Relief for banks sees global rally September 13, 2010 BANKING shares on both sides of the Atlantic surged yesterday in response to the Basel III rules, which were less stringent than many institutions had feared. The FTSE 100 index soared 1.3 per cent to 5,565.53 – its highest close in four months – aided by a surge in banking shares which rose between 1.4 [...]
Jim O’Neill to take new role at Goldman September 12, 2010 JIM O’Neill, chief economist at Goldman Sachs, has been appointed to the newly created role of chairman of the bank’s asset management division, the bank announced this weekend. O’Neill will advise clients on investment strategies but will also continue to comment on key economic issues. His appointment is subject to regulatory approval from the Financial [...]
A spa in the home is the ultimate in luxury city living September 9, 2010 IN the past a health club was where you went to get pampered, a spa was a resort with natural springs and “wellness” was a hippy concept. Now that we’re both more health-conscious and luxe-conscious, however, spa facilities – meaning pools, treatment rooms, gyms, saunas, steam rooms and more – are a part of people’s [...]
Dana battles to stop £1.9bn offer by KNOC September 8, 2010 DANA PETROLEUM is braced for a £1.9bn hostile takeover by Korean National Oil Corps after investors dismissed an ambitious defence document demanding a higher price. Shares in Dana closed almost flat at £18.09, just above the level of state-owned KNOC’s £18 per share offer, indicating shareholders were unmoved by the argument. The board of the [...]
Decanting: how to breathe life into your wine September 8, 2010 THE main thing about decanters is that they look nice – and make you look like you know about wine. At least, that’s what I thought until the folks from Riedel turned up at the City A.M. offices to demonstrate the worth of their wares. Twenty minutes after they entered bearing fine glassware, I had [...]
Barclays’ Agius to take helm at BBA September 7, 2010 BARCLAYS chairman Marcus Agius yesterday announced he would step up to chair the British Bankers’ Association after HSBC chairman Stephen Green resigned to take up a new appointment as UK minister for trade and investment. Agius, a former Lazard investment banker, has chaired Barclays since the beginning of 2007. He has maintained a lower profile [...]
ANALYST VIEWS: HOW WILL BOB DIAMOND FIT IN AS CHIEF EXECUTIVE? September 7, 2010 NEIL SHAH | EDISON INVESTMENT RESEARCH “It’s a great example of succession planning as far as I’m concerned. He’ll be in a different position as chief executive, though, and he will probably be more measured in his approach. Where he was before and where he’s going to now are different and he’ll probably be operating [...]
Two staunch defenders of the banks make it on to City A.M.’s inaugural awards shortlist August 30, 2010 TWO personalities who have fought steadfastly for the interests of banks have made it onto the shortlist to win City A.M.’s personality of the year, one of the biggest prizes at October’s City A.M. awards. Mayor of London Boris Johnson was chosen for springing to the defence of the banks in the aftermath of the [...]
Bank told to explain powers August 30, 2010 THE Bank of England (BoE) needs to spell out to consumers what its powers to curb lending will mean for products such as mortgages, the British Bankers’ Association said yesterday. When it inherits the remit of City regulation from the Financial Services Authority in two years’ time, the BoE will be tasked with macroprudential oversight [...]
PERSONALITY OF THE YEAR August 30, 2010 IT’S been another tough year in the City. Stock markets are still nervy, the recovery is by no means secure and a double-dip is on many people’s cards. But it is hard times that form characters. Our five nominees for Personality of the Year have proved their mettle over the past 12 months. One is [...]