London lets the world in October 26, 2011 TWENTY-FIVE years ago today the doors of the London Stock Exchange were blown wide open. In one sweeping moment of market deregulation, London’s horizons suddenly broadened, and money flowed into the Square Mile. Outside investment broke up the LSE’s boys’ club and fixed commission charges for brokers, which effectively killed competition, were scrapped. The brainchild [...]
Mayor backs £600m bond for Crossrail July 3, 2011 THE Mayor of London Boris Johnson has launched a £600m bond to finance the construction of Crossrail. Issuing the bond will help the Greater London Authority (GLA) fund its £4.1bn investment in the £14.8bn project to build the new rail link, which will connect east and west parts of the capital. London will be the [...]
CITY MOVES | WHO’S SWITCHING JOBS August 10, 2011 Whitbread The leisure group has appointed Susan Hooper and Susan Taylor Martin (pictured) as non-executive directors. Hooper, who will join the Whitbread board on 1 September, is chief executive of Acromas Travel, where she manages the Saga, AA and Titan Hi Tours businesses. Taylor Martin, whose appointment is effective from 1 January 2012, is president, [...]
London defies UK slowdown June 12, 2011 LONDON was the only British region to experience an accelerated growth in May, according to a Lloyds TSB and Markit study released today. A purchasing managers’ index (PMI) for the capital moved up to 54, from 53.7 in April. All figures over 50 indicate growth. The figures largely reflect a slowdown in growth across the [...]
Job cuts of 15,000 send Lloyds up 10pc June 30, 2011 LLOYDS has announced plans to slash 15,000 jobs over the next three years in one of the biggest banking payroll cuts in living memory. The announcement formed part of a highly anticipated strategic review that saw investors pile into the bank’s shares, sending its stock soaring to close up 9.73 per cent. The lion’s share [...]
CITY MOVES | WHO’S SWITCHING JOBS June 14, 2011 Lloyds TSB Lloyds TSB Commercial Finance has appointed Gary Lapthorn as marketing and external affairs director. In his new role, Lapthorn will lead the asset-based finance division’s marketing team to help businesses access appropriate finance. Lapthorn, who has been at Lloyds Banking Group for a number of years, joins from the bank’s commercial division, where [...]
CITY A.M. | SHADOW MPC REMAINS DIVIDED OVER INTEREST RATES July 6, 2011 ALLISTER HEATH | CITY A.M. “Quarter per cent rise. With CPI inflation stubbornly sticking to 4.5 per cent and likely to rise further, at least a small move towards normalisation is warranted. The economy is sluggish, but still growing.” SIMON WARD | HENDERSON “Raise to one per cent. High inflation threatens to become entrenched. Slow [...]
Moody’s puts 14 UK banks on negative rating outlook May 24, 2011 MOODY’S has put 14 of the UK’s biggest banks on review for a ratings downgrade due to regulatory efforts to resolve the “too big to fail” problem. The move could significantly increase borrowing costs for banks as regulators draw up plans to reduce the likelihood that taxpayers will have to bail out failing banks in [...]
UK’s million pound home sales surge May 2, 2011 SALES of properties worth over £1m have shot up at the fastest rate in four years, research by Lloyds TSB showed yesterday. Million pound house sales numbered 7,185 last year, up 54 per cent from 2009. “This is the largest annual increase since 2006 and suggests a real resurgence at the very top end of [...]
UK’s million pound home sales surge May 2, 2011 SALES of properties worth over £1m have shot up at the fastest rate in four years, research by Lloyds TSB showed yesterday. Million pound house sales numbered 7,185 last year, up 54 per cent from 2009. “This is the largest annual increase since 2006 and suggests a real resurgence at the very top end of [...]