FTSE100 ends its best ever quarter with profit taking September 30, 2009 THE top share index closed lower yesterday with energy stocks, banks and miners among the biggest laggards on the last session of a record quarter. The FTSE 100 closed down 25.82 points, or 0.5 per cent, at 5,133.90 as investors locked in profits after the index put in its best quarterly performance since it was [...]
TOP FIVE BANKS SIGN UP TO BONUS ACCORD September 30, 2009 THE UK’s “big five” banks have committed to rules on pay agreed at the recent G20 summit in Pittsburgh, the Treasury announced yesterday. State-backed Royal Bank of Scotland and Lloyds Banking Group, as well as HSBC, Barclays and Standard Chartered, issued a joint statement saying that they would “work with the FSA (Financial Services Authority) [...]
Smiths is cautious on forecast September 30, 2009 SMITHS, the technology company which makes airport X-ray scanners and mechanical seals on medical equipment, yesterday said its underlying annual profit fell 21 per cent but beat forecasts. The group said its outlook for the rest of the year was cautious. “Although statisticians are pointing towards a number of signs suggesting economies are beginning to [...]
THE LONDON REPORT September 29, 2009 THE FTSE 100 closed marginally lower yesterday as buoyant financials struggled against disappointing US data, falls from miners and Vodafone. The index closed 5.98 points, or 0.1 per cent, lower at 5,159.72, after a choppy day of trading, having ended Monday’s session 1.6 per cent firmer. Miners were among the biggest laggards, with investors plagued [...]
Bid battle set to hike rents September 29, 2009 A BIDDING war has broken out between Australian bank Macquarie and fund manager Blackrock for new City development Drapers Gardens in a move experts predict will hike prices across the City. Both firms are on the hunt for a 250,000 sq ft office to re-house staff. But following a number of stalled construction projects in the [...]
Barclays buys Citi unit September 29, 2009 Barclays yesterday announced that it had reached agreement with Wall Street bank Citigroup to buy the US firm’s Portuguese credit card business, as it prepares for a Western European spending spree. The transaction, believed to be worth around £50m, will see Barclays take on around 400,000 credit card accounts, with gross assets of approximately €644m [...]
THE LONDON REPORT September 28, 2009 BRITAIN’S leading stock index closed 1.6 per cent higher yesterday, with heavyweight banks, miners and energy stocks reversing early losses, helped by a strong opening for the US market. The FTSE 100 rose 83.5 points, or 1.6 per cent, to close at 5,165.70, after rising 0.1 per cent on Friday. “It wasn’t until the US [...]
Barclays eyes Standard Life Bank division September 28, 2009 BARCLAYS is eyeing a bid for the banking operations of insurance titan Standard Life, sources close to the situation said yesterday. The insurer is understood to have put its Standard Life Bank unit up for sale at a price of between £200m and £300m and people familiar with Barclays’ plans said that the business would [...]
Burford Capital plans listing to raise 200m to fund legal cases September 28, 2009 COMMERCIAL dispute financier Burford Capital yesterday said it plans to float on London’s Aim market by placing shares worth up to £200m. The investment company, registered in Guernsey, is headed by Sir Peter Middleton, the former Treasury official and chairman of Barclays. Dealings are expected to take place on or around 16 October the company [...]
CITY MOVES WHO’S SWITCHING JOBS September 28, 2009 HSBC Private BankThe bank has appointed Chris Allen, currently head of real estates at HSBC Alternative Investments Limited (HAIL), as managing director and head of the HAIL division. Prior to joining HSBC in 2007, Allen spent ten years at real estate services company Colliers International, latterly as an executive director in its investment division, before [...]