Europe’s biggest banks face risk from emerging market turmoil February 11, 2014 INTERNATIONAL banks like Barclays and Santander are at risk from the volatility which has struck some emerging markets in recent weeks, credit ratings agency Fitch warned yesterday. Although the risks are currently manageable, the analysts believe the danger could grow if there is contagion between more emerging and developed markets. Groupo Santander is the most exposed, [...]
New Look rules out plans to float February 11, 2014 NEW LOOK chief executive Anders Kristianson has said the group is in no hurry to join the latest flurry of stock market listings, after the fashion retailer reported a five per cent jump in third quarter sales. Kristianson said the company “did not have any imminent plans” and needed to strengthen its position overseas and [...]
Chelsea chair Bruce Buck steps down from Skadden leadership February 10, 2014 BRUCE Buck, the Chelsea football club chairman who is also a partner at law firm Skadden Arps Slate Meagher & Flom, is to step down as head of the firm’s London office. Former Skadden Moscow head Pranav Trivedi, who also specialises in corporate finance, will step into Buck’s shoes, and spend most of his time in [...]
Whelbourne crashes out of final but eyes swift return to the ice February 10, 2014 BRITISH short track speed skater Jack Whelbourne declared his determination to return to the ice after crashing out of yesterday’s historic 1,500m final in Sochi. The 22-year-old set a new British record in his first heat then became his nation’s first-ever representative in a 1,500m Games’ final, before tumbling when placed fourth with four laps [...]
What the other papers say this morning – 10 February 2014 February 10, 2014 FINANCIAL TIMES Quantum nets Soros $5.5bn George Soros’s Quantum Endowment fund had its second-best year in dollar terms in 2013, adding $5.5bn to the billionaire’s fortune and putting the $28.6bn fund back at the top of the table for the most successful hedge funds of all time. The $5.5bn return was the best for Quantum [...]
Google puts pressure on Sochi games with anti-discrimination logo February 7, 2014 Search giant Google has joined the ranks of those hitting out at Russia's dire record on civil liberties. Russian rules against "gay propaganda" have been widely critiscised for promoting hatred against lesbian, gay, bisexual, and transgender groups. Google's move to change its homepage logo follows comments from US Olympic team sponsor AT&T, who made clear [...]
Inside Track: Supermarket set to repair Russian reputation in London February 6, 2014 THERE’S been many a well-known company, from the likes of retailer Harvey Nichols to the property website Zoopla or even the restaurant website Just Eat, tipped to float on the reviving London new issues market, but it looks likely one of the first companies to make it across the line will be Lenta, which is [...]
Letters to the Editor – 07/02 – Spillover effects, Charity lobby, Best of Twitter February 6, 2014 Spillover effects [Re: Global growth has peaked for now – but no need to panic, Wednesday] We’re all talking about the spillover effects of US monetary policy on emerging markets at the moment, but consider the situation over the next five to ten years. Governments across the West will surely embrace rising prices as a [...]
Chinese monetary superpower rivals the Fed in the emerging market storm February 5, 2014 ONE OF the joys of my job is watching fashionable but off-base theories crumple in the face of real world events. The current emerging market storm has seen the obvious destruction of not one, but two cocktail party staples: the rise of the Brics/Mints and the idea of the G-Zero world. The first thought to [...]
Reports of an emerging market death have been greatly exaggerated February 5, 2014 Emerging markets have been unloved recently. Not only have they under performed their developed market peers over the past year, but last week saw the biggest withdrawal of money from the asset class since August 2011, with investors pulling $6.3bn (£3.9bn) of cash from EM equities in just seven days – roughly the [...]