JPM Caz still dominating adviser arena August 31, 2009 JP MORGAN Cazenove comfortably retained its broking and financial advisory dominance over the third quarter of the year, according to the latest statistics from financial data group Hemscott. JP Morgan Cazenove gained eight broking clients, increasing its total tally to 236, of which 40 were FTSE 100 firms. Numis Securities and Brewin Dolphin rank second [...]
RSA axes plans to tap markets for extra cash October 4, 2009 GENERAL insurer RSA, which operates the More Than brand in the UK, has abandoned its plans for an ambitious rights issue of around £628m. Chief executive Andy Haste is said to have told its bankers, JP Morgan and Merrill Lynch, to drop the capital raising after his plans to buy out insurance rivals with the [...]
Bear Stearns pair face criminal case October 11, 2009 THE first of an expected slew of high-profile court cases arising from the credit crunch begins tomorrow, with two former Bear Stearns employees accused of misleading investors over the health of sub-prime mortgage securities. The case will hinge on whether one of the bank’s former hedge fund managers, Matthew Tannin, knew that the sub-prime arena [...]
US earnings rut could be at an end October 11, 2009 Though today is Columbus Day, a public holiday in the US, most of its markets are trading regular hours. This week is going to be defined by US corporate earnings. Tomorrow we have Intel and Johnson & Johnson, JP Morgan Chase is on Wednesday; on Thursday Citigroup, Goldman Sachs, Google and IBM are all due [...]
C&R shares take a hit August 20, 2009 SHOPPING mall and leisure centre operator Capital & Regional yesterday announced plans to raise £60.2m in a deeply discounted share placing, sending its shares plummeting. The group said South African peer Parkdev had agreed to invest £23.2m for a 25 per cent stake in the company. The remaining £45.7m will be raised in an underwritten [...]
C&R shares take a hit August 20, 2009 SHOPPING mall and leisure centre operator Capital & Regional yesterday announced plans to raise £60.2m in a deeply discounted share placing, sending its shares plummeting. The group said South African peer Parkdev had agreed to invest £23.2m for a 25 per cent stake in the company. The remaining £45.7m will be raised in an underwritten [...]
FSA TO PROBE KEY BARCAP BONUS DEALS August 17, 2009 &9632; FSA will demand to see the contracts of five traders&9632; JP Morgan and Barclays Capital in row over poached staff&9632; Think tank calls for Commission to report on high earners CITY watchdog the Financial Services Authority (FSA) last night said it will demand to see the contracts of five traders being hired by Barclays [...]
Non-financial debt hits high September 20, 2009 CORPORATE debt raisings in the US market have topped the $20bn (£12.3bn) mark for a second consecutive week, with issuance by non-financial firms now at an all-time high. Debt issues from energy giants Shell International Finance and Cenovus Energy helped debt markets to break records, according to Thomson Reuters. Investment-grade debt issuance by non-financial companies [...]
Yell gets the go ahead for fundraising November 2, 2009 YELLOW Pages publisher?Yell was yesterday given the green light by creditors over plans to refinance its massive £3.8bn debt mountain. The deal enables Yell to press ahead with a rights issue worth at least £500m. The company’s shares have been extremely volatile in recent weeks, after the firm was forced to extend its deadline three [...]
City Moves for 28 October 2009 | Who’s switching jobs October 27, 2009 GAMThe investment management firm has appointed Niall Gallagher as an investment director, effective from 2 November. Gallagher, who will be responsible for managing GAM’s European long-only equity strategies, previously managed pan-European and continental European equities at T. Rowe Price. He also formerly worked at BlackRock for nine years, having begun his career as an economist [...]