BEST OF THE BROKERS September 21, 2010 BARCLAYS Royal Bank of Scotland (RBS) expects that negative operating trends will reverse and a ‘new world’ Barclays is set to deliver. The broker reiterates a “buy” rating for the bank with a 410p price target. Gradual profit and loss momentum, fluidity and execution of group strategy are key to a sustained re-rating, according to [...]
UK industrial output grows at forecast rate November 9, 2010 British industrial output grew in line with expectations in September, though its manufacturing component was slightly weaker than forecast, official data showed. The figures do not point to any future revision of the initial third-quarter GDP estimate, and will not shift market expectations that the Bank of England will keep interest rates at record lows [...]
Blacks fields potential buyers October 19, 2010 CAMPING and hiking retailer Blacks Leisure yesterday confirmed it has received several approaches to take over all or parts of its business. Shares in the company rose 25 per cent to 42.50p following the news that Blacks has taken on financial advisers McQueen to help field potential offers. The share price gives the company a [...]
ECONOMIST VIEWS: WILL GDP GROWTH HOLD UP DURING THE REST OF 2010? October 26, 2010 ROSS WALKER | RBS These things are never linear – it’s not unusual to get erratic data at a turning point. We are going to see a rebalancing of the economy, which is an awfully good thing but also involves a bit of pain. GRAEME LEACH | INSTITUTE OF DIRECTORS The GDP numbers are better [...]
Barclays seals purchase of Citi credit card arm March 31, 2010 BARCLAYS has successfully completed its acquisition of rival Citibank’s Italian credit card business, allowing it to take control of the divison’s 197,000-odd credit card accounts and €234m (£208.3m) of assets. Barclays said yesterday that its path had been cleared to complete the deal, originally announced last month, following receipt of competition clearance and consultation with [...]
Diamond defends BarCap against ‘casino’ allegations September 12, 2010 BARCLAYS’ Bob Diamond at the weekend lashed out at the criticism he has received since being appointed as the group’s new chief executive last week. Diamond, who currently heads up the investment banking arm Barclays Capital, said references to the division as a “casino” were misleading and disappointing. “Words like ‘casino banking’… have no basis [...]
Diamond defends BarCap against ‘casino’ allegations September 12, 2010 BARCLAYS’ Bob Diamond at the weekend lashed out at the criticism he has received since being appointed as the group’s new chief executive last week. Diamond, who currently heads up the investment banking arm Barclays Capital, said references to the division as a “casino” were misleading and disappointing. “Words like ‘casino banking’… have no basis [...]
CITY MOVES | WHO’S SWITCHING JOBS November 11, 2010 Collins Stewart The investment banking group said yesterday it will open a new derivatives desk, headed by Roger Sharma (pictured) and Brad Dunstan. Sharma and Dunstan, who become co-heads of European equity derivatives, joined this week from inter-dealer broker Icap, where they had been working in senior derivatives sales since the beginning of last year. [...]
Standard gets 98.5 per cent rights backing November 7, 2010 STANDARD Chartered said investors representing 98.5 per cent of its shares signed up for its $5.3bn(£3.3bn) rights issue, which will boost the Asia-focused bank’s capital ahead of tougher global rules. Standard Chartered yesterday said it had received valid acceptances in respect of 256.7m shares offered to shareholders. Bookrunners will sell the shares not taken up, [...]
LISTED PRODUCT NEWS November 10, 2010 SOURCE ENTERS SWISS ETF MARKET Source entered the Swiss ETF market earlier this week with the listing of 15 exchange-traded commodities (ETC) on the SIX Swiss Exchange. Source has initially listed 14 T-ETCs (Treasury Bill-secured ETCs) that track S&P GSCI total return commodity indices and one physical gold P-ETC that tracks the spot gold price [...]