BT tops FTSE 100 February 1, 2013 The benchmark index rose back through the 6,300 barrier this morning, boosted by strong gains from telecoms firm BT. BT rose almost 3.8 per cent in early deals, on the back of a seven per cent jump in pre-tax profit over the three months to December thanks to strong demand for its fibre optic broadband. [...]
China manufacturing indicates muted recovery February 1, 2013 China’s giant manufacturing sector continued its modest recovery in January, according to official data out this morning, although growth slowed over the month. China’s official purchasing managers’ survey (PMI) released this morning showed that factory output at the world’s second-largest economy rose in January, but at a slower pace than the month previously. The index [...]
Fresh scandal to cost banks £2bn January 31, 2013 THE FINANCE watchdog yesterday opened the floodgates to tens of thousands of compensation claims from small firms who may have been missold interest-rate fixing products, representing another major headache for the scandal-struck industry. The four biggest banks will now review the 40,000 interest rate swap transactions made since 2001 in a bid to identify any [...]
Dealmakers already confident of better times ahead January 31, 2013 With the first month of the year out of the way, most investment bankers are beginning to feel a little bit chirpier – at least those of them lucky enough still to be in a job. In Europe, January has brought a few large deals to the markets, including ArcelorMittal’s $3.5bn (£2.21bn) mandatory convertible bond [...]
Lonmin output bounces back after hard year January 31, 2013 SHARES in platinum miner Lonmin soared yesterday as it showed signs of shrugging off its troubles at Marikana last year. The world’s third-largest platinum miner said yesterday that production in the first quarter had “substantially exceeded” the planned ramp-up to full platinum output. Lonmin said it mined 2.7m tonnes over the year from the Marikana [...]
FTSE 100 hurt by AstraZeneca and banking shares January 31, 2013 The leading share index fell back this morning beneath the 6,300 level that it hit yesterday, as AstraZeneca and banking shares weighed on the FTSE 100. The pharmaceutical firm dropped more than four per cent in early deals, as it posted a drop in fourth quarter profit. “As largely expected, investors will have to wait [...]
Banks to review sale of interest rate swaps to small businesses January 31, 2013 The big four banks will start a review into the sale of complex interest rate hedging products that might have been mis-sold to small businesses. The Financial Services Authority, which last said it had found serious failings in the sale of interest rate hedging products (IRHPs), said Barclays, Lloyds, HSBC and RBS would review individual [...]
HSBC on hiring spree to beef up crime team January 30, 2013 HSBC yesterday hired more ex-regulators to set up a new unit to fight crime in a drive to show it is striving to clean up its tarnished image. The bank paid fines totalling $1.9bn (£1.2bn) to settle accusations lax money laundering controls allowed drugs gangs and terrorists to funnel money through the institution. Its new [...]
FTSE 100 rally continues January 30, 2013 The FTSE 100 rally showed signs of continuing this morning, as the blue chip index edged up 0.1 per cent, despite a slew of weak trading statements from large-cap companies. Oil and gas services firm Petrofac topped the blue chip loser board, shedding more than seven per cent. Other large-cap fallers dropped on the back [...]
City Moves for 30 January 2013 | Who’s switching jobs January 29, 2013 Pinsent Masons Michael Isaacs has been appointed partner in the law firm’s financial sector disputes practice. He is a banking litigation specialist, and joins from Addleshaw Goddard. Issacs has over 20 years’ experience in the sector. Mizuho International The London-based securities and investment banking arm of Mizuho Financial Group has appointed Antony Slotboom as head [...]