Barclays to begin spending spree by buying Portugese credit card business September 27, 2009 BARCLAYS is close to agreeing a deal to buy Citigroup’s credit card business in Portugal. The deal is expected to be announced early this week, and is not thought to exceed £60m. Britain’s second largest bank is looking to complete a string of purchases throughout Europe at the same time as Citigroup is seeking to [...]
THE LONDON REPORT September 24, 2009 BRITAIN’S leading share index lost 1.2 per cent yesterday as a weak US housing report and cautious comments from the Bank of England governor raised investor concern over the pace of economic recovery. At the close, the FTSE 100 was 60.10 points lower at 5,079.27, finishing below the 5,100 level for the first time in [...]
CITY MOVES WHO’S SWITCHING JOBS September 24, 2009 F&C Commercial Property TrustThe trust has appointed John Stephen, currently an independent non-executive director, as its new chairman, effective from 31 October. Stephen will replace Peter Niven, pictured, who steps down as chairman after four years and will remain on the board as a non-executive director. Niven is also a director of Resolution, which recently [...]
Beware: we could soon face new bubble September 24, 2009 UNTIL recently, the worry about quantitative easing was that it was not working well enough, a view which has long stuck me as excessively pessimistic. But in recent days several top economists have started to express fears the policy may actually have worked too well and that all of the liquidity being injected into the [...]
Nomura cash call to raise up to 3.5bn September 24, 2009 JAPANESE brokerage Nomura is to raise up to 511bn yen (£3.5bn) in a capital-raising initiative, in an effort to fund overseas expansion and bolster its capital position in advance of international regulatory reform. The broker, Japan’s largest by sales, launched its second stock sale of the year, after raising 270bn yen in March, taking advantage [...]
Builders tap the market September 23, 2009 HOUSEBUILDER Barratt yesterday unveiled its widely tipped £750m fundraising through a rights issue and share placing in a bid to repair its battered balance sheet. The group said it would raise £545.5m in a rights issues and £175m through a placing. Chief executive Mark Clare said the 1.3 for one rights issue would be priced [...]
BlackRock deal for BGI gains approval of EC September 23, 2009 FUND manager BlackRock has won regulatory approval from the European Commission (EC) for its $13.5bn (£8.2bn) purchase of Barclays Global Investors (BGI). The Commission said the deal did not raise competition concerns, despite overlaps between the two firms in areas such as retail asset management. It said the new entity, BlackRock Global Investors, would be [...]
Singapore’s GIC profits on Citi stake sale September 22, 2009 SINGAPORE’S sovereign wealth fund GIC has sold half of the nine per cent stake in Citigroup it acquired amid the banking crisis, booking a profit of $1.6bn (£980m) on the back of the rally in the markets. GIC offloaded the stake after the conversion earlier this month of $6.8bn worth of its convertible preferred stock [...]
Miners gain the most in 2009 so far September 22, 2009 MINING stocks have seen the biggest recovery in value of all FTSE 100 constituents so far this year, according to Thomson Reuters Datastream figures. An increased demand from the construction sector and improved confidence in a global economic recovery have driven mining shares higher, meaning that seven companies from within the sector are in the [...]
HORSES FOR COURSES FOR CITY RACING SET September 22, 2009 IT SEEMS barely a moment since the end of the horseracing season, but the City is already gearing up for the bevy of racehorse auction sales coming up over the next few weeks, starting with the Goffs Orby Sale in Ireland next week. Racing buffs might recall that sellers at the spring sales teamed up [...]