There is no need to tap shareholders August 23, 2010 IN the battle to become banker to the emerging markets, HSBC has won an important victory over Standard Chartered, its closest strategic rival. Having entered exclusive talks to buy Old Mutual out of Nedbank, HSBC looks set to take control of the South African bank. The logic of such a deal is not in doubt: [...]
TRADERS SEX UP THE DULL WORLD OF FOREX August 23, 2010 THE THINGS that bored traders get up to when they get a minute, eh? The Capitalist chances upon an, err, enterprising website set up by a pair of forex traders, who claim to have cracked the conundrum of how to dispense a barrage of information to their peers while simultaneously holding their interest – by [...]
TRADERS SEX UP THE DULL WORLD OF FOREX August 23, 2010 THE THINGS that bored traders get up to when they get a minute, eh? The Capitalist chances upon an, err, enterprising website set up by a pair of forex traders, who claim to have cracked the conundrum of how to dispense a barrage of information to their peers while simultaneously holding their interest – by [...]
HSBC set to buy Nedbank in £3bn deal August 22, 2010 HSBC is poised to beat off competition from rival Standard Chartered to snap up a controlling stake in South African bank Nedbank this week for $4.4bn (£2.83bn). HSBC is understood to be on the verge of defeating emerging markets specialist Standard Chartered to acquire what may be the last big South African bank that regulators [...]
Brittan takes trade role August 19, 2010 LORD Brittan, who made his name as trade and industry secretary in Margaret Thatcher’s cabinet, is to return to government as a trade adviser. David Cameron said that 71-year-old Brittan, who is taking a six-month sabbatical from his job as UBS vice chairman, would help “drive forward Britain’s ambitious trade agenda”. However, the Prime Minister [...]
FTSE falls to lowest level in a month on US jobless figures August 19, 2010 BRITAIN’S top share index fell to its lowest close in a month yesterday, as weak US labour and other data cast further doubt on the strength of the global recovery and as oil stocks fell on lower crude prices. The FTSE 100 fell 91.58 points, or 1.7 per cent, to 5,211.29 points, the lowest close [...]
Vedanta buys into Cairn’s Indian oil firm August 16, 2010 MINING group Vedanta said it will take a majority stake in oil firm Cairn’s Indian operations yesterday, in a cash deal worth up to $9.6bn (£6.1bn). The London-listed miner ended weeks of speculation and confirmed it would take control of the second largest oil firm in the country, Cairn India, by purchasing between 51 and [...]
Bankers warn of brain drain as rules loom August 15, 2010 BANKERS have renewed warnings of a talent exodus from the UK as the financial watchdog begins consulting the City on a tough set of bonus and pay rules drafted in Europe. The Financial Services Authority (FSA) is engaging with institutions and shareholders over plans to cap the upfront cash portion of large rewards at 20 [...]
Bankers warn of brain drain as rules loom August 15, 2010 BANKERS have renewed warnings of a talent exodus from the UK as the financial watchdog begins consulting the City on a tough set of bonus and pay rules drafted in Europe. The Financial Services Authority (FSA) is engaging with institutions and shareholders over plans to cap the upfront cash portion of large rewards at 20 [...]
Private equity job for Davies August 11, 2010 Former government minister and past chairman of Standard Chartered Mervyn Davies has joined private equity firm Corsair Capital, boosting the specialist financial services investor’s senior management team. Lord Davies joins Corsair, which spun out of JPMorgan Chase in 2006, as vice chairman and partner, based in London. He most recently served as minister of state [...]