Crest Nicholson to return to stock market January 21, 2013 Housebuilder Crest Nicholson said this morning it would launch an IPO in a bid to return to the stock market five years after it was taken over during the housing crisis. Crest Nicholson, which primarily operates in the South of England, said the offer would comprise new and existing shares. The primary proceeds of the [...]
FTSE 100 up as Chinese growth recovers January 18, 2013 The FTSE 100 was firmly up in early deals this morning, as it was lifted by headline natural resources shares on the back of a rebound in Chinese growth. The Chinese economy expanded by 7.9 per cent in the fourth quarter, coming in above expectations and marking an uptick from the 7.4 per cent recorded [...]
Rio Tinto drags FTSE 100 down January 17, 2013 Mining giant Rio Tinto weighed heavily on the FTSE 100 this morning, trading down around 3.5 per cent. This morning it said chief executive Tom Albanese would step down following a $14bn impairment charge relating to several acquisitions. Charles Gibson, head of mining at Edison Investment Research, said this morning: “When a company writes off [...]
Top investment bankers join up to form boutique advisory firm January 16, 2013 FORMER Morgan Stanley investment banker Simon Robey is teaming up with senior City figure Sir Simon Robertson to form a joint advisory boutique, the latest in a line of veteran dealmakers to quit a large investment bank for pastures new. Robey, whose 25-year career at Morgan Stanley saw him latterly as head of the UK [...]
City Moves for 17 January 2013 | Who’s switching jobs January 16, 2013 Lloyds Bank The bank’s commercial banking division has appointed Karin Cook chief operating officer. She joins from HSBC, where she was most recently global chief operating officer for its private bank. Cook has over 20 years’ experience in the industry, and has also held roles at Goldman Sachs and Morgan Stanley. Saffery Champness The accountancy [...]
Anglo American leads FTSE 100 down January 16, 2013 Global miner Anglo American led the FTSE 100 down this morning as one of its mines was hit by a strike following yesterday’s review of its platinum operations in South Africa. Amplats, which is 80 per cent owned by parent Anglo American, yesterday said it would divest of a mine complex and close four shafts, [...]
The weaker yen isn’t a panacea for Japan’s ails January 15, 2013 JAPAN’S new government has wasted little time in trying to free the country from deflation, economic stagnation and a strong currency. It intends to act aggressively. It has “three-arrows” within its arsenal: bold monetary policy, flexible fiscal policy, and a growth agenda. The yen’s recent slide suggests that the market currently has faith that these [...]
Burberry tops FTSE 100 January 15, 2013 The leading share index was modestly higher in early deals, as Burberry was the star performer following an upbeat trading statement. The British luxury brand soared 5.2 per cent on the FTSE 100 this morning, as investors were cheered by its latest trading statement. Revenue over the third quarter jumped nine per cent, thanks to [...]
What the other papers say this morning January 14, 2013 FINANCIAL TIMES Junk-bond prices point to bulls return The junk-bond market is sending a bullish signal for the global economy in 2013, with investors in US high-yield securities earning higher returns so far this year than those who have bought investment-grade debt. High-yield bonds are an acute barometer of risk appetite and rises in their [...]
Barclays and Deutsche to cut back bonuses January 14, 2013 BANK job losses are set to be matched by tough bonus cuts as the industry seeks to keep costs under control, with Barclays and Deutsche Bank yesterday joining the long list of institutions thought to be preparing to keep a tight hold on the purse strings. Deutsche Bank is expected to cut its bonus pool [...]