Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Banks

Former bank chief to chair advisory board


Posted on December 18, 2012

Sir Peter Burt, former chief executive of Bank of Scotland, is to chair the advisory board that will shape the business bank being set up by the coalition to improve lending to small businesses.

The board will establish the framework for the bank being set up by George Osborne, chancellor, and Vince Cable, business secretary.

    The recruitment of one of the few senior British bankers who remains untainted by the financial crisis is part of the coalition’s effort to show it can tackle the problem of small and medium-sized companies being starved of credit.

    Mr Cable is expected to announce details of the bank in a written ministerial statement tomorrow. In his Autumn Statement, Mr Osborne said it would be seeded with £1bn of government funding, but there has been little detail about the venture, which will not be operational until 2014.

    As chief executive of Bank of Scotland between 1996 and 2001, Sir Peter engineered its merger with Halifax to create HBOS. He stepped down as deputy chairman in 2003.

    It is thought that Sir Nigel Rudd, chairman of the bank-supported Business Growth Fund, which takes stakes in UK-based SMEs, has also been asked to join the advisory board to ensure co-ordination between the two projects. If Sir Nigel accepts the invitation, Stephen Welton, BGF chief executive, could step up to replace him.

    The business bank is seen as a long-term initiative to plug the gap in finance for SMEs rather than a short-term effort to boost credit, for which Mr Osborne’s “funding for lending” scheme is the latest government initiative.