BP’s fall makes the FTSE more diverse June 2, 2010 THE importance of BP, which makes up close to 5 per cent of the entire FTSE All Share Index, has come into sharp relief since the explosion on the Deepwater Horizon oil well in April. The stock has fallen more than 30 per cent, whereas the FTSE All Share Index has fallen by 12 per [...]
CITY MOVES | WHO’S SWITCHING JOBS June 10, 2010 Coutts Private Office The private bank has appointed Stephen Eggins as a senior client partner based in London, responsible for looking after ultra-high net worth (UHNW) clients. Eggins has over 20 years of experience in financial services and joins from Credit Suisse, where he also advised UHNW individuals. Prior to that, he worked at US [...]
THE TIPSTER May 5, 2010 IT MIGHT be worth buying a small tranche of UK banking stocks. For the first time in over a year they have all drifted lower, not because of bad debt issues or sub prime worries, as was the case during the credit crunch, but because of a retraction in global risk sentiment. Spreadex offers a [...]
£850,000,000: What Pru’s banks will make in fees May 18, 2010 CITY investment houses opened fire on Prudential last night for paying banks the “obscene” sum of £850m to orchestrate its controversial rights issue and takeover of AIA. Shareholders told City A.M. they were dismayed at the fees being handed over by the insurer to push through its $21bn (£14bn) cash call and $35.5bn buyout of [...]
FTSE lifted by banks and commodities as investor fears over Eurozone recede May 18, 2010 BANKS and commodity-linked stocks pushed Britain’s top share index higher yesterday, with risk appetite returning among investors as Eurozone debt fears ebbed, and Man Group recouping the previous session’s losses. The FTSE 100 ended up 44.80 points, or 0.9 per cent, at 5,307.34, but after retreating from an earlier session high of 5,341.41. “Any move [...]
US vows to crack down on tax evaders April 15, 2010 TWO clients of HSBC were among nine people charged by US prosecutors with concealing offshore bank accounts, cases potentially roping in a second major bank to a US crackdown on wealthy tax cheats. The other seven were all former US clients of Switzerland’s UBS, the bank at the centre of enforcement efforts over the past [...]
HSBC CHIEF FEARS A DOUBLE DIP October 5, 2009 HSBC chief executive Michael Geoghegan has warned that the global economy could be facing a “double-dip” recession. Geoghegan said he was not convinced that a second financial downturn could be avoided and had put expansion plans at the UK’s largest bank on hold as a result. He said:“I’m not as convinced we’re through the worst [...]
Thomas Cook dips into the bonds market April 16, 2010 TRAVEL firm Thomas Cook has raised £650m through new sterling and euro bond issues. The company issued two bonds – a £300m seven-year bond paying 7.75 per cent interest, and a £350m five-year version paying 6.75 per cent. In the past the company, Europe’s second largest agent, has relied on bank loans. The bonds will [...]
London rises on comments by Fed chairman Bernanke June 9, 2010 BRITAIN’S top share index closed higher yesterday, lifted by gains in miners and banks, as investor appetite for risk was boosted by positive comments on the US economy from Federal Reserve Chairman Ben Bernanke. The FTSE 100 closed up 57.71 points, or 1.2 per cent, at 5,085.86, after a choppy session which saw the index [...]
KOREAN MOVE FOR HSBC TOWER September 28, 2009 THE HSBC Tower could be sold to South Korea’s National Pension Service (NPS) after it expressed an interest in buying the Canary Wharf building. No detailed talks have yet taken place, but NPS is believed to be in competition with a consortium of Malaysian investors to purchase the tower for up to £800m.