Barclays profit up as investment bank bounces back April 26, 2012 Barclays posted a 22 percent rise in first-quarter profit, ahead of market forecasts, as a strong rebound in revenue from its investment banking arm and a drop in bad debt countered increased compensation for insurance mis-selling. The bank reported an adjusted pretax profit of £2.45bn in the three months to end-March, up from 2 billion [...]
Austerity here to stay, warns German leader May 7, 2012 GERMAN Chancellor Angela Merkel tried to ease tensions with new French President Francois Hollande yesterday, after she supported rival Nicolas Sarkozy in the campaign. However, she warned that the new French leader – and his currently unknown peer in Greece – will not be allowed to renegotiate the Eurozone’s fiscal discipline deal. Merkel said that [...]
HMV supplies hit by credit insurance cut January 18, 2011 TROUBLED music retailer HMV came under further fire yesterday after suppliers revealed that its credit insurers were drastically cutting the amount of sales they would insure. An internal memo from Sony showed that its credit insurers had withdrawn all cover for new sales to HMV after a meeting with HMV chief executive Simon Fox had [...]
HMV supplies hit by credit insurance cut January 18, 2011 TROUBLED music retailer HMV came under further fire yesterday after suppliers revealed that its credit insurers were drastically cutting the amount of sales they would insure. An internal memo from Sony showed that its credit insurers had withdrawn all cover for new sales to HMV after a meeting with HMV chief executive Simon Fox had [...]
Greek bond yields remain highest in Eurozone March 12, 2012 Greece’s new bonds, issued following last week’s debt swap deal, have begun trading at high yields, suggesting that investors do not have confidence in the current rescue deal. Greece issued 20 new bonds to its investors on Monday, with early pricing showing bid yields ranged between 19.4 percent on the shortest duration debt maturing in [...]
Lloyds Bank raises £170m March 21, 2012 LLOYDS Banking Group has raised £170m through a new share issue as it looks to keep debtholders on its side. The money will be used to restart dividend payments on certain bonds, a practice that was suspended by the European Commission following the taxpayer bailout of the bank during the 2008 financial crisis. Lloyds, which [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 15, 2012 FINANCIAL TIMES OSBORNE WEIGHS 50P TAX RATE CUT George Osborne is considering announcing a cut in the 50p top rate of income tax to 45p in his Budget next week, after the Liberal Democrats showed willingness to drop their resistance in return for a clampdown on tax avoidance by wealthy people. THOMAS COOK TURNS DOWN [...]
WHO’S SWITCHING JOBS April 26, 2012 Avoca Capital The European credit investment manager has appointed Stephen Holland as director of sales and marketing. Holland will spearhead Avoca’s growth in North America. Most recently he was business development manager for Abbey Capital, a Dublin-based hedge fund. He has also served as head of sales for Bank of Ireland Asset Management. BlackRock The [...]
CITY MOVES | WHO’S SWITCHING JOBS March 25, 2012 Coutts Jennifer Mathias has been appointed chief financial officer of the wealth division of the Royal Bank of Scotland, with immediate effect. Mathias joins from Lloyds Banking Group, where she was finance director of the corporate banking division. She will report to Fiona Davis, finance director for retail and wealth within the Royal Bank of [...]
CITY MOVES | WHO’S SWITCHING JOBS March 25, 2012 Coutts Jennifer Mathias has been appointed chief financial officer of the wealth division of the Royal Bank of Scotland, with immediate effect. Mathias joins from Lloyds Banking Group, where she was finance director of the corporate banking division. She will report to Fiona Davis, finance director for retail and wealth within the Royal Bank of [...]