No European banks for ICBC April 14, 2011 Industrial and Commercial Bank of China, the world’s biggest bank by market value, plans to increase its global footprint by setting up new branches in countries such as Brazil, India and Pakistan, its chairman said yesterday. But ICBC is not considering acquiring European banks in the near term, chairman Jiang Jianqing said. The bank aims [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]
FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]
UK companies set to unlock profit out of global growth April 13, 2011 TOM Ewing is the engaging and energetic manager of Fidelity’s UK Growth fund, which has over half a billion pounds under management. The 34 year old scours the country looking for undervalued companies that are able to tap into the increasing wealth of consumers in emerging markets. From the powerhouses of the FTSE, down to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 12, 2011 FINANCIAL TIMES CITY INVESTOR CHIEFS BACK BANKING REVAMP City fund managers have broadly welcomed the reform drive sweeping Britain’s banking sector, in spite of vocal criticism from some institutions. “There is a largely silent majority of investors who believe that structural reform and tougher capital requirements are a good idea,” said James Alexander, head of [...]
Quantitative easing: the hot money problem April 12, 2011 DESPITE murmurings to the contrary by various members of the Federal Open Market Committee (FOMC), it seems that the US Federal Reserve’s $600bn (£368bn) scheme to purchase Treasury bonds will run its full course, up to June as initially planned. But an intervention the size of QE2 cannot just come to a sudden halt and [...]
Caution ahead of US results pulls FTSE 100 to a flat close April 11, 2011 BRITAIN’S top share index closed flat yesterday, with caution from traders wary of turbulence during the US earnings season offset by strength in the banking sector following the ICB report on the future shape of UK banking. The FTSE 100 closed down 2.31 points, or 0.04 per cent, at 6,053.44 after trading in positive territory [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 10, 2011 FINANCIAL TIMES BIG MEDIA NAMES BACK BOUTIQUE BANK RAINE Eric Schmidt, Sean Parker, Peter Chernin and other big names from the media and technology sectors have invested in a merchant bank started by two ex-Wall Street dealmakers and Ari Emanuel, head of William Morris Endeavor talent agency. CAPITAL RULES DEAL A BLOW TO LIFE ASSURERS [...]
Chinese rate hikes will build pressure on its Pacific partners April 5, 2011 TODAY the interest rate hike announced by the Chinese central bank will kick in. This follows yesterday’s announcement by the People’s Bank of China (PBoC) that the benchmark one-year lending rate will increase to 6.31 per cent from 6.06 per cent. At the same time, the one-year deposit rate will rise to 3.25 per cent [...]
Trade with care, as copper’s future looks uncertain April 4, 2011 TRADERS going long on copper over the last few years would have made enormous profits, as it rebounded from its collapse following the financial crisis. But its momentum has been flagging since February’s peak. There are still many copper bulls, but it is looking less like a one-way bet. Adding to the complexity of the [...]