Defensive shares lift FTSE but banks and miners weak January 26, 2010 BRITAIN’S leading share index added 0.3 per cent yesterday, as support for defensive issues, and a modest early rally on Wall Street, offset weakness in heavyweight miners and banks. At the close, the FTSE 100 index was up 16.54 points at 5,276.85, snapping a four-session losing streak, having earlier reached an intraday low for the [...]
All can fail: my new manifesto for the banks January 25, 2010 REGULAR readers of this column will know that I am no fan of many of the proposals being cooked up to reform the banks. I have opposed Barack Obama’s plan to ban retail banks from engaging in proprietary trading; George Osborne’s support of Glass-Steagall, which would break up commercial and investment banks; and Alistair Darling’s [...]
Cable: carve up retail and investment banking in UK January 25, 2010 VINCE cable yesterday called for British banks to be broken up, in a move that will further alienate him from the City. He said he would use the crisis to transform the economy into a system that was beneficial to the whole country and “not just the Square Mile”. He distanced himself from the two [...]
Hornby says Scalextric boosts profits January 25, 2010 THE popularity of Scalextric sets helped to put toymaker Hornby’s sales into the fast lane over Christmas. Hornby said the racing car game had received a boost after current Formula One grand prix teams were introduced. In November the firm – which also produces Airfix models – was facing a potential downturn according to retail [...]
250-YEAR OLD BOOZER BREAKS TRADITION TO BRING IN EARLY BIRDS January 25, 2010 TIMES really are a-changin’, aren’t they? We’ve all noticed a shift in the financial community’s attitude to wining and dining over the past few years, with slick power breakfasts replacing boozy lunches as the City’s repast of choice. But surely the old guard of the banking world never dreamed they’d see the day when Simpson’s [...]
Hornby sales back in the fast lane January 24, 2010 THE popularity of Scalextric sets helped to put toymaker Hornby’s sales into the fast lane over Christmas. Hornby said the racing game had received a boost after current Formula One grand prix teams were introduced. Toys from Disney/Pixar’s Cars has also helped to fuel the sales rise. The company said demand for its brands from [...]
We must learn from financial history January 24, 2010 SPEAKING to this newspaper last night, Lord Myners, the City minister, points out that banks’ proprietary trading and investments in hedge funds and private equity were “in no way central” to the problems which led to the global financial crisis. I agree: Barack Obama’s plan to ban banks with retail arms from those activities – [...]
Betfair hires banks to plan autumn float January 24, 2010 ONLINE gambling exchange Betfair is understood to have appointed Goldman Sachs and Morgan Stanley to advise on a £1.5bn flotation. The company, which is backed by Japanese lender Softbank, is thought to be examining an autumn listing which would potentially net co-founders Ed Wray and Andrew Black hundreds of millions of pounds. The news will [...]
Shares fall as Obama wages war on Wall Street January 22, 2010 PRESIDENT Barack Obama launched his biggest attack yet on the banking sector, revealing plans for the toughest overhaul of Wall Street since the Great Depression. “If these folks want a fight, it’s a fight I’m ready to have,” Obama said, as he told retail banks they would no longer be able to take risky bets [...]
William Hill buoyed by earnings upgrade thanks to revenue surge January 20, 2010 High Street bookmaker William Hill looked attractive to punters yesterday, as shares closed up more than three per cent following a bullish trading statement. Earnings for the year are expected to be at the top end of predictions, with gross earnings of around £250m due to a four per cent increase in revenue. The company [...]