Royal Bank of Canada boss to retire December 5, 2013 ROYAL Bank of Canada chief executive Gordon Nixon will step down next summer after 13 years at the helm of Canada’s largest bank, RBC said yesterday as it announced a stronger-than-expected quarterly profit. RBC’s retail banking head, Dave McKay, will take over in a move that analysts said was expected, just not so soon.
Vince Cable warns share price may plunge despite early jumps November 27, 2013 IT IS far too soon to judge whether or not the taxpayer lost out in the privatisation of Royal Mail, business secretary Vince Cable said yesterday, arguing that the shares could fall a long way. He said it could take anywhere from three months to two years to judge the market value of the firm. [...]
City Moves for 15 November 2013 | Who’s switching jobs November 14, 2013 Sullivan & Worcester The law firm has announced the hire of Mark Norris as a finance partner in its London office. He was most recently at Squire Sanders, where he was a banking and finance partner. Norris has previously held various roles at Simmons & Simmons and Clifford Chance. PwC Michael Spiteri has joined the professional services [...]
New York Report: Wall Street’s uphill climb hits plateau November 5, 2013 THE Dow and the S&P 500 ended lower yesterday following two sessions of gains as investors weighed the implications of strong economic data for the path of monetary policy over the next several months. After the closing bell, Tesla Motors reported a stronger-than-expected third-quarter profit, but offered a fourth-quarter outlook that fell short of Wall [...]
Renewables firm Infinis puts price tag on IPO stake November 4, 2013 INFINIS, the energy company owned by Guy Hands’ private equity firm Terra Firma, yesterday set the price range for its forthcoming stock market float to value the company at nearly £1bn. Shares in the renewable energy provider are expected to price at between 260p and 310p each, giving the company a market cap of between [...]
Deflation fear prompts Eurozone rate cut talk November 4, 2013 But a single data point is unlikely to convince the ECB that immediate loosening is necessary European shares traded close to five-year highs yesterday amid speculation that the European Central Bank (ECB) will cut its policy rate on Thursday. The FTSEurofirst 300 Index rose above 1,296, a near 6 per cent increase from Friday’s levels. [...]
Eurozone growing at last but could be outstripped by a three-legged tortoise, says analyst November 4, 2013 The Eurozone may have returned to growth but at a painstakingly slow pace, which will make a full recovery a distant prospect, according to RBC Capital Markets. The improvement in the labour market has been revised away and the high value of the euro is causing problems for the area. The European Central Bank (ECB) [...]
Confidence is back as Spain exits recession October 30, 2013 THE TROUBLED Eurozone economy received a strong boost yesterday as Spain officially pulled out of recession in the third quarter, after more than two years of falling GDP. But not all areas of the currency area are improving. Germany, which had led the recovery, has revealed a shock rise in unemployment in October. Spain recorded [...]
Inside Track: US banks tighten grip on Euro investment banking October 24, 2013 A cursory look at the latest investment banking league table leads one to an inevitable conclusion; that investment banking in Europe is becoming more and more the preserve of the American bulge bracket banks. There’s an exception to this trend, of course. Deutsche Bank, with a 10.5 per cent market share of all equity linked [...]
Melrose sells off two US firms to KKR for £630m October 10, 2013 ENGINEERING turnaround specialist Melrose Industries yesterday said it has agreed to sell lifting equipment company The Crosby Group and material handling equipment maker Acco Material Handling Solutions to private equity powerhouse KKR for approximately $1bn (£630m). The deal value is at the top of the expected range and is payable in cash on completion. The [...]