Cameron pledges £5,000 for UK homeowners hit by flood damage February 12, 2014 DAVID Cameron said yesterday he would make £5,000 available to every home and business hit by flooding, as gale-force winds disrupted trains, closed roads and cut power to vast swathes of the country. The Prime Minister reiterated his pledge to spend whatever it takes to help get communities back on their feet after heavy rain [...]
Europe’s biggest banks face risk from emerging market turmoil February 11, 2014 INTERNATIONAL banks like Barclays and Santander are at risk from the volatility which has struck some emerging markets in recent weeks, credit ratings agency Fitch warned yesterday. Although the risks are currently manageable, the analysts believe the danger could grow if there is contagion between more emerging and developed markets. Groupo Santander is the most exposed, [...]
Lambert: This is banks’ last chance to behave well February 10, 2014 BANKS must treat customers well or face more regulation, Sir Richard Lambert said yesterday as he unveiled his plans for a new body to raise standards in the industry. He wants banks to publish a wide range of information every year, including customer satisfaction, staff training plans and pay structures. Sir Richard hopes this will [...]
John Laing looks to raise £174m from green infrastructure float February 10, 2014 A NEW infrastructure fund that has John Laing as an investor yesterday unveiled its plans to float on the main market of the London Stock Exchange, as it looks to raise up to £174m. John Laing Environmental Assets Group (JLEN) will acquire a portfolio of renewable energy, waste and waste water PFI assets in the [...]
City Moves for 11 February 2014 | Who’s switching jobs February 10, 2014 IFDS The outsourcing and technology firm has appointed Simon Moorhead as global chief information officer. He joins from the Bank of England, where he was chief information officer. Moorhead has also held roles at Reuters, Ernst & Young, Cap Gemini and HSBC. Coutts Arne Hassel has been appointed head of investments at the private bank. [...]
Best of the Brokers for 11 February 2014 February 10, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com G4S Panmure Gordon has cut the outsourcer from “hold” to “sell” with a target price of 200p, down from 275p. The broker thinks there are many headwinds for G4S, with slowing growth in developing markets alongside currency movements and margin pressure in the [...]
Letters to the Editor – 11/02 – White-collar jobs, Best of Twitter February 10, 2014 White-collar jobs [Re: Will the spread of automation mean the end of the white-collar worker?, yesterday] Automation is already a reality in financial services. Banks have automated risks systems in place, and vast amounts of money is generated from electronic and algorithmic trading. But the complete replacement of white-collar specialist roles with robots and machines [...]
African Barrick Gold soars on cheerful HSBC outlook February 10, 2014 All that glitters certainly is gold for African Barrick Gold, the FTSE 250-quoted miner that soared over eight per cent this morning. As well as benefitting from a rise in the yellow metal price today, the company was given a boost by an upgrade from HSBC. This is an encouraging sign for ABG after a [...]
Bankers will not run new industry standards body February 10, 2014 THE NEW body being set up to improve standards in banking and restore faith in the industry will not be run by bankers, Sir Richard Lambert is expected to announce tomorrow. The former boss of the Confederation of British Industry (CBI) is thought to be keen to avoid claims the group is run by bankers [...]
What you need to know before the open – 07/02 February 7, 2014 With the US employment report out later today, European bourses are expected to open higher. Yesterday's better-than-expected jobless numbers have helped ease investor fears. Meanwhile, the European Central Bank decided against upping interest rates, with president Draghi insisting Europe has no inflation problem, although he hinted at the possibility of action in the medium term. [...]