Weak miners dip FTSE below key 200-day moving average June 8, 2011 MINING stocks, dented by heightened investor concerns about the strength of the global economic recovery, pushed Britain’s top shares below a key technical level yesterday, a bearish signal for the index. The FTSE 100 closed down 55.76 points, or one per cent, at 5,808.89, having breached its 200-day moving average of 5,815. US Federal Reserve [...]
HMV DEBT REFINANCING June 7, 2011 Q.WHAT DOES THIS HMV REFINANCING INVOLVE? A.HMV’s lenders RBS and Lloyds have agreed to supply two term loans of £70m and £90m that mature in September 2013, and a £60m revolving credit facility. The deal refinances its previous £240m debt facility with £220m of fresh debt. The banks will charge HMV interest of four per [...]
CITY VIEWS: SHOULD BROADGATE BE LISTED? June 6, 2011 MALCOLM PICKERING | LEADENHALL CORP “No, for a building to be listed it needs to have architectural history. We are in a period of change and renewal so it is good to build a modernised building.” PAUL BENNIE | BENNIE MACLEAN “No. The building is not iconic and it is not an architectural landmark. Broadgate [...]
Commodities lift FTSE and offset weak banks and travel June 6, 2011 STRENGTH in commodity stocks helped Britain’s leading share index edge higher yesterday, offsetting weakness in banks and travel stocks, as some of the recent gloom lifted in the absence of further glum data. The FTSE 100 closed up 8.15 points, or 0.1 per cent, at 5,863.16 points, adding to Friday’s 0.1 per cent gain after [...]
Stocks suffer on global growth fears June 6, 2011 Stocks have fallen this morning on a hangover from weak US employment data on Friday, and falls in Asian markets overnight. US non-farm payroll data showing just 54,000 new jobs were created in May shocked the markets, leaving the Nasdaq 1.5 per cent lower. In Asia, the Nikkei fell to an 11-week closing low today [...]
Economic shocks sent FTSE back below the 6,000 mark June 1, 2011 BRITAIN’S top share index dropped back yesterday as below-par US economic pointers and weak UK manufacturing and housing data intensified investor concerns about the strength of the global economy. At the close, the FTSE 100 index was down 61.38 points, or one per cent, at 5,928.61, reversing sharply in the afternoon after briefly pushing back [...]
Banks help FTSE to end May on a high but fear still reigns May 31, 2011 BANKS and energy stocks, buoyed by hopes of a second bailout for Greece, helped Britain’s FTSE 100 higher yesterday, but traders remained concerned about buying momentum in the short-term. “Uncertainty for the near term outlook still remains bearish until the markets can pick up positive momentum and clear hurdles to give the bulls a chance [...]
Lloyd’s insurer Novae eyes £420m Omega merger May 31, 2011 Lloyd’s of London insurer Novae is examining a merger with rival Omega, in a deal which could create an enlarged group with a combined market capitalisation of some £420m. “In accordance with the group’s publicly stated strategy, Novae routinely reviews possible transactions and confirms that it is currently undertaking due diligence in evaluating the merits [...]
CITY MOVES | WHO’S SWITCHING JOBS May 30, 2011 BDO The accounting and professional services firm has appointed Tom Taylor as a risk director. Before joining BDO, Taylor worked at Lloyds Banking Group for four years, where he worked as chief risk officer and operations director in the bank’s European insurance operation. Prior to that, Taylor spent seven years as a director at Ernst [...]
ALL CHANGE AT LLOYD’S AS IT RINGS 25 YEARS May 26, 2011 IT MAY seem like only yesterday for many City veterans, but today marks 25 years since the first managing agents moved into the landmark Lloyd’s building on Lime Street. So happy anniversary to the insurance giant, which still shows traces of more than 300 years of Lloyd’s history, such as the famous Lutine Bell, which [...]