Abchat Weekly Wrap Up: Eye of the Storm

Frankenstorm, Superstorm Sandy, call it what you will, the hurricane that ripped through the East Coast of the US this week has taken over 90 lives, brought NYC to a standstill and caused tens of billions of dollars worth of damage.  Sandy made her first appearance on 22 October just south of Jamaica, but it took another week before she hit the headlines, right when she was about to hit Manhattan. The global media only took a keen interest in the cyclone when it became clear New York was in the firing line. New York is a global centre of business, fashion, art and culture and is understandably a city of great public interest, but as those affected start to rebuild their towns, homes and lives, perhaps the media should pay attention to the smaller towns affected, and remember it was not just one large city that Sandy decimated along her way.






Hurricane Sandy caused closure of the New York Stock Exchange for two consecutive days – the first weather-related closure since 1888. In spite of fears of a global trading disruption, markets reopened for business with volatility and normality returning within a few hours.

Barclays' reputation is back in the black after allegations emerged this week that the bank and its traders manipulated the Californian electricity markets to move the exchange prices to benefit parallel swap positions. Barclays face a resulting $435 million fine from the Federal Energy Regulatory Commission.

Small-cap broker finnCap saw their success shine through this week as it was reported they had overtaken Cenkos as the top ranking intermediary serving AIM. Given their confident position entering 2013, finnCap have now set their eyes on becoming a market maker and full service broker.

Comet, the electronic retailer, has become the latest and most high-profile victim of the recession and consumer downturn since Woolworths in 2008. The high-street chain enters into administration next week and places 6,000 jobs at risk

UBS definitely instigated much City dialogue this week. Their restructuring procedure came as a bit of a bombshell to many bankers on Tuesday morning as they arrived at the turnstile for a typical day’s work only to find their swipe cards had been blocked. A somewhat tactless letter then broke the news of the now infamous “special leave”.

Jo presented to an interesting group lead by the Tianjin Property Rights Exchange about the role of communications and investor relations for a Chinese business when joining the London market

Abchaps attended Marriott Harrison’s Pool and Drinks Party, where with a little help from a certain NME journalist, Harriet took home the trophy!

Henry was a guest at Reed Smith’s corporate shoot where he caught up with both familiar and new faces

Our resources team attended Investors Chronicle’s Profit from Junior Resource Shares event, where editor John Hughman and other journalists gave great insight and tips for the sector, including a 15-point guide for evaluating mineral deposits and assessing which commodities are likely to outperform from Matthew Allan

Abchaps hosted two Market Lunches this week, one focussing on Life Sciences

The Abchurch Academy ran a great training byte for the team on Impact Investment, Special Situations and Social Media in China

 

 

Freddy Crossley has recently joined the Corporate Finance team at Panmure Gordon as a Director, specialising in technology

Tim Freeborn has joined AIM-listed Silence Therapeutics as Finance Director

 

"Jobber": An old term for a dealer in stocks and shares, who had no contact with the general public, except through a stockbroker. Now known as a market maker 

Join 100,000 people tomorrow night at Blackhealth Fireworks Night, admission free.

If you live more centrally, dress up for Battersea Park’sbonfire and fireworks display, which will be choreographed to music.

Or if you want to watch them on the night itself, Southwark Park has a free display, also set to music

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