UBS wins first step to stem staff exits August 5, 2008 UBS has won the first round of its legal battle to ban start-up wealth manager Vestra from poaching its staff and clients. High Court judge Mr Justice Openshaw granted an injunction preventing Vestra from making overtures to any UBS UK wealth management or stockbroking clients, or headhunting any more UBS employees. Seventy-five UBS employees have [...]
It’s time to take a punt on politics August 4, 2008 The quick changes in the political landscape offer opportunities for spreadbetters, says Chris Shillington A week is a long time in politics, as Harold Wilson said, but the few minutes it takes to read a 1,000 word article can also be a significant period. Especially if the article in question is one written by foreign [...]
Cabinet backs Brown after Blair memo August 4, 2008 Three cabinet ministers threw their weight behind the embattled prime minister yesterday in an attempt to defuse the speculation surrounding his leadership. Chancellor Alistair Darling, deputy Labour leader Harriet Harman and Skills Secretary John Denham all endorsed Gordon Brown, insisting he is the right man for the job. Denham said Brown had the skills necessary [...]
Britain’s future is nuclear with or without BE deal August 4, 2008 Last week nuclear operator British Energy was preparing itself for a £12bn sale to French power giant EDF. This week, that deal lies in tatters and the government may be forced rethink its plans to boost the UK’s long-term reliance on atomic energy. So what next for this troubled firm, operator of the UK’s eight [...]
A year on from Northern Rock, what next for mortgages? August 4, 2008 The question of whether the government can rescue the mortgage market is now being asked by its own advisers, as if the mortgage market can be sorted out in some kind of a vacuum, detached from the rest of the banking sector. I can understand ministers want to stabilise house prices, and that making more [...]
HBOS looks to raise private funds for help August 4, 2008 HBOS has asked investment bank UBS to raise a private investors’ fund to help it offload £400m of investments, as it looks to prop up its balance sheet and cut back on investments in troubled times for the banking sector, it emerged yesterday. The UK’s largest mortgage lender has called on UBS to create a [...]
Banking tragedy fails to lift market players August 4, 2008 You could say the UK banks reporting season is turning into a comedy of errors but perhaps a Shakespearean tragedy would be more apt. It was an awful first act for the sector last week but the drama will reach its crescendo this week as we await downbeat numbers from HSBC, Barclays and RBS. The [...]
New chair of Hermes is ex Gartmore CEO August 4, 2008 The manager of the UK’s largest pension fund yesterday said it had recruited Glyn Jones, the former chief executive of investment manager Gartmore, as its new chair. The appointment of Jones, who spent his time at Gartner building up a big hedge fund boutique, is part of Hermes’ plan to become more independent from its [...]
Sinopec to launch a bid for Imperial August 4, 2008 Oil exploration firm Imperial Energy is expected to rise this morning, after reports that one of China’s biggest state-owned oil companies is launching a bid to buy the company. The China Petroleum and Chemical Corporation, commonly known as Sinopec, approached the firm last week and has already begun due diligence. It is thought that the [...]
Banks set for worst results in City history August 4, 2008 Markets brace for a raft of bad news from HSBC, Royal Bank of Scotland and others HSBC will today kick off another disappointing week of banking results as the credit crunch continues to wreak havoc in the City. HSBC is forecast to reveal $2bn-$3bn (£1bn-£1.5bn) of credit market provisions in its global markets business. Europe’s [...]