Standard Chartered to expand non banking operations November 12, 2010 Standard Chartered will focus on organic growth and aims to expand non-banking operations in South Korea, its chief executive said. “You will see us doing more securities-based (work) using the holding company platform… In Korea as everywhere else, the primary focus of our strategy is organic growth,” Peter Sands told reporters in Seoul. The London-based [...]
StanChart hires 4,000 staff in Asia November 9, 2010 Standard Chartered yesterday revealed it will create 4,000 jobs in Asia, fuelling fresh fears that London is missing out on a global banking jobs boom. A StanChart spokesman told City A.M. the majority will be based in Singapore, with some in Indonesia. The announcement came as David Cameron and George Osborne arrived in Beijing to [...]
PM’s trade targets missing the point November 9, 2010 TRADE missions look good on TV but in reality are little more than an expensive distraction. They allow politicians, including David Cameron, to travel to China, a bevy of CEOs in tow, and to take the credit for contracts and deals. Nearly all of these would have happened without the PM’s help; unfortunately, he appears [...]
THE TIPSTER November 8, 2010 The Bank of England’s quarterly Inflation Report should provide some excitement for the currency markets this week. All market participants will be eagerly awaiting what the report has to say about growth prospects in the UK and whether further quantitative easing remains a real possibility. Capital CFDs quotes a price of €1.1590-€1.1594 for sterling-euro. Walt [...]
Standard gets 98.5 per cent rights backing November 7, 2010 STANDARD Chartered said investors representing 98.5 per cent of its shares signed up for its $5.3bn(£3.3bn) rights issue, which will boost the Asia-focused bank’s capital ahead of tougher global rules. Standard Chartered yesterday said it had received valid acceptances in respect of 256.7m shares offered to shareholders. Bookrunners will sell the shares not taken up, [...]
Boards may have to hire more women November 7, 2010 FTSE 100 companies could be forced to appoint morewomen to their boards under proposals being considered by Lord Davies, the former business minister. Lord Davies, who has been looking into why men still hold most of business’ top positions, is considering a quota of up to 40 per cent in the boardrooms of FTSE 100 [...]
Growth in China on the cards at Boots November 7, 2010 HIGH STREET health and beauty retailer Boots hopes to make headway in China when its executive chairman travels to the country as part of David Cameron’s first official visit as Prime Minister. Stefano Pessina has reportedly organised talks with potential partners in Beijing and Shanghai while he is in the country, as part of a [...]
Fears over consumer climate send retailers and FTSE down November 3, 2010 BRITAIN’S top share index closed lower yesterday, with retailers weak as Next posted falling sales, while banks gained ground after Lloyds Banking Group poached Santander UK’s head as its new CEO. Investors were reluctant to take big positions ahead of a Federal Reserve decision on further monetary policy easing later yesterday. Markets are pricing in [...]
CITY MOVES | WHO’S SWITCHING JOBS November 3, 2010 Exotix The frontier markets investment banking boutique has appointed Gabriel Sterne as a senior economist, covering Eastern Europe, CIS, Central Asia and the Middle East. Sterne joined Exotix in July from the Bank of England, where he was most recently been a senior manager in the modelling and systemic risk analysis division. He was also [...]
Lloyds sees its recovery start to slow November 2, 2010 LLOYDS Banking Group shares yesterday lost more momentum after a muted third-quarter interim statement which indicated that the group’s progress towards its objectives has slowed compared to the first half of the year. In an update notably thin on numerical detail, Lloyds said it delivered “good underlying income growth…[and] lower costs through continued strong integration [...]