London is losing out from EU diktats July 7, 2010 SO there you are. The European Parliament has just voted to locate the planned new EU agencies to regulate banks, markets and insurers in Frankfurt, in a massive blow to London. This provision may yet be eliminated from the final directive but is an ominous sign. What won’t change are the new rules on bonuses: [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 7, 2010 FINANCIAL TIMES ENERGY-FOCUSED HEDGE FUNDS FEEL HEAT OF MARKET VOLATILITY Hedge funds focused on energy markets have suffered a rocky start to the year, hit by volatile commodity prices and the Gulf of Mexico oil spill disaster. Many funds have been left nursing double-digit percentage losses over the first six months of the year. The [...]
Morgan Stan is top in global IPO rankings June 30, 2010 MORGAN Stanley has topped the underwriting league for initial public offerings (IPOs) in the first half of the year. A few large deals helped propel the Wall Street bank to first place, up from its number three spot at this time last year. It underwrote 36 deals with estimated proceeds of $5.9bn (£3.9bn) in the [...]
CITY MOVES | WHO’S SWITCHING JOBS June 30, 2010 CFA Institute The Chartered Financial Analysts Institute has appointed Edward Bace as head of education for the EMEA region. He joins the institute from BPP Business School, where he was professor of finance. He has over 20 years’ experience in international finance, and has worked for Lehman Brothers, Standard & Poor’s and the European Bank [...]
US HOUSING MARKET IN NEED OF HELP June 28, 2010 DAVID MORRISON CFD MARKET STRATEGIST, GFT STOCK indices have been positively correlated to movements in euro-dollar for such a long time that it is easy to forget that this wasn’t always the case. There is growing evidence that this relationship is breaking down – equities are struggling to rally, whether the euro is falling or [...]
Q&A: US FINANCIAL REFORM UNTANGLED June 27, 2010 Q. WHAT ARE THE ROOTS OF THE DODD-FRANK OVERHAUL? A. At the height of the financial crisis in 2008, US investment banks converted into holding companies so they could take emergency loans from the Federal Reserve, as well as taxpayer aid. Most of the capital distributed then has been repaid, but the public and politicians [...]
PERSONAL FINANCE NEWS June 24, 2010 PAY BY CARD TO GAIN REWARDS Savvy shoppers could earn substantial rewards by whacking all their day-to-day spending on the plastic. Based on an average household spend of £386.30 per week on a reward credit card, and by paying off the balance in full each month, Confused.com research shows after just one year, some of [...]
At a glance: All the crucial points from Osborne’s emergency Budget June 22, 2010 THE ECONOMY/PUBLIC FINANCES • The Office for Budget Responsibility (OBR) published fresh forecasts in light of the measures announced yesterday by chancellor George Osborne. • GDP growth will be 1.2 per cent in 2010, accelerating to 2.3 per cent in 2011, 2.8 per cent in 2012 and 2.9 per cent in 2013. The pace of [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? June 22, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in west Africa’s Cape Verde, on which she does not have [...]
What to look out for in the Budget June 21, 2010 THE ECONOMY/PUBLIC FINANCES • The newly-created interim Office for Budgetary Responsibility (OBR) released forecasts last week for growth and public borrowing. But these were based on the policy decisions of Alistair Darling’s Budget and are likely to change in response to moves made by the new chancellor. • Previously, the OBR said GDP?growth is expected [...]