Insurers protest at IMF levy April 25, 2010 Some of the UK’s largest insurers have lashed out at plans to enforce new taxes on the financial sector, branding them “absurd” and “unfair”. Legal & General, Aviva and Lloyds of London said International Monetary Fund plans for two separate taxes on financial companies – one to cover the cost of any future bailouts, and the [...]
MUSIC STARS BID FAREWELL TO UNIVERSAL BOSS LUCIAN GRAINGE June 16, 2010 A rapturous reception on Tuesday evening for Lucian Grainge, the current head of Universal Music’s international division, who is moving to New York next month to become chief executive of the group as a whole. Grainge, on crutches owing to a recent leg injury, stood near the stage area in a room at the Knightsbridge [...]
Bank sell-off will take time March 28, 2010 IN the darkest depths of the banking crisis, many thought the government wouldn’t see a return on its investment in Lloyds or RBS. But with shares in Lloyds closing at 64.1p on Friday, it is now sitting on paper profits; accounting for all the fees Lloyds has paid for government support, it bought in at [...]
Bank stocks ruffle the FTSE 100 as investor sentiment is hit by shake-up November 3, 2009 THE FTSE 100 briefly dipped below 5,000 for the first time in over a month yesterday, as banking stocks were hit by the shake-up of Royal Bank of Scotland (RBS) and Lloyds Banking Group. Royal Bank of Scotland was the worst hit of the five large-cap banks, dipping by 15 per cent in early trading. [...]
Disappointing results from Alcoa rock mining stocks January 12, 2010 BRITAIN’S top share index closed 0.7 per cent lower yesterday as commodities and banks led the retreat over concerns that China’s move to tighten banks’ reserve requirements may slow global economic recovery. The FTSE 100 index closed down 39.36 points at 5,498.71, dropping back after hitting a 16-month intraday peak at 5,600.48 on Monday. China’s [...]
Miners lend muscle to FTSE as banks shake off US blues January 18, 2010 BRITAIN’S leading share index took on 0.7 per cent yesterday, as heavyweight mining issues rallied with firmer metal prices, while banks moved higher awaiting further earnings news from US peers. At the close, the FTSE 100 index was 39.02 points higher at 5,494.39, albeit in subdued trade with US markets closed for Martin Luther King [...]
Goldman: CDO trades were not dishonest April 27, 2010 Goldman executives were yesterday forced to deny allegations they misled clients about debt products they knew were destined to fail. The committee, chaired by senator Carl Levin, quoted a series of embarrassing emails in which Goldman staff referred to one of its products as “crap”, a $1bn collateralised debt obligation (CDO) as “one shitty deal” [...]
CITY MOVES | WHO’S SWITCHING JOBS June 7, 2010 Barclays Wealth. The wealth manager has appointed Aaron Gurwitz as chief investment officer and head of research, economics and strategy and Kevin Gardiner as head of global investment strategy. Gurwitz, pictured, joined the firm in 2008 as part of the Lehman Brothers acquisition, having previously worked for PIM and Goldman Sachs. Gardiner joined last year [...]
Top businesses urge Gordon Brown to fight for emissions cut in Copenhagen December 2, 2009 SOME of Britain’s biggest businesses are today urging the Prime Minister to fight for a global cut in carbon emissions at next week’s climate change negotiations in Copenhagen. The Prince of Wales’s Corporate Leaders Group on Climate Change – which includes firms such as Shell, Tesco and Unilever – will tonight present a communiqué endorsed [...]
Mining and oil stocks drive London to a 16-month high January 4, 2010 Strength in commodity stocks and banks drove Britain’s leading share index to a 16-month closing high yesterday, the first session of 2010, outweighing falls from real estate firms and life insurers. The FTSE 100 closed up 87.46 points, or 1.6 per cent, at 5,500.34, its highest close since Sept. 2, 2008 – the month when [...]