THE LONDON REPORT September 1, 2009 THE FTSE 100 shed 1.8 per cent yesterday, dragged back by weakness in banks and commodity issues, fuelling doubts over the sustainability of this summer’s strong rally. At the close, the FTSE 100 was 89.20 points lower at 4,819.70 after ending 0.8 per cent higher on Friday, when it also touched a near 11-month high. [...]
Oils and miners bring FTSE higher, while banks also rise August 20, 2009 BRITAIN’S leading share index gained 1.4 per cent as stocks enjoyed a broad-based recovery yesterday, with heavyweight oils and miners in demand as raw material prices rose while financials also rallied. By the close, the FTSE 100 was 66.91 points higher at 4,756.58, having reversed earlier losses to close slightly higher on Wednesday. The UK [...]
Nomura hit by lawsuit August 20, 2009 A LONDON headhunter is seeking “a commercially absurd sum” in a legal spat over how Nomura kept star bankers as part of its takeover of Lehman Brothers in Europe, the Japanese bank said yesterday. Documents filed at London’s High Court show there is a dispute between Nomura and Hogarth Davies Lloyd. “There is a dispute [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 19, 2009 FINANCIAL TIMES INVESTCORP REPORTS FIRST LOSSInvestcorp reported its first annual loss in its history after the London and Bahrain-listed investment group suffered big falls on its hedge fund investments and heavy writedowns at its private equity and real estate arms. The company, which made its name investing in retailers Gucci, Tiffany and Saks Fifth Avenue, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 18, 2009 FINANCIAL TIMES THOMAS COOK SALE PLANA large part of Arcandor’s 53 per cent stake in Thomas Cook could be sold to institutional investors as early as next month as creditor banks of the insolvent German retailer try to claw back their loans. Two people close to the banking consortium said a share placing “theoretically still [...]
DARLING THREATENS LAW TO CURB CITY BONUSES August 16, 2009 CITY bankers are on a collision course with politicians over multi-million pound bonuses after chancellor Alistair Darling yesterday pledged to intervene to curb excessive pay and risk-taking in the Square Mile. The Treasury is ready to consider legal action on bonuses if they pose a “systemic risk” to the banking system, which Darling and many [...]
Pirates’ bounty hurts business August 16, 2009 The rising wave of piracy will force businesses to pay a rising “piracy tax” to maintain trading networks, according to insurer Lloyd’s of London. The cost will come as a further blow to ship-owners, who will have to protect themselves from ransoms which can be as high as £2m, and other costs including delays in [...]
CITY VIEWS: WAS THE FSA’S CLIMB DOWN ON BONUSES THE ONLY SENSIBLE OPTION? August 13, 2009 ADAM MITCHELL LLOYD’S SYNDICATE“No. The FSA’s backtrack on bonus regulation wasn’t necessary. In fact, they should be firmer in their monitoring. Remuneration policies need overseeing, and the FSA and the government should both take responsibility to see that bonuses don’t get out of hand.” BEN LAWLOR ASSET MANAGEMENT“We’re in a free market, so regulation should [...]
CITY MOVES WHO’S SWITCHING JOBS August 12, 2009 RSAThe insurer has appointed Christian Torkington as its new UK chief operating officer. Torkington joins from Scottish Widows, where he was managing director of operations. Prior to that, he worked at Barclays in a variety of senior roles, and was also the chief executive of an economic development agency. RSIM Rensburg Sheppards Investment Management has [...]
Friends Prov dives into Cowdery deal August 11, 2009 THE BOARD of Friends Provident unanimously supported a fourth takeover bid from Clive Cowdery’s buyout vehicle Resolution yesterday, heralding an end to one of the world’s oldest life insurers. Trevor Matthews, chief executive of the 177-year old firm that was founded as a friendly society for Quakers, said he was “excited” at Cowdery’s plans to [...]