Forward forex markets are bearish for the dollar’s status September 8, 2009 A QUICK glance at the usually lively currency markets would suggest that not a whole lot is going on in foreign exchange. Major currency pairs are stuck in tight trading ranges – the euro-dollar, for example, has been stuck in the $1.33-$1.44 trading range since June. It would be tempting to say that traders ought [...]
HSBC and Barclays popular for standing alone September 8, 2009 AYEAR ago this week we experienced “The End of the World as We Know It” as investment bank Lehman collapsed, amid fears of the whole financial system going into meltdown. In the subsequent months I took part in many gloomy debates about whether everything had changed forever, or whether it was just a larger-scale event [...]
FSA fines Barclays over data September 8, 2009 BARCLAYS has been fined £2.45m by the Financial Services Authority (FSA) for failing to provide the regulator with accurate reports of its transactions and for weaknesses in its systems and controls. The City watchdog said it had stumbled across “discrepancies” in Barclays’ data while probing an incident of suspected market abuse by a third party. [...]
Kraft’s Cadbury bid sparks a flurry of FTSEmerger hopes September 7, 2009 THE leading share index notched back up towards the 5,000-points mark yesterday, after a proposed bid for Cadbury by Kraft raised hopes of a more general pick-up in merger activity and lifted banks and commodity shares. The FTSE 100 rose 1.7 per cent to a close of 4,933.18, up 81.48 points, as it came close [...]
European stocks near 11-month high September 7, 2009 EUROPEAN shares closed higher yesterday, led by UKchocolate giant Cadbury which soared 38 per cent following a £10.2bn bid approach from US company Kraft Foods. The pan-European FTSEurofirst 300 index of top shares rose 1.4 per cent to 975.90 points, just 0.3 per cent away from an 11-month closing high. The European benchmark index has [...]
Veteran asset managers see consolidation September 7, 2009 A QUARTET of top names in the asset management industry have predicted a period of consolidation, coupled with simplification and heightened scrutiny of the financial products they offer. Martin Gilbert, who heads Aberdeen Asset Management, said he expected there to be “fewer asset managers in three years than there are today”. “Firms today can be [...]
City Moves who’s switching jobs September 7, 2009 ActantLars Hjaltman has joined the exchange trading solutions firm as head of development, based in the UK but operating in the firm’s major markets across Europe and the US. Hjaltman has over 20 years of experience in technology and software development, having most recently been chief operating officer of Electronic Shipping Solutions. He has also [...]
RBS moves to cut overdraft charge in half September 7, 2009 ROYAL Bank of Scotland has broken ranks with competitors by slashing charges on customers who go overdrawn without agreement or exceed their overdraft limit. From 1 October, RBS and subsidiary NatWest will slash the fee for returning a cheque, direct debit or standing order to £5, while the fee for paying an item on an [...]
CADBURY RIVALS SET FOR BID WAR September 7, 2009 CADBURY, the maker of some of Britain’s best-loved confectionery brands, yesterday rejected a £10.2bn takeover approach from Kraft Foods, sparking speculation that the US food giant and its rivals may soon enter a spiralling bidding war for the firm. Kraft Foods, which owns confectionery brands Toblerone, Milka and Oreo, said a deal would create a [...]
BarCap poaches Rothschild’s Marsaglia amid growth drive September 7, 2009 BARCLAYS Capital has taken its plans to become a global investment-banking player up a gear by naming Stefano Marsaglia, the respected Rothschild banker, as chairman of its financial institutions group (FIG). In the latest in a series of high-profile hires Barclays has snapped up the Italian heavyweight, who has spent the last 17 years at [...]