FTSE boosted by Barclays February 12, 2013 The FTSE 100 edged up in early trading, with Barclays topping the blue chip leader board. The bank this morning unveiled new cost-cutting measures in a restructuring that will see it axe 3,700 jobs this year. It rose more than 2.5 per cent in early deals. “Significant management changes have been implemented, a universal banking [...]
Money laundering check to slow down Cyprus cash February 11, 2013 CYPRIOT anks will face independent money-laundering investigations before getting hold of any Eurozone bailout funds, the Eurogroup of finance ministers said yesterday. “We agreed that an independent assessment conducted by a private sector firm is required,” aid Jeroen Dijsselbloem, at his first meeting heading up the Eurogroup, after taking over from Jean-Claude Juncker. Cypriot leaders [...]
Mining and banking shares boost FTSE February 11, 2013 The leading share index was modestly up in early deals, as mining and banking shares boosted the FTSE 100. Russian steelmaker Evraz rose 1.77 per cent. Miner Eurasian Natural Resources was up almost 1.7 per cent in early deals. Last week the Kazakh-focused miner soared more than nine per cent as it reported a jump [...]
Osborne does the wrong thing while Hourican takes the fall February 6, 2013 DEPUTY heads must roll. It’s impossible to decrypt yesterday’s Libor-rigging settlement between Royal Bank of Scotland (RBS) and regulators in the UK and US without being reminded of that immortal phrase. John Hourican, who will step down as the boss of RBS’s investment bank at the end of April, is entitled to feel hard done [...]
Analyst Views | Has BP left its 2012 woes behind? February 5, 2013 RICHARD HUNTER HARGREAVES LANSDOWN The agreement on Rosneft leaves BP with exposure to the Russian region without some of the previous distractions, the dividend policy is progressive and the general streamlining of its operations form a strong base. SAM WAHAB SEYMOUR PIERCE BP has agreed divestments of $37.8bn since 2010, a year earlier than planned. [...]
Waterstones’ losses widen February 5, 2013 BOOKSELLER Waterstones revealed yesterday that a “disappointing sales performance” had dragged the company to a £40m loss last year, sparking fears for the future of the high street chain. HMV sold the retailer for £53m last year to Russian billionaire Alexander Mamut who put James Daunt, the founder of the eponymous books chain, in charge [...]
Standard owner wins London TV February 4, 2013 LONDON will gain its own TV station next year, after the race to operate the channel was awarded to Russian billionaire Alexander Lebedev, the owner of the Evening Standard and Independent newspapers. Communications regulator Ofcom announced that Lebedev’s London Live bid had beaten four competitors to win the rights to the contract. London is one [...]
Russian stock exchange priced February 4, 2013 MOSCOW’S stock exchange will be valued at up to $4.6bn in its planned stock market flotation, which will raise around $500m for the company and selling shareholders, according to a price range published yesterday. The Moscow Exchange, Russia’s main venue for trading in stocks, bonds, currencies and derivatives, is to float on its own platform [...]
BP’s difficulties may be behind it February 4, 2013 Chief Market Strategist, Cantor Index THE moment John Browne became chief executive of BP, the company’s fortunes went from strength to strength. Lord Browne, as he is today, orchestrated two very shrewd initiatives – the oil giant’s merger with Amoco in 1998, and its acquisition of ARCO (Atlantic Richfield Company) in 2000. The world was [...]
Crisis in the Eurozone is brewing up security problems for years ahead February 3, 2013 IN HIS speech on Britain’s relationship with the EU, David Cameron reminded us that European politics is still characterised by a competition for influence in pursuit of the national interest. There is, of course, no longer a military dimension to that contest. A common European market and common institutions have weakened the link between economics, [...]