Lehman in fresh attack on BarCap March 18, 2010 Lehman Brothers fired new allegations at Barclays Capital yesterday, saying the British investment bank got a $13bn (£8.5bn) “windfall” profit from its deal to buy Lehman’s US brokerage in September 2008. In documents filed in US bankruptcy court in Manhattan, Lehman claimed new evidence showed that, while Barclays said it had a “day one” accounting [...]
Northern Rock director quits over FSA probe April 21, 2010 Northern Rock’s finance director quit yesterday after becoming the focus of a Financial Services Authority (FSA) probe. The watchdog is investigating allegations David Jones was aware of a deal struck between executives to hide almost 2,000 problem loans from investors. The FSA confirmed he is the subject of an investigation. Jones was the last surviving [...]
FTSE hits a high but sale of Barclays shares prompts dip October 20, 2009 Britain’s top shares fell 0.7 percent yesterday, led down by banks after Qatar sold shares in Barclays while weaker-than-expected US data added to the negative sentiment. The benchmark FTSE 100 closed down 38.14 points at 5,243.40, having hit a fresh high for the year at 5,298.54 earlier in the session. Barclays fell 4.8 per cent [...]
BEST OF THE BROKERS March 16, 2010 UBS JP Morgan reiterates it’s “overweight” stance on UBS. It highlights strong trading during the first half of January due to a significant pent up of demand from December with prearranged trades from clients. Together with a market correction for the second half, it believes UBS is in a strong position compared to rivals. ALLIED [...]
Barclays’ Diamond snubs top job interview with Bank of America October 19, 2009 BARCLAYS Capital president Bob Diamond snubbed an opportunity to be interviewed for the top job at Bank of America (BoA), City A.M. can confirm. Diamond was approached by BoA’s board and asked if he would be interested in replacing outgoing chief executive Kenneth Lewis. But he refused because “he’s got a great opportunity where he [...]
Banks drag FTSE down even lower June 2, 2010 BRITAIN’S top share index fell yesterday, led down by banks, but finished well off session lows on fresh hopes for economic recovery after strong US pending home sales data. The FTSE 100 closed 11.98 points or 0.2 per cent lower at 5,151.32, having dropped as low as 5,072.53. The index fell 0.5 per cent on [...]
Banks drag FTSE down even lower June 2, 2010 BRITAIN’S top share index fell yesterday, led down by banks, but finished well off session lows on fresh hopes for economic recovery after strong US pending home sales data. The FTSE 100 closed 11.98 points or 0.2 per cent lower at 5,151.32, having dropped as low as 5,072.53. The index fell 0.5 per cent on [...]
Eurozone debt fears weigh on FTSE as investors flee from risky asset classes May 20, 2010 MOUNTING fears on Eurozone debt and doubts about the global economic recovery sent investors fleeing from riskier assets, shoving Britain’s top share index 1.7 per cent lower by close yesterday. In a volatile session, the FTSE 100 ended down 84.95 points at 5,073.13, its lowest close since 5 February having fallen 2.8 per cent on [...]
Eurozone debt fears weigh on FTSE as investors flee from risky asset classes May 20, 2010 MOUNTING fears on Eurozone debt and doubts about the global economic recovery sent investors fleeing from riskier assets, shoving Britain’s top share index 1.7 per cent lower by close yesterday. In a volatile session, the FTSE 100 ended down 84.95 points at 5,073.13, its lowest close since 5 February having fallen 2.8 per cent on [...]
Diversify your exposure June 1, 2010 NAVIGATING market volatility is always tough for any fund manager seeking to generate alpha and the ongoing sovereign debt and banking crisis in Europe has been a definite test of managers’ mettle. Recent data shows that worried investors have been redeeming assets held in funds. Outflows from European equity funds in the week ending 19 [...]