PINNACLE APPEALS TO KEEP ICONIC TOWER ALIVE November 25, 2010 Developer could be forced to halt work next year unless it can secure extra funding THE DEVELOPER of the Pinnacle skyscraper is scrambling to secure extra funding to avoid being forced to halt construction on the 945-foot tower. Arab Investments (AI) has made a plea to some of the Pinnacle’s 60 original investors for extra [...]
Government may spilt up large banks May 12, 2010 BANKS may be forced to split their retail and trading operations in a bid by the new coalition government to water down risk in the City. The Conservatives and Liberal Democrats yesterday announced a one-year inquiry into the sector that could see the so-called “Volcker rule” imposed on the UK’s institutions. The rule, named after [...]
LISTED PRODUCT NEWS October 27, 2010 RBS LAUNCHES RETAIL BONDS Following up on the success of the recent Lloyd’s deal, RBS is releasing two more royal bonds this week, designed explicitly for retail investors. Unlike many other issuers, there is no minimum size order. The bonds feature CREST settlement, smaller tradable sizes and an ‘all in price’, all features designed to [...]
Goldman sees its profits fall October 19, 2010 US INVESTMENT bank Goldman Sachs said yesterday that net profit fell during the third quarter of this year after lower than expected trading volumes during the summer dragged on earnings. Goldman reported a net profit of $1.9bn (£1.2bn), or $2.98 per share, for the three months to 30 September, down more than 40 per cent [...]
FTSE sunk by BP’s oil slick woes June 8, 2010 Britain’s FTSE 100 share index fell yesterday, led down by energy shares as BP dropped again on fresh Gulf of Mexico oil slick worries and banks which were hit by Eurozone debt concerns and the threat of punitive taxes. By the close the FTSE 100 was off 40.91 points, or 0.8 per cent at 5,028.15 [...]
Bleak picture in UK markets as shares tumble on Eurozone and Korea fears May 25, 2010 BRITAIN’S leading shares tumbled yesterday, laid low by big falls from banks and commodity issues as ongoing euro zone debt contagion fears and rising tensions in Korea kept investors wary. By the close, the FTSE 100 index was down 128.93 points, or 2.5 per cent, at 4,940.68, having touched an eight-and-a-half month low of 4,898.49 [...]
Two-week low for the FTSE as metals and miners tumble June 23, 2010 BRITAIN’S top share index hit a near two-week closing low yesterday as retreating metals prices and downbeat broker sentiment pressured mining stocks and with investors’ moods darkened by weak US homes sales data. The FTSE 100 index closed down 68.46 points, or 1.3 per cent, at 5,178.52, its lowest close since 11 June, having lost [...]
CITY MOVES | WHO’S SWITCHING JOBS November 4, 2010 Aviva The insurer has hired Helen Hislop as chief financial officer and Patrick Dixneuf as chief operations officer for its European arm, with effect from 1 January. Both will be based in Paris, and will work under EMEA chief executive Andrea Moneta. Hislop replaces Tim Harris, who has moved to Aviva as deputy chief financial [...]
Lloyds to reiterate likelihood of a return to profit this year April 26, 2010 LLOYDS Banking Group is expected to cheer investors today by revealing a significant downward trend in impairments and reiterating the likelihood of the bank returning to profit over the full financial year. Lloyds, which is the first of the UK banks to report first-quarter figures this morning, is expected by analysts to forecast impairments of [...]
FTSE closes higher, fuelled by energy stocks and BP Gulf oil spill response May 27, 2010 BRITAIN’S top shares rose 3.1 per cent yesterday to hit a one-week high, with oil stocks the standout gainers led by BP as it was making progress in plugging a well which has been leaking in the Gulf of Mexico for five weeks. The FTSE 100 index closed up 157.09 points at 5,195.17, its highest [...]