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 [...]
Hedgie Degorce calls up old friends to set up a fund at Lansdowne’s offices July 12, 2009 PATRICK Degorce, a former fund manager at US banking giant Merrill Lynch, is launching a new fund based in the Mayfair offices of hedge fund powerhouse Lansdowne Partners. Degorce, 40, is being allowed to set up shop with a small team at the firm after contacting Stuart Roden and Peter Davies, former colleagues of his [...]
Hedgie Degorce calls up old friends to set up a fund at Lansdowne’s offices July 12, 2009 PATRICK Degorce, a former fund manager at US banking giant Merrill Lynch, is launching a new fund based in the Mayfair offices of hedge fund powerhouse Lansdowne Partners. Degorce, 40, is being allowed to set up shop with a small team at the firm after contacting Stuart Roden and Peter Davies, former colleagues of his [...]
SPINVOX ACTIVIST KICKS UP A RUMPUS August 17, 2009 THE rumpus surrounding controversial voice-to-text messaging firm SpinVox continues apace. After the firm recently admitted some of its messages are translated into text manually by workers outside the UK, some former customers are up in arms – and I read on a techie blog that one in particular is spearheading a drive to persuade people [...]
SPINVOX ACTIVIST KICKS UP A RUMPUS August 17, 2009 THE rumpus surrounding controversial voice-to-text messaging firm SpinVox continues apace. After the firm recently admitted some of its messages are translated into text manually by workers outside the UK, some former customers are up in arms – and I read on a techie blog that one in particular is spearheading a drive to persuade people [...]
Lloyds loses rich US clients in rules blow June 14, 2009 LLOYDS Banking Group has told a group of UK-based, high-net worth American clients at one of its investment management arms it can no longer run money for them, due to a regulatory hitch. The bank last week contacted around 30 wealthy clients of its Bank of Scotland Portfolio Management Service by letter informing them it [...]
Glaxo tops the table as the market hopes to feel better July 8, 2009 THE FTSE 100 ended down by 1.1 per cent yesterday, hitting its lowest closing level in more than two months, as weakness in banks, oil producers and miners offset minor resistance in some defensives. The index closed down 46.77 points at 4140.23, its third day of losses. Banks were under pressure on the economic outlook [...]
City pair on Sainsbury’s shopping list June 21, 2009 THE race is on at J Sainsbury to choose a successor to replace Sir Philip Hampton as chairman before the retailer’s July annual meeting. The £5.6bn supermarket giant is understood to have shortlisted Burberry chairman John Peace and Thomson Reuters deputy chairman Niall FitzGerald. The search for the £396,000 a year post has been carried [...]
BEST OF THE BROKERS June 10, 2009 CLOSE BROTHERSUBS analysts initiated coverage on Close Brothers with a “hold” rating and 700p target price, saying that the new management’s strategy should increase shareholder value over the next three years. However, the broker says the group faces near-term challenges including rising bad debt and lower stock market levels. PEARSONReports that California Governor Arnold Schwarzenegger [...]
Pharmaceuticals inject more life into the FTSE 100’s rise July 22, 2009 THE FTSE 100 added 0.3 per cent yesterday, extending its winning streak to eight sessions thanks to modest gains on Wall Street and solid second-quarter results from drugs giant GlaxoSmithKline. At the close, the index was 12.56 points higher at 4,493.73, up 8.2 per cent over the past eight sessions. Drug maker Shire was the [...]