London rises to highest close in 3 weeks on Dubai bailout December 14, 2009 BRITAIN’S top share index closed at its highest level in a week yesterday, led by banks, after Abu Dhabi bailed out Dubai with $10bn in surprise aid, with commodities stocks also notching up solid gains. The FTSE 100 closed up 53.77 points at 5,315.34, its highest close since 4 December, adding to a rise the [...]
Neighbourly handout helps global markets December 14, 2009 MARKETS breathed a sigh of relief yesterday after news of Abu Dhabi’s $10bn (£6bn) lifeline to Dubai. The Dubai stock exchange closed more than 10 per cent higher while the Abu Dhabi market climbed nearly eight per cent. European and US stock markets also rose. UK banking shares rallied on the news as investors’ worries [...]
NEWS | IN BRIEF December 14, 2009 Barclays cheers Lehman assets Barclays boss Bob Diamond claimed yesterday that the assets the bank gained from Lehman Brothers are healthier than originally anticipated. Diamond made the comments at a speech to the Council on Foreign Relations in New York, over a year after Barclays bought up the US operations of Lehman Brothers, which fell [...]
CONFUSION MOUNTS OVER BANK BONUSES SUPER-TAX December 14, 2009 THE GOVERNMENT is today set to bow to City fury by issuing a clarification on its super-tax on bank bonuses, after being swamped by a deluge of queries from firms unsure if they will be hit by the damaging levy. Confusion in the UK’s financial hub has been rising daily since last Wednesday’s pre-Budget Report, [...]
Gilt prices fall off a cliff after Darling’s PBR December 13, 2009 IT IS probably fair to say that chancellor Alistair Darling’s Pre-Budget Report (PBR) has failed to calm investors’ fears over the state of the country’s public finances. In spite of yet another warning that Britain’s prized triple-A credit rating on sovereign debt was at risk, Darling slackened the pace of fiscal tightening over the next [...]
CITY MOVES | WHO’S SWITCHING JOBS December 13, 2009 RBC Wealth Management RBC Wealth Management has hired Shervin Mellegard, Samuel Palmer and Neil Jeffries as a managing director, director and wealth manager respectively in the UK domestic team. Mellegard, pictured, has over 20 years of experience in financial services, with his career having spanned commodities futures and securities trading at Merrill Lynch to private [...]
Christmas is half time in liquidity vs worry match December 13, 2009 It’s half time in the match and just before the Christmas break “Liquidity and Earnings” have strolled to a three goal lead against the “Wall of Worry”. But how to bet in the second half? Will we see a re-run of the last six months in the next six, or just like Liverpool FC in [...]
Barclays to rethink its salary plan December 13, 2009 BARCLAYS Capital has put plans to hike base salaries for its investment bankers on ice while it seeks clarification from the government on rules surrounding the bonus clampdown. BarCap had intended to give basic pay rises of up to 150 per cent to many of its 22,000 employees, a move that would particularly benefit junior [...]
Q & A : THE BANK BONUS TAX December 13, 2009 Q. WHICH FIRMS ARE CONCERNED THEY MAY BE AFFECTED BY THE BONUS TAX? A.The Treasury originally said the tax would only hit the 397 deposit-holding banks and building societies which hold a banking licence from the Financial Services Authority, as well as their subsidiaries. However, the rules have since blurred; the Treasury has already stipulated [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 13, 2009 THE SUNDAYS The Sundays Telegraph DEBENHAMS DIRECTORS GET BUMPER PAYOUTS Directors of Debenhams have received bumper payouts, despite the retailer cutting its dividend payment to shareholders last year. Rob Templeman, chief executive, saw his package increase by a third to £1.24m after he was granted a bonus of £428,073. Michael Sharp, deputy chief executive, saw [...]