Financials prove that what goes up must come down May 20, 2009 THE FTSE 100 closed 0.3 per cent lower yesterday, with shaky financial stocks offsetting strength in heavyweight oils and miners. The index ended the session down 13.84 points at 4,468.41, up 0.8 per cent on the year, having gained nearly 30 per cent since a six-year low hit on 9 March. “We are still in [...]
CITY MOVES WHO’S SWITCHING JOBS May 19, 2009 GorkanaThe PR and journalist portal has hired former Unilever board director Ralph Kugler as chairman as it ramps up its growth plans. Kugler spent over 28 years with Unilever, including as regional president of the firm’s businesses in Europe and Latin America, and chief executive of its Thai and Malaysian units. He is also currently [...]
BarCap hires fierce critic May 19, 2009 BARCLAYS Capital (BarCap) is to hire a trio of Citigroup analysts, including one with a record of issuing notoriously bearish notes on the investment bank’s parent company, as it marches on with its hiring spree. Tom Rayner, a banking analyst with Citigroup, will join BarCap’s European equity research team, in a move that will raise [...]
No sign of vertigo as banks take the FTSE 100 higher May 19, 2009 THE FTSE 100 continued its upward momentum yesterday, propelled up by financials and miners, although gains were limited by figures that showed new US housing starts fell to record lows. The index closed 0.8 per cent, or 35.80 points, higher at 4,482.25, with investors showing no sign of vertigo from the recent hefty rises. “Despite [...]
BLANK’S CHELSEA APPEARANCE SETS CITY TONGUES WAGGING ON HIS HEIR May 18, 2009 ANY idea that the downturn would affect corporate hospitality at the Chelsea Flower Show, traditionally one of the biggest, most important corporate schmooze-fests of the year, was smashed to smithereens at last night’s gala preview opening. Chelsea veterans including Marks & Spencer boss Sir Stuart Rose, WPP chief executive Sir Martin Sorrell, ICAP billionaire Michael [...]
Lehman estate claims sale to Barclays was too low May 18, 2009 LEHMAN Brothers’ estate claimed yesterday the fire sale of its broker-dealer and investment banking units to Barclays for $1.54bn (£1bn) was too low. It is now trying to force an investigation into whether it received enough compensation for its units. In a US court filing last night, Lehman said it believed that liabilities assumed by Barclays for [...]
EUROPEAN REPORT May 18, 2009 EUROPEAN equities closed higher yesterday as financial stocks climbed on hopes a recession in top global economies was abating, while energy shares tracked higher crude oil prices. The FTSEurofirst 300 index of top European shares closed 2.4 per cent higher at 859.88 points after falling as low as 827.32. The index, which slumped 45 per [...]
Banks lead the FTSE higher and bulls reboot interest in sofware companies May 18, 2009 THE FTSE 100 sprung to life yesterday, driven by banks which were led higher by confirmation of Lloyds Banking Group’s rights issue and the announcement that Sir Victor Blank would step down as its chairman. The index erased almost half of last week’s losses, closing 2.3 per cent, or 98.34 points, higher at 4,446.45 points. [...]
Blank’s exit won’t end Lloyds’ troubles May 17, 2009 IT was always Sir Victor Blank, one of the Labour Party’s favourite businessmen, who was most likely to be Lloyds Banking Group’s sacrificial lamb. It was he, after all, who was the main driver of Lloyds TSB’s ill-fated takeover of HBOS; he first discussed the idea of the deal with Gordon Brown over drinks in [...]
BGI suitors aim to scupper CVC iShares deal May 17, 2009 FUND management firm Blackrock and Bank of New York Mellon are believed to have tabled bids for Barclays’ BGI unit, valued at around $10bn (£6.6bn). The division is up for sale as part of a “go-shop” clause within an already agreed deal for BGI subsidiary iShares, due to be sold to private equity house CVC [...]