EU wages war on derivatives September 15, 2010 RADICAL curbs on short selling and derivatives trading proposed by the European Commission to bring the multi-trillion dollar industry in from “Wild West territory” were condemned as costly and potentially uncompetitive by hedge funds yesterday. The proposals, released to coincide with the collapse of Lehman Brothers two years ago, require increased disclosure of short selling [...]
AstraZeneca profits rise July 29, 2010 ASTRAZENECA, the UK’s second-largest drugs company, doubled its 2010 share buyback plan to $2bn (£1.3bn) yesterday after posting strong results and clearing several regulatory hurdles in the US. Pre-tax profit in the second quarter rose to $6.4bn (£4.1bn) from $5.6bn in the same period a year ago, on sales up three per cent at $8.18bn, [...]
ECONOMIST VIEWS: WILL THE BANK REVISE ITS FORECASTS THIS WEEK? August 8, 2010 JONATHAN LOYNES | CAPITAL ECONOMICS “I expect the growth forecast to be similar since the second quarter was strong, and it may even rise in the near term. The inflation forecast will have to rise, partly as a result of the VAT increase. Yet the Bank may see inflation at or below the target rate [...]
CITY MOVES | WHO’S SWITCHING JOBS July 27, 2010 ERNST & YOUNG The accountancy firm has appointed Jonathan Summers to its information technology advisory team as a director focusing on strategic rationalisation, the process of removing technology complexity to improve business performance. Summer has over 14 years of experience with IBM, where his roles included establishing a global delivery capability for data migration in [...]
Credit Suisse sheds 75 jobs in the capital August 12, 2010 CREDIT Suisse is axing 75 jobs in its British investment banking and support operations, becoming the second bank in as many days to slim down its headcount. The Swiss-based bank said yesterday the cuts are intended to help shift resources to growth areas, but would not be drawn on which departments will feel the pain [...]
FTSE falls on weaker banks, despite advance made by BP September 30, 2010 BRITAIN’S FTSE 100 closed lower yesterday as weaker banks outweighed gains from energy stocks on stronger crude prices and comments suggesting BP could resume paying a dividend in 2011. The FTSE 100 closed 20.65 points, or 0.4 per cent lower at 5,548.62. It gained 6.2 per cent in September and 12.8 per cent in the [...]
BEST OF THE BROKERS August 11, 2010 ANGLO AMERICAN Morgan Stanley downgrades Anglo American to “equalweight” from “overweight” and lowers its price target to 3,208p. Believes all the positives have been priced into the shares, which are trading at at a 10 to 15 per cent premium to the sector. Believes that investors should switch into Xstrata which it rates as “overweight”. [...]
PETTIGREW CALLS ALL ABOARD FOR STEAM RIDE October 5, 2010 IT was all aboard at Tower Pier last night as City bigwig Jim Pettigrew added an unusual venture to his impressive CV, which includes stints at Marks and Spencer, CMC Markets, Icap and, in his current role, Aberdeen Investment Managers. Pettigrew played host as fellow City figures arrived to experience his latest venture: the relaunch [...]
PERSONAL FINANCE NEWS September 9, 2010 RETIREMENT ADVICE MOST SOUGHT Almost half of all consumers seeking independent financial advice last month sought assistance with retirement planning, the professional advice website unbiased.co.uk said this week. Retirement planning has remained on an upward trend since May this year. Consumers are also increasingly looking for specialist guidance on investment and savings. Karen Barrett, chief [...]
PERSONAL FINANCE NEWS September 9, 2010 RETIREMENT ADVICE MOST SOUGHT Almost half of all consumers seeking independent financial advice last month sought assistance with retirement planning, the professional advice website unbiased.co.uk said this week. Retirement planning has remained on an upward trend since May this year. Consumers are also increasingly looking for specialist guidance on investment and savings. Karen Barrett, chief [...]