THE LONDON REPORT November 4, 2009 LONDON’S leading shares ended 1.4 per cent higher yesterday, boosted by a rebound from miners and banks, with retailers Next and Marks & Spencer also higher after posting forecast-beating figures. At the close, the FTSE 100 was up 70.68 points at 5,107.89, recouping all of Tuesday’s losses when the index fell 1.3 per cent to [...]
Turner warns break-ups to hit stability November 2, 2009 THE forced break up of the “too big to fail” banks into retail and casino institutions would actually increase instability in the financial sector and worsen the economic impact of future banking crises, the City watchdog warned yesterday. Lord Adair Turner, chairman of the Financial Services Authority (FSA), said proposals to separate traditional banking operations [...]
HENDERSON GROUP TO RID ITSELF OF ITS FALLEN NEW STAR’S LEGACY November 2, 2009 AS FUND management veteran John Duffield gets busy with his new venture, Brompton Asset Management over in Knightsbridge, having completed FSA registration for the name last week, it looks like those lording it over his old employees are preparing to eradicate his legacy for good. Duffield’s second venture, New Star, was taken over by asset [...]
Santander able to bid for RBS assets November 1, 2009 Spanish bank Santander has been cleared to bid for Royal Bank of Scotland’s business-focused branches when the bank’s assets are divested under plans being drawn up. Competition rules agreed between London and Brussels will ensure that no purchase of the assets will push the buyer’s market share in the specific market past 15 per cent. [...]
Q&A: RENTING October 29, 2009 Louise SavageDIRECTOR AT RESIDENTIAL LAND Q. Dear Louise, I am looking to move to London for three years for work and have found an amazing place. I want to be flexible as my job contract may end earlier, but I don’t want to have to find a new place every year. What are my options? [...]
BEST OF THE BROKERS October 28, 2009 CADBURYInvestec said that Cadbury’s interim management statement should be good for valuations of the firm, but that a more contingent approach to the potential end-games leads it to be less bullish overall. The broker decreased its target price for the stock to 840p and downgraded its rating to “hold”. BPCitigroup said that, with BP trading [...]
City Moves for 29 October 2009 | Who’s switching jobs October 28, 2009 Financial Services Skills CouncilThe FSSC has appointed Legal & General’s Adrian Clark and Santander’s Bernadette Brown, pictured, to its board of directors. Clark is L&G’s chief operating officer for protection throughout the UK as well as director of its Cardiff site. Brown is a human resources business partner for Santander’s UK businesses, based in the [...]
US and Asia retail sales buoy the Pru October 28, 2009 INSURANCE giant Prudential yesterday reported a 10 per cent year-on-year rise in third-quarter retail sales, reflecting its focus on its profitable US and Asian operations. Chief executive Tidjane Thiam, in his first statement as head of the group, said that total retail sales grew to £699m in the period. Retail sales for the first nine [...]
TOP BANKER HIRED TO SPLIT UP ROCK October 27, 2009 SENIOR UBS banker Robin Budenberg is set to be named today as the new chief executive of UK Financial Investments (UKFI), the Treasury unit that manages the government’s holdings in UK banks. Budenberg’s first job will be to oversee the break up of Northern Rock into a “good” and a “bad” bank – a plan [...]
City Moves for 28 October 2009 | Who’s switching jobs October 27, 2009 GAMThe investment management firm has appointed Niall Gallagher as an investment director, effective from 2 November. Gallagher, who will be responsible for managing GAM’s European long-only equity strategies, previously managed pan-European and continental European equities at T. Rowe Price. He also formerly worked at BlackRock for nine years, having begun his career as an economist [...]