China’s first interest rate rise since 2007 drags FTSE down October 19, 2010 China’s first interest rate rise since 2007 hit mining shares and dragged the FTSE 100 lower yesterday, offsetting gains from banks after solid results from Bank of America and Goldman Sachs. At the close, the FTSE 100 index was down 38.63 points, or 0.7 per cent at 5,703.89, having earlier dipped below the 5,700 level [...]
UBS signs deal to be a Formula One sponsor August 23, 2010 FORMULA One signed up Swiss bank UBS as a global partner yesterday in a deal the sport will hope marks a turnaround after the exit of several other financial institutions due to the economic crisis. No financial details were given for a deal that will be presented formally at next month’s Singapore Grand Prix. However [...]
UBS signs deal to be a Formula One sponsor August 23, 2010 FORMULA One signed up Swiss bank UBS as a global partner yesterday in a deal the sport will hope marks a turnaround after the exit of several other financial institutions due to the economic crisis. No financial details were given for a deal that will be presented formally at next month’s Singapore Grand Prix. However [...]
Admiral Group rules out buying Churchill or Direct Line from RBS August 22, 2010 ADMIRAL GROUP, the insurer that releases its interim numbers on Wednesday, has dealt a blow to Royal Bank of Scotland’s hopes of finding a trade buyer for Churchill or Direct Line by ruling itself out of any auction. In an interview with City A.M., Admiral chief executive Henry Engelhardt said: “We don’t think we will [...]
Barnier takes on UK with bank tax plan September 6, 2010 EUROPEAN finance commissioner Michel Barnier will take on the UK today when he advocates setting up a series of liquidation vehicles funded through a region-wide bank tax. Chancellor George Osborne has refused to back the use of tax revenues to create funds to wind down failed institutions, arguing that ring-fencing the proceeds of banking levies [...]
FTSE weighed down by talk of more banking rights issues October 14, 2010 BRITAIN’S top share index closed lower yesterday, dragged down by banks on worries about rights issues in the sector, while mobile phone heavyweight Vodafone rose following an upgrade from Nomura. The FTSE 100 ended down 20.14 points, or 0.4 per cent, at 5,727.21, after gaining 1.5 per cent on Wednesday to its highest closing level [...]
Priory looks healthy for buyout bids September 15, 2010 HANDFUL of buyout firms are understood to be submitting indicative bids for mental-health specialist the Priory Group, which seller Royal Bank of Scotland (RBS) hopes could fetch about £1bn. Advent International, Bain Capital, Blackstone and Cinven were all thought to be planning to submit non-binding bids by yesterday’s deadline. The Carlyle Group and KKR are [...]
Banks and miners pull FTSE lower September 21, 2010 Britain’s leading shares faltered by yesterday’s close as investors lost their nerve ahead of news from the US Federal Reserve, with banks and miners the biggest fallers. The Fed appears set to debate pumping billions of dollars more into the sluggish US economy, but is likely to hold off any action while it takes further [...]
Taxpayer set to earn £30bn from bailouts August 30, 2010 THE government is set to make almost £30bn from its emergency bailout of British banks, according to new research out today. At the time of the bailout, some observers predicted the taxpayer would end up nursing losses of around £850bn. But The Banker magazine says a combination of recovering profits, rising equity markets and fees [...]
CITY VIEWS: ARE YOU WORRIED ABOUT RISING INFLATION? August 16, 2010 ANDREW DAMM | ROYAL BANK OF SCOTLAND “Its a bit of a tricky situation at the moment, but in the long term the market will sort itself out. I think it will be a slow recovery and we need to be cautious.” JOHN WHITE | QUASH “Personally I’m not that worried about inflation, but it [...]