CITY GOES FOR GREEN AS PUBS VIE WITH BANKS TO WIN ECO AWARDS January 30, 2011 AN eclectic mix of London City stalwarts and independent businesses will come together on Thursday to celebrate their green credentials, at the City of London Corporation’s annual Sustainable City Awards. Competing across 12 categories are banks, asset managers and construction groups – alongside a slew of smaller enterprises that make up more than half of [...]
Consultation on UK’s M&A regime means big changes January 25, 2011 THE government is about to launch a consultation on major reforms of Britain’s competition (antitrust) regime. The competition rules won’t be changed, but rather the institutions and procedures by which they are administered. The implications for British business and finance will nonetheless be far-reaching. Three key elements of the likely proposals are worth highlighting. First, [...]
What the other papers say this morning January 24, 2011 FINANCIAL TIMES FSA CHIEF SEEKS NEW SAFEGUARDS The head of the Financial Services Authority has called for a “radical rethink” of consumer protection in the UK, including the possible imposition of fee caps and bans on some retail financial products. The regulator has historically adopted a “light touch” approach for the regulation of financial products, [...]
Goldman earnings prompt FTSE sell-off January 19, 2011 A surprisingly sharp sell-off on the FTSE this afternoon pushed the index below the 6,000 mark, to close down 79.73 points or 1.32 per cent, at 5,976.70. A bigger than expected fall in earnings at leading US investment bank Goldman Sachs sparked a rout among investors across all sectors. Earlier in the day, more bad [...]
BHP eyed as potash bidder January 18, 2011 MINING giant BHP Billiton might finally get its chance to buy part of a major potash producer after agribusiness Cargill yesterday signed a deal to sell off its majority stake in fertiliser producer Mosaic. Cargill plans to offload its 64 per cent stake in Mosaic, valued at about $24bn (£15bn), to free up cash for the [...]
Changing the face of retail investment January 11, 2011 ON 1 JANUARY, 2013, the Financial Service Authority’s new rules on retail investment products come into effect – the Retail Distribution Review (RDR). Hector Sants, chief executive officer of the FSA, argues that badly sold investments cost consumers between £400m and £600m per year. The review is expected to cost around £1.5bn over five years [...]
What the other papers say this morning January 6, 2011 FINANCIAL TIMES GOLDMAN TEES UP SALE OF JAPAN GOLF COURSE Goldman Sachs is ending its long love affair with golf in Japan. The US investment bank is seeking buyers for its remaining stake in Accordia Golf, the country’s largest golf course operator. The proposed sale comes as Japan’s enthusiasm for golf is also cooling – [...]
Heijmans offloads Brit unit Leadbitter December 24, 2010 Dutch builder Heijmans has sold its British unit Leadbitter for 45m euros to cut debt and as it focuses on its domestic market following debt problems. Heijmans said on Friday it was selling to a joint venture formed by the unit’s management and French company Bouygues in a deal that will cut net debt by [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]
Currency wars and rate hikes: another year in emerging FX December 21, 2010 CHEAP money and attractive returns have seen investors plough their money into emerging market currencies. Yet hot money inflows have forced currency appreciation despite authorities’ best efforts at capital controls and other methods of weakening their exchange rates. Thanks to highly accommodative monetary policy in the West and efforts to remain competitive among the emerging [...]