Falling bond yields cheer Wall Street May 28, 2009 US stocks climbed more than 1 per cent yesterday as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery. Energy company shares, including Exxon Mobil, rose as US crude oil settled above $65 a barrel for its highest close since [...]
St Modwen joins cash call trail May 14, 2009 Property developer St Modwen yesterday said it had raised £102m in a cash call to reduce debt, avert firesales and stockpile cash for new acquisitions. The firm, which specialises in regeneration projects in towns and cities across Britain said it would raise £25.9m through a placing and £81.5m through an open offer before advisers took [...]
Never again must banks ask for handouts June 9, 2009 IT is great news that 10 US banks have been given the green light to reprivatise themselves by paying back $68bn in Tarp bailout money. This is a milestone in the financial crisis; not only are banks raising their own equity privately again but they are also issuing long-term debt that isn’t guaranteed by the [...]
LUXURY FIRMS OUT TO IMPRESS AT WALPOLE GLAM LAUNCH PARTY June 2, 2009 WHEN it comes to impressing the great and the good of the City, Mayfair and Westminster, the firms which made the cut for this year’s Walpole Brands of Tomorrow pretty much have it licked. The luxury companies on the 2009 list gathered last night at Brown’s Hotel in the West End to drink champagne and [...]
Beware green shoots: the bears will still beat the bulls May 17, 2009 THE fragility of the “green shoots” recovery theory that has seen the FTSE 100 rise almost 30 per cent since its 9 March low, came to a shuddering halt last week as it lost 2.6 per cent, breaking its five-week winning streak. The blue chip index is now stuck in the middle of a tug [...]
Blank’s exit won’t end Lloyds’ troubles May 17, 2009 IT was always Sir Victor Blank, one of the Labour Party’s favourite businessmen, who was most likely to be Lloyds Banking Group’s sacrificial lamb. It was he, after all, who was the main driver of Lloyds TSB’s ill-fated takeover of HBOS; he first discussed the idea of the deal with Gordon Brown over drinks in [...]
JP Morgan retains top broker title September 1, 2008 Investment bank JP Morgan Cazenove has been named the top City broker for the third year running, according to the latest adviser rankings from Hemscott. JP Morgan has led the table for 12 consecutive quarters. It gained five new clients in the three months to 11 August taking its client base to a total of [...]
CITY PETROLHEADS WHIZZ OFF TO GOODWOOD FOR FESTIVAL OF SPEED July 2, 2009 GOODWOOD’S glorious Festival of Speed begins today, continuing City socialites’ merry lurch into the silly season after the combined joys of Epsom, Ascot and Wimbledon. This year’s motor extravaganza is themed “True Grit – Epic Feats of Endurance”, and is celebrating the 100 year anniversaries of petrolhead favourites Bugatti, Audi and Morgan. Apparently, ticket sales [...]
Mayor calls on business expertise December 8, 2008 London mayor Boris Johnson has recruited the help of 47 top-flight business leaders to offer him guidance and advice, it was announced yesterday. The International Business Advisory Council for London has been set up and will be chaired by Sir Martin Sorrell, chief executive of advertising group WPP. The council will advise the mayor on [...]
BG concedes defeat over deal with Australia’s Origin September 10, 2008 BG group said yesterday it would not increase its hostile takeover bid for Australian Origin Energy after the company agreed to a joint venture with American oil giant ConocoPhillips. BG’s offer of A$15.50 (£7.08) a share, which expires on 26 September, will not be extended and is expected to lapse, BG said in a statement. [...]