Low pay for UKFI bosses July 13, 2009 SEVERAL board members in charge of UK Financial Investments (UKFI) – the body charged with managing the government’s stakes in Royal Bank of Scotland and Lloyds Banking Group – are earning nothing for their time, it emerged yesterday. UKFI revealed in its annual report that acting chairman Glen Moreno is not taking a salary for [...]
Supermarket sweep pushes FTSE to seventh rise in a row July 21, 2009 BRITAIN’S top share index rose for a seventh-straight day yesterday, boosted by supermarkets after a trading update from Wm Morrison, and after strong US quarterly results, with miners also lending support. The FTSE 100 closed 37.55 points higher, or 0.9 per cent, at 4,481.17, following a gain of 1.3 per cent on Monday. The index [...]
Titan Clifford Chance loses its lead spot July 1, 2009 CLIFFORD Chance was yesterday knocked off the top spot as the world’s biggest law firm after revealing a 37 per cent plunge in full year profits. Average partner earnings at the London-based firm slumped from £1.16m in 2007-08 to £733,000 over the 12 months to 30 April as its key banking and corporate clients struggled [...]
Titan Clifford Chance loses its lead spot July 1, 2009 CLIFFORD Chance was yesterday knocked off the top spot as the world’s biggest law firm after revealing a 37 per cent plunge in full year profits. Average partner earnings at the London-based firm slumped from £1.16m in 2007-08 to £733,000 over the 12 months to 30 April as its key banking and corporate clients struggled [...]
RBS severs ties with brokers May 31, 2009 Royal Bank of Scotland (RBS) has dismissed its corporate brokers Merrill Lynch and Goldman Sachs, thereby distancing itself from the two key advisors of the Sir Fred Goodwin era. RBS has appointed Hoare Govett, the advisor owned by RBS’s ABN Amro unit, according to reports. Merrill Lynch was the advisor to RBS on the takeover [...]
Goldman Sachs and Intel trigger bumper day on FTSE July 15, 2009 STRONG corporate earnings numbers and improving economic data from the US lifted the blue chip share index by 2.6 per cent to its highest close in four weeks yesterday. Led by energy firms and banks, the FTSE 100 index ended up 108.78 points at 4,346.46, its third day of gains. The UK benchmark is up [...]
Commodities and financials emerge as stars of the index July 13, 2009 THE FTSE 100 closed 1.8 per cent higher yesterday, boosted by stronger energy and mining stocks, while financial shares also provided support to the market which had fallen in five of last eight sessions. The index ended 74.96 points higher at 4,202.13, after falling 0.8 per cent on Friday to its lowest close since 28 [...]
REVOLUTION ON THE BANKING HIGH STREET – KEY POINTS November 3, 2009 ASSET PROTECTION SCHEMERBS:• Will receive a £25.5bn capital injection from government: £13bn upfront; £6bn of discretionary capital; and £6.5bn in a fee taken as capital.• Toxic assets placed in the APS cut from £325bn to £282bn.• RBS must cover first £60bn – not the £42bn that was first envisaged?– of losses on toxic assets in [...]
Miners, banks and oil groups emerge as stars of the index July 14, 2009 LONDON’S top share index closed up 0.9 per cent yesterday, led by miners, banks and oil producers as impressive corporate data from the United States outweighed mixed economic figures. The FTSE ended 35.55 points higher at 4,237.68, extending Monday’s 1.8 per cent gains. The index has risen more than 23 per cent since hitting a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 10, 2009 FINANCIAL TIMES BBC ARM WINS COURT RULING ON 2ENTERTAINBBC Worldwide, the BBC’s commercial arm, has won a court case against the administrators of Woolworths over the value of their 2Entertain joint venture. The decision at the High Court in London is likely to face an appeal by Deloitte, the administrators, who are fighting to maximise [...]