BEST OF THE BROKERS November 10, 2009 MAN GROUPFollowing Man Group’s interims and management’s upbeat message on an improving industry backdrop, Evolution raised its full-year 2011 earnings per share forecasts by eight per cent to $43.30. The broker has reduced current year forecasts by six per cent. It retained a “buy” on the stock with an increased target price of 400p. SHANKS [...]
Kroes: I’m no bank slayer November 12, 2009 EU COMPETITION chief Neelie Kroes yesterday hit back at critics who have slammed her decision to enforce punishing break-up rules on Europe’s bailed-out institutions, insisting she is not a “bank destroyer”. Speaking in Amsterdam, Kroes – nicknamed “Steely Neelie” for her ruthless approach – said: “Our goal is not to break up banks. I am [...]
Myners calls on investors to enforce a bonus clampdown November 3, 2009 CITY minister Lord Myners yesterday called on institutional investors to clamp down on bumper bonuses across the whole banking sector as he outlined Treasury plans to replace cash bonuses with equity-based payouts for high-earning staff at part-nationalised Royal Bank of Scotland and Lloyds Banking Group. RBS and Lloyds have agreed to halt all discretionary cash [...]
…AS RBS HIT BY TREASURY BONUS CAPS December 2, 2009 ROYAL Bank of Scotland’s board was on a collision course with the Treasury last night after the government threatened to veto the bank’s plans to pay up to £1.5bn in bonuses to its investment bankers. Stephen Hester, the bank’s chief executive, and the rest of the RBS board are said to be prepared to resign [...]
Dutch agree more funding for ABN Amro November 19, 2009 The Dutch government yesterday said it would have to inject another €3bn (£2.7bn) into nationalised bank ABN Amro, which will raise the national debt with no immediate return for the state. The finance ministry also said that a long-negotiated ABN asset sale to Deutsche Bank was worth €700m, but could collapse unless parliament approves it [...]
BEST OF THE BROKERS November 8, 2009 ITVRoyal Bank of Scotland reiterated its “buy” rating on ITV and raised its target price from 60p to 66p, following the broadcaster’s upbeat trading statement last week.It also raised its net advertising revenue (NAR) forecast from -12.6 per cent to -10.4 per cent, driving a 22 per cent increase in its 2009 operating profit forecast.GREAT [...]
Bank changes affect millions November 3, 2009 MILLIONS of retail banking customers will be affected by the sale of Lloyds Banking Group and Royal Bank of Scotland assets, but it could be four years before the process is complete. Spokespeople for both RBS and Lloyds both stressed yesterday that it was “business as usual” until further notice, and that any disruption will [...]
BEST OF THE BROKERS November 11, 2009 ALLIANZNomura upgraded Allianz to “neutral” for two reasons: first, the end of the deterioration in property and casualty underwriting as shown in the firm’s third-quarter results and, second, the broker’s reduced concern over Allianz’s exposure to litigation in its US life business. But the stock is still not one of Nomura’s top picks as it [...]
Small investors to launch RBS claim October 11, 2009 A GROUP of small shareholders is planning to sue Royal Bank of Scotland, claiming it misled investors in its May 2008 prospectus for a rights issue to pay for its acquisition of Dutch bank ABN AMRO. The Royal Bank of Scotland Shareholders’ Action Group said yesterday it had hired forensic accountant Paul Klumpes and was [...]
DUBAI DEBT WORRIES ROCK WORLD MARKETS November 26, 2009 DEEPENING fears about Dubai’s debt problems shook European stock markets yesterday, with the FTSE 100 index suffering its worst one-day loss since March. The FTSE fell by 3.2 per cent, losing more than 170 points to 5,194.13, while leading indices in France and Germany were also down sharply. Wall Street was closed for Thanksgiving. Banking [...]