Myners meets with foreign banks October 13, 2009 Lord Myners, the treasury minister, will today hold a meeting over bonuses with the major foreign banks operating in the UK. He will urge them to agree to a “level playing field” over pay and bonuses. UK banks have already agreed on voluntary rules on remuneration, and have pledged greater transparency in the way they [...]
FTSEcloses at one-year high as energy and mining rally October 12, 2009 RALLYING energy stocks and miners, spurred by firmer commodity prices and growing optimism on the corporate outlook and global economy, helped the top share index to its highest close in over a year yesterday. Global equity markets were given a shot in the arm by forecast-beating results from Philips ahead of earnings from other major [...]
Barclays seeks third party for CLO portfolio October 12, 2009 BARCLAYS will look to a third party if it sells £4bn worth of Collateralised Loan Obligations (CLOs), analysts said yesterday. The bank is understood to be weighing up a plan to rid itself of the CLOs in a bid to calm investors worried by the risky nature of the investments and remove the potentially volatile [...]
Barclays mulls 4bn sale October 11, 2009 Barclays is considering the sale of a portfolio of credit assets worth £4bn as it continues to clean up its balance sheet in an attempt to further reassure investors. A sale would follow last month’s deal in which the bank effectively ring-fenced $12.3bn (£7.8bn) in risky credit market assets by packaging them into a fund, [...]
THE TIPSTER METALS’ SHINE BOOSTS THE FTSE MINERS October 11, 2009 RISING commodity prices have put the mining sector in the spotlight and sent their stock prices soaring. But will the bottom line support the rising share price? Miner Rio Tinto reports on Wednesday and it has made considerable ground since the credit crunch and since rival BHP Billiton declined to acquire them. The focus is [...]
Rollercoaster ride for gold seen ahead October 11, 2009 GOLD has stormed higher over the past week or so to hit new highs as the US dollar came under severe pressure and inflation fears rose. But with the precious metal still above the $1,000 mark, gold bugs and bears alike are asking how much higher it can go. Spot gold reached a record $1,061.20 [...]
Ladbrokes launches 275m cash call in a bid to relieve debt as revenues fall October 8, 2009 LADBROKES, the book maker, yesterday announced a fully underwritten £275m cash call to pay down its debt, as it revealed its revenue had fallen by 15 per cent in the third quarter due to “exceptionally low” margins on football and horsing bets. The betting firm, which has already had to withheld its interim payments to [...]
CITY MOVES WHO’S SWITCHING JOBS October 8, 2009 Religare Capital MarketsThe broking and investment banking group has appointed Martin Newson as its new chief executive of global investment banking. Newson will be tasked with bringing together the firm’s Indian capital markets franchise with its international investment banking operation. He was previously head of global equities at Dresdner Kleinwort, where he also led the [...]
Miners lead markets higher as gold price holds steady October 8, 2009 THE top share index ended 0.9 per cent higher yesterday, buoyed by the miners on firmer metals prices and optimism over demand prospects. The FTSE 100 closed 45.74 points higher at 5,154.64, after shedding 0.6 per cent on Wednesday. “There doesn’t seem to be the same degree of buying momentum returning to the market after [...]
FSA censures traders after their appeal October 7, 2009 THE FINANCIAL Services Authority yesterday censured two bond traders who had appealed against market abuse allegations, stopping short of issuing a hefty fine or a lifelong ban. The news prompted speculation that more people would now choose to appeal to the FSA Regulatory Decision Committee (RDC), as the watchdog forges ahead with its aggressive enforcement [...]