CITY OUT IN FORCE FOR MARATHON SUNDAY April 25, 2010 TENS of thousands of runners completed the London Marathon yesterday, braving 26 miles of light rain showers to get round the gruelling course. As usual, the business world’s athletic contingent did themselves proud in the race, including Sir Richard Branson, who made it round in just over five hours to celebrate Virgin’s first year sponsoring [...]
FTSE 100 hits one-month low as Greek deficit fears weigh April 22, 2010 The London Report FTSE 100 hits one-month low as Greek deficit fears weigh BRITAIN’S top shares fell to a one-month closing low yesterday after news that Greece’s deficit widened more than expected hit investor sentiment, sending commodity and bank stocks into reverse. A downgrade of Greece’s debt rating from Moody’s Investors Service added to investor [...]
IMF plan: the wrong kind of reform April 21, 2010 IT is a quote that sums up the new cross-party consensus on London’s financial services industry. Reacting to proposals from the International Monetary Fund, which would hit all financial firms – including hedge funds and insurance companies, not just banks – with two very large new taxes, Alistair Darling had this to say: “The recognition [...]
Insurers lobby to avoid paying out to cover airline losses April 20, 2010 UNCERTAINTY over who will foot the losses generated by the flight restriction mounted yesterday as it remained unclear how insurance cover would be given to the airlines. Airlines impacted by the closure of airspace could have cover, according to Holman Fenwick Willan lawyer Paul Wordley, but only if they have business interruption triggers in their [...]
CITY VIEWS: WHERE DID IT ALL GO WRONG FOR ARSENE WENGER AND ARSENAL THIS SEASON? April 19, 2010 LEONIDAS KOUKOS | LLOYDS REGISTER “It went wrong years ago. Wenger has put too much emphasis on youth and hasn’t balanced the side up with experience and big-game performers. They have also suffered with injuries and the squad has been found wanting without sufficient back-up.” MATT FAGAN | DEUTSCHE PFANDBRIEFBANK “The fact Sol Campbell has [...]
Concerns over Goldman Sachs weigh on the FTSE 100 as mining shares fall April 19, 2010 UNCERTAINTY over the fallout from fraud charges against Goldman Sachs and the grounding of flights across Europe depressed London blue chips yesterday, led by risk-sensitive banks and miners and travel firms. The FTSE 100 closed down 16.05 points, or 0.3 per cent, at 5,727.91, extending Friday’s 1.4 per cent fall. Banks were rattled as investors [...]
CITY MOVES | WHO’S SWITCHING JOBS April 14, 2010 FSSC The Financial Services Skills Council has appointed Trevor Matthews, the chief executive of Friends Provident, as its new chairman. Matthews joins a number of high-profile City bosses on the FSSC board, including Resolution Group chief executive John Tiner, Standard Life managing director John Gill, KPMG vice chairman Brendan Nelson, and Angela Knight, the chief [...]
Bankers must look hard at pay if they want to win back the public’s support April 14, 2010 JUDGING by public and media sentiment over the past couple of years, the fairground arcade staple of whack-a-mole will at some point be replaced by the sport of whack-a-banker. The credit crunch blame-game does not appear to be dissipating. A particular bone of contention between the banks, politicians and the public is the issue of [...]
Silicon Valley Bank aims for UK licence April 13, 2010 SILICON Valley Bank (SVB), the American lender that has backed Twitter and Cisco Systems, is applying for a UK banking licence in a move that could bring serious competition to the commercial market. The US-based firm aims to open its first branch in London next year if the FSA gives it the thumbs up. SVB, [...]
PROPERTY BARONS PAY TRIBUTE TO THEIR SAGE April 13, 2010 IT WAS a hop, a skip and a jump over to the Dorchester yesterday lunchtime for the slap-up annual lunch hosted by Gerald Ronson, the seasoned chief of property group Heron International. Ronson’s list of invitees reads like a who’s who of the upper echelons of property and high finance, including ex-Lloyds chair Sir Victor [...]