Lloyds backs HSBC against red tape choking bankers August 6, 2014 LLOYDS’ chief executive joined the flood of bankers speaking out against the damaging effects of over-regulation, yesterday warning that red tape risked squeezing the life of much of the industry. Antonio Horta Osorio warned that reversing the burden of proof when a problem arose – treating bankers as guilty until they can prove themselves innocent [...]
Skyzophrenia: Crispin Odey in two minds about the BSkyB and and Sky Deutschland deal August 6, 2014 Odey Asset Management founder Crispin Odey has found himself in an awkward position, one which could well leave him falling out with, er, himself. Odey is a shareholder in both BSkyB and Sky Deutschland. By his own admission, he is for BSkyB’s acquisition of Sky Deutschland when he has his BSkyB hat on, but when [...]
Murdoch ends $80bn Time Warner bid, plans $6bn share buyback August 6, 2014 Rupert Murdoch has ended his $80bn bid for Time Warner after it refused to engage with 21st Century Fox over the proposed deal. It ends considerable speculation over a deal which would have created a giant in the American media landscape. 21st Century Fox will instead buy back $6bn of its shares over the next [...]
Best of the Brokers for 06 August 2014 August 5, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BSKYB Numis keeps its “buy’ rating for BSkyB and raised its target price by 41p to 982p following last week’s strong full-year results and the purchase of Sky Deutschland and Sky Italia from 21st Century Fox. BSkyB forecasts synergy benefits at £200m by [...]
Ebola flight risk mapped: British Airways cancels UK routes August 5, 2014 As the Ebola crisis continues, British Airways has cancelled flights to Sierra Leone and Liberia, cutting off the only direct flights to London. In a statement, the airline said it was unable to continue flights "due to the deteriorating public-health situation" in the area. The situation has intensified recently with new cases reported in Nigeria. [...]
Sir Mike Rake in overdrive to chair roadside recovery firm RAC August 4, 2014 CBI president Sir Mike Rake is the frontrunner to become chairman of the RAC breakdown recovery service. The deputy chairman of Barclays is in talks for the role, ahead of the RAC’s potential £2bn stock market listing, according to Sky News. The breakdown service, owned by private equity group Carlyle, is expected to announce its [...]
Lights out across London landmarks as capital marks First World War centenary August 4, 2014 Lights have gone out across the capital to mark the centenary of Britain's entry into the First World War. London landmarks including Tower Bridge, the London Eye and Downing Street went dark to commemorate the moment. The screens of Piccadilly Circus played a roll of honour naming the 2,000 residents of Westminster borough who fought and [...]
HSBC chairman wants delay to ringfence rules August 3, 2014 BRITAIN’S biggest banks could face two expensive shake-ups instead of one, the head of HSBC has warned, because the new competition probe is taking place at the same time as banks divide themselves up with the incoming ringfence. HSBC chairman Douglas Flint has written to chancellor George Osborne, asking him to push back the introduction [...]
Lights out for darker skies: First World War started with a crash August 3, 2014 For the City, the Great War began with a financial crisis. Even before Britain committed itself, Europe’s great powers ranging against one another spelled disaster: the collapse of the magnificent, peaceful edifice of international trade built between the empires. As told in Jerry White’s riveting account of London in the war, Zeppelin Nights, on Friday [...]
Mary Queen of Shops flagship scheme failing to make an impact August 2, 2014 Mary Portas' government funded scheme to restore the high street has failed to have a significant impact, reports Sky News. Portas' high street revival project received £1.2m in public funding and focused on 12 town centres. Wolverhampton was one those chosen to pilot the scheme and received £100,000. The results were mixed, with five retail [...]