FTSEgiven boost by strong gains in energy and mining October 19, 2009 Britain’s top shares added 1.8 per cent yesterday, lifted by gains in miners and energy issues as commodity prices rose on an improved demand outlook and investors looked towards further earnings news from the United States. The FTSE 100 ended 91.30 points higher at 5,281.54, a new peak for 2009 on the 22nd anniversary of [...]
Why Boris is wrong to attack the City October 19, 2009 UNTIL now, I thought that Boris Johnson understood how the City works. Now, however, I’m not so sure: yesterday, he said he understood why so many people view Goldman Sachs “as a giant vampire squid wrapped around the face of humanity”. The reason? Because, says Boris, “instead of planning to hand out gigantic bonuses to [...]
Barclays’ Diamond snubs top job interview with Bank of America October 19, 2009 BARCLAYS Capital president Bob Diamond snubbed an opportunity to be interviewed for the top job at Bank of America (BoA), City A.M. can confirm. Diamond was approached by BoA’s board and asked if he would be interested in replacing outgoing chief executive Kenneth Lewis. But he refused because “he’s got a great opportunity where he [...]
Myners angry at banks as bonus row escalates October 18, 2009 CITY minister Lord Myners yesterday expressed his anger at large banking bonuses, as speculation around future compensation at UK banks threatened to cause the government further embarrassment. Speaking on the BBC’s Andrew Marr show, Myners said: “We are simply not going to tolerate high levels of remuneration which are not justified and earned. The nation [...]
BANKS FACE THREAT OF TAX BOMBSHELL October 18, 2009 THE government risks driving droves of companies overseas and losing out on billions in revenues if it goes ahead with imposing a stricter tax regime on the banking sector, the City warned yesterday. The stark warning from City leaders came as it emerged that the government is considering a sweeping change to the fiscal burden [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 18, 2009 THE SUNDAYSThe Sunday Telegraph £5.5BN PLAN FOR POWER STATIONA £5.5bn planning application, the largest ever in central London, will be made today when Ireland’s Real Estate Opportunities and Treasury Holdings reveal their blueprint for the redevelopment of Battersea Power Station. Plans for the mixed commercial and residential site, which developers say will be as iconically [...]
Ad industry to fight back October 18, 2009 Advertising Association chief executive Tim Lefroy will this week urge members to retaliate against dwindling public trust in advertising, after a survey found that only 15 per cent of adults “generally” trust advertising. Lefroy blames lobbyists for the lack of trust. Advertisers such as Barclays, Unilever and Diageo are uniting to provide a fund into [...]
Barclays heads to Italy in its hunt for cut-price branches October 15, 2009 BARCLAYS is in talks to buy 135 Italian branches from Banca Monte dei Paschi di Siena (BMPS), as it looks to bolster its presence in Western Europe. The bank is due to meet top BMPS bosses in Siena, accompanied by advisers from Morgan Stanley, in the next few days. BMPSis being forced to offload the [...]
AB InBev sells nine breweries for $3bn October 15, 2009 BEVERAGES giant Anheuser-Busch InBev (AB InBev) sold nine Central European breweries to buyout house CVC in a deal worth as much as $3bn (£1.8bn) yesterday. The sale, under which CVC will get the rights to sell brands like Stella Artois, Becks and Hooegaarden in the region, is the third by the firm in recent months. [...]
City Moves for 16 October 2009 | Who’s switching jobs October 15, 2009 DTZThe property group has appointed Hans Vrensen as global head of research, responsible for managing the firm’s research teams in the UK, Central Europe, Middle East and Africa (CEMEA) and Asia-Pacific regions. Vrensen previously held the position of co-head of European securitisation research at Barclays Capital. He has also worked as senior credit officer at [...]