Financials and US data boost London’s blue chip companies December 16, 2009 Britain’s leading share index rose 0.7 per cent yesterday as US data led to a rise in commodity stocks, and banks firmed on a report that the enforcement of capital adequacy rules would be delayed. The FTSE 100 finished 34.49 points higher at 5,320.26, after closing 0.6 per cent down at 5,285.77 on Tuesday. New [...]
Traders look to hedge fund guru for lead on Barclays November 2, 2009 AFTER eight months of holding onto his 1.5 per cent stake in Barclays, one of London’s top hedge fund managers announced last week that he has sold his stake in the high-street bank, which has risen in value by 550 per cent over the period. Crispin Odey, head of Odey Asset Management, cited uncertainty over [...]
Cosmen clan snubs cash call at National Express November 11, 2009 NATIONAL EXPRESS, the struggling transport company, announced plans to raise £360m via a rights issue yesterday – but its main shareholder objected to the plans. The cash fetched from the fundraising will be used to shore up the group’s balance sheet and pay off its debt pile, after the rail and bus company snubbed takeover [...]
CITY MOVES WHO’S SWITCHING JOBS September 28, 2009 HSBC Private BankThe bank has appointed Chris Allen, currently head of real estates at HSBC Alternative Investments Limited (HAIL), as managing director and head of the HAIL division. Prior to joining HSBC in 2007, Allen spent ten years at real estate services company Colliers International, latterly as an executive director in its investment division, before [...]
Osborne gets it wrong on cash bonuses October 26, 2009 AS bizarre policies go, the Tories’ latest thinking on bank bonuses takes some beating. For this year only, Britain’s commercial banks will not be allowed to pay more than a trivial bonus in cash – but they will be able to pay as many millions as they want in shares. The rule will only apply [...]
Osborne gets it wrong on cash bonuses October 26, 2009 AS bizarre policies go, the Tories’ latest thinking on bank bonuses takes some beating. For this year only, Britain’s commercial banks will not be allowed to pay more than a trivial bonus in cash – but they will be able to pay as many millions as they want in shares. The rule will only apply [...]
Q & A : THEBONUS CLAMPDOWN November 15, 2009 Q.HOWWILLTHENEWRULESAFFECTBANKERS’ PAYA.A code of conduct on bonuses published by the Financial Services Authority (FSA)in February this year said firms needed to ensure that remuneration policies did not expose them to excessive risk. It set out the proportion of bonuses that needed to be deferred and how long deferrals should be, how much should be awarded [...]
Fears over Greek and Austrian banks send FTSE shares down December 15, 2009 Britain’s leading share index shed 0.6 per cent yesterday, snapping a three-session rally with banks hit by some renewed sector caution, while oils and miners fell as a strengthening dollar weighed on metal prices. At the close, the FTSE 100 was 29.57 points lower at 5,285.77 after having gained one per cent on Monday to [...]
CITY MOVES WHO’S SWITCHING JOBS September 23, 2009 HSBC Private BankHSBC has appointed Willem Sels to head up its fixed income strategy for the UK private banking division, focusing on building bond-focused client solutions in sovereign and credit markets. Sels, who in his spare time is an accomplished pianist, holding five Belgian national awards in classical music, joins from Dresdner Kleinwort, where he [...]
LLOYDS LAUNCHES ITS RECORD RIGHTS ISSUE November 24, 2009 LLOYDS Banking Group yesterday launched the biggest cash call the City has ever seen with its long-awaited £13.5bn rights issue, offering new shares to investors at a deep discount of almost 60 per cent. The rights issue has been priced at 37p, a discount of 59.5 per cent to Monday’s close of 91.47p. Under the [...]