FTSEcloses at one-year high as energy and mining rally October 12, 2009 RALLYING energy stocks and miners, spurred by firmer commodity prices and growing optimism on the corporate outlook and global economy, helped the top share index to its highest close in over a year yesterday. Global equity markets were given a shot in the arm by forecast-beating results from Philips ahead of earnings from other major [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2009 FINANCIAL TIMES JPMORGAN TRIES TO CALM UK FEARSJPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London [...]
Treasury pays 6.5m to KPMG for advice on APS October 12, 2009 ACCOUNTANCY firm KPMG has been paid more than any other adviser for its work on the Treasury’s Asset Protection Scheme (APS) for bailed out banks, according to a freedom of information request. Seven firms have been paid a combined £26.5m for their advice on the APS, the Treasury revealed, of which KPMG alone picked up [...]
Miners lead markets higher as gold price holds steady October 8, 2009 THE top share index ended 0.9 per cent higher yesterday, buoyed by the miners on firmer metals prices and optimism over demand prospects. The FTSE 100 closed 45.74 points higher at 5,154.64, after shedding 0.6 per cent on Wednesday. “There doesn’t seem to be the same degree of buying momentum returning to the market after [...]
Goldman in talks to extend its CIT loan October 5, 2009 LLOYD Blankfein, chairman of Goldman Sachs, is in talks with CITGroup which could see the investment bank’s $3bn (£1.88bn) loan to the stricken lender extended. In the latest of a series of lifeline deals designed to save ailing CIT, Goldman is considering changing the terms on an emergency loan it made in June 2008 to [...]
RBS closes the door on new credit cards October 5, 2009 ROYAL Bank of Scotland (RBS) has closed its credit card business to new customers in a bid to prevent a rise in bad debts. The lender, which is 70 per cent owned by the taxpayer, will limit new credit cards to existing banking customers, meaning that anyone who wants an RBS or NatWest credit card [...]
Barclays eyes Standard Life banking arm October 4, 2009 BARCLAYS is set to enter exclusive talks which could see it snap up Standard Life’s banking division, after rival suitors walked away. The bank, led by chief executive John Varley, is expected to be granted exclusivity by the insurer later this week after it expressed strong interest in the arm, which has been valued at [...]
RSA axes plans to tap markets for extra cash October 4, 2009 GENERAL insurer RSA, which operates the More Than brand in the UK, has abandoned its plans for an ambitious rights issue of around £628m. Chief executive Andy Haste is said to have told its bankers, JP Morgan and Merrill Lynch, to drop the capital raising after his plans to buy out insurance rivals with the [...]
Banks to lend more but output suffers October 1, 2009 UK LENDERS are to make mortgage loans more easily available, according to Bank of England research. The Bank’s Credit Conditions Survey said availability of mortgages had decreased in the third quarter due to a deterioration in wholesale funding markets. But it said lenders expect more home loans to be offered in the final quarter as [...]
Clever traders use call warrants to profit from those M&A rumours September 30, 2009 WITH the exception of shot gun weddings in the banking sector, mergers and acquisitions (M&A) activity practically died a death during the financial crisis. But recently there has been a slew of rumoured buyout offers such as Kraft’s bid for UK confectionary giant Cadbury. Indeed, Credit Suisse analyst Richard Kersley believes that the Kraft bid [...]