UBS: Barclays too big for UK March 29, 2011 BARCLAYS will have no choice but to consider leaving the UK, according to prominent UBS banks analyst John Paul-Crutchley. In a note to investors asking if the bank could be “the first to leave” London, Paul-Crutchley said yesterday that Barlcays and JP Morgan are “broadly comparable”, except that the Fed has given JP Morgan permission [...]
INDICES RISE BUT SO DOES UNCERTAINTY March 28, 2011 CFD MARKET STRATEGIST, GFT IT HAS been just over two weeks since Japan was hit by a devastating earthquake and tsunami, yet most major stock indices are already trading back at pre-crisis levels. This is despite the huge reconstruction costs faced by the country which have been estimated to be anywhere between 4 and 16 [...]
Fed officials clash over US policy March 28, 2011 Two senior US Federal Reserve officials yesterday revealed conflicting views on the economy. The Fed’s James Bullard proposed an early end to the controversial second phase of quantitative easing, giving a bullish outlook on US growth. However, fellow Fed official Dennis Lockhart defended the “current stance of monetary policy” yesterday evening.
Fed to start media briefings on policy March 24, 2011 Federal Reserve chairman Ben Bernanke is to hold media briefings four times a year in a historic shift to greater openness at the traditionally secretive US central bank. Bernanke will hold a rare question-and-answer session with reporters on April 27 following a regularly scheduled two-day meeting Fed meeting on monetary policy, the Fed has said. [...]
BoA forced to scale back dividend March 23, 2011 The Federal Reserve told Bank of America (BoA) to rein in its plans for a modest dividend increase, in a sign that regulators still view the lender as being financially weaker than its rivals. The largest US bank by assets did not disclose how much of a dividend increase it was looking for, and did [...]
AssetCo chief defeated as it raises £16m March 22, 2011 ASSETCO’s shareholders raised £16m in emergency funding yesterday after a court ruling forced its chief executive to comply with the plan. Shareholders were granted an injunction that required John Shannon, also AssetCo’s largest shareholder, to vote in favour of a plan to place 160m shares at 10p per share, two thirds of its closing share [...]
Fed officials optimistic on growth March 22, 2011 The US recovery is gathering strength, two Federal Reserve officials indicated yesterday. Sandra Pianalto spoke of a “virtuous cycle of growth” in the economy, while Richard Fisher said that the Fed should rule out any quantitative easing beyond June of this year.
Citi to merge shares and pay dividend March 21, 2011 CITIGROUP has joined the American bank stampede to hand capital back to shareholders following the Fed’s decision on Friday to remove its ban on dividend hikes. The bank announced yesterday that it will reinstate a $0.01 quarterly dividend and, in a bid to ditch the stigma of being a “penny stock”, will implement a reverse [...]
Fed ruling sees US banks rush to increase dividends March 20, 2011 US BANK investors are set to benefit from a wave of dividends and share buybacks after the Federal Reserve finally lifted its blanket ban on “increased capital distributions” by financial institutions. American banking stocks were up across the board on Friday after the Fed concluded its review of their capital plans and gave permission for [...]
Upbeat outlook for FedEx as delivery company foresees growth in demand March 17, 2011 FEDEX, the world’s largest cargo airline, forecast improved revenue and margins in the current quarter and beyond, and sees more shipments for reconstruction in Japan. The brightening outlook overshadowed lower earnings for the fiscal third-quarter, ended 28 February, which was slammed by severe winter storms and spiking oil prices. The package delivery company said fourth-quarter [...]