010 WORRIES about the global economy pushed Britain’s top share index to its lowest close in three months yesterday as spiking risk aversion hammered banks and miners while energy stocks fell on weaker commodity prices. The FTSE 100 ended 113.84 points or 2.2 percent lower at 5,139.31, its lowest close since 5 November, having snapped a [...]
BoE suspends its QE policy February 4, 2010 BRITAIN yesterday looked set for its first interest rate hike since the crisis started after the Bank of England turned off the taps on its emergency £200bn quantitative easing programme. The Bank chose to suspend quantitative easing and kept interest rates at 0.5 per cent. The monetary policy committee (MPC) judged that the current stimulus [...]
Who can conquer Ireland to land the greatest prize? February 4, 2010 England Manager: Martin Johnson Captain: Steve Borthwick Last season: Italy (h) won 36-11; Wales (a) lost 15-23; Ireland (a) lost 13-14; France (h) won 34-10; Scotland (h) won 26-12 = 2nd. Where they stand: Endured a disappointing autumn international campaign when they lost to Australia and New Zealand and looked unconvincing in their narrow victory [...]
Blackrock settles on City for London base February 4, 2010 BLACKROCK, the investment management group in which Barclays owns nearly 20 per cent, yesterday beat off Macquarie Bank to land a 25 year deal to base its London operations at Drapers Gardens in the City of London. The deal, which will see Blackrock paying £49 per square foot with a three year rent-free period, was [...]
BEST OF THE BROKERS February 4, 2010 PARTYGAMING Barclays Capital ups PartyGaming to “overweight” citing its improved operational performance. Sets a target price of 330p, suggesting 15 per cent upside to the current share price. Says if recent speculation of a merger between PartyGaming and Bwin proves true the shares would gain 45-55 per cent from their current value. ROLLS ROYCE GROUP [...]