CITY’S ROLE AS FINANCIAL CENTRE SET FOR NEW BOOST, SAYS TOP HEDGE FUND
London will thrive as a financial centre over the next decade by becoming the natural western hub for emerging market growth, according to one of the City’s best-known hedge funds.
In stark contrast to bankers’ doom-laden predictions about the City’s imminent demise, and defections of hedge funds amid relocations of some staff to Switzerland by prominent funds such as BlueCrest Capital and Brevan Howard, Tosca is convinced the growth of the Bric nations – Brazil, Russia, India and China – can only work to London’s advantage.
George Osborne is facing business lobbying over how the Tory pledge to cut the headline rates of corporation tax will be funded, amid manufacturers’ concerns his plan to axe certain capital allowances to finance the cuts would be a “disaster”. The shadow chancellor said he was committed to cutting the main rate of corporation tax by 3p to 25p and the smaller companies’ rate to 20p.
MARSHALL WACE EYES ETF LISTING
Marshall Wace, one of Europe’s largest hedge funds, will today unveil plans to launch a publicly listed exchange-traded fund to track its flagship Tops fund strategy in an effort to rebuild assets after large redemptions in 2009.
ALLIANZ PLANS TO SHAKE UP INVESTMENT STRATEGY
Allianz, Europe’s biggest insurance company, plans to significantly increase its investments in alternative asset classes as it looks for higher returns to make up for the subdued performance of more traditional investments like bonds and shares.
ABUSE OF PRE-PACK DEALS “COULD TURN BRITAIN INTO AN INSOLVENCY BROTHEL”
Britain is in danger of becoming the “bankruptcy brothel of the world,” it was claimed yesterday, as furious creditors prepared a landmark legal challenge over the country’s largest pre-pack administration. Bertrand des Pallières, who saw the entire investment of SPQR Capital, his hedge fund, wiped out in the pre-pack of Wind Hellas, the Greek telecoms group, in August, criticised the English courts for allowing foreign companies to move to the UK.
ANGRY BROKERS PLAN PROTEST ON BONUS TAX
The Government faces a new offensive against its bonus tax after several frustrated figures at leading brokerages said that they were still unclear whether they would be hit.
The Daily Telegraph
INSTITUTIONAL SHAREHOLDERS NOT CONSULTED OVER RBS BONUS
Top institutional shareholders claim they have not been consulted about the bonus payments at the Royal Bank of Scotland. The shareholders – who say that ministers and regulators have been privy to talks while they have been “left in the cold” – may demand to scrutinise the plans ahead of a meeting of the bank’s remuneration committee this week.
APPLE MOVES TO BAN NOKIA SELLING IPHONE IN AMERICA
The legal battle between Apple and Nokia intensified at the weekend when the Californian iPhone maker began legal proceedings to block Nokia from importing its mobile phones into the US. Nokia, the world’s largest mobile phone maker, said it would “vigorously” defend itself against Apple’s latest move.
WALL STREET JOURNAL
MAZDA, FORD IN TALKS TO DISSOLVE CHINA JOINT VENTURE
Japan’s Mazda Motor Corp. is talking to Ford Motor Co. about possibly dissolving their joint venture in China and establishing a new structure for cooperating with their common Chinese partner. Ford and Mazda now jointly work with Chongqing Changan Automotive Co. in China.
J&J IS ACCUSED OF KICKBACKS TO OMNICARE ON DRUG SALES
In the latest case in the government’s campaign against abusive drug-marketing practices, the Justice Department charged Johnson & Johnson with paying “tens of millions of dollars in kickbacks” to a nursing-home pharmacy company to boost sales of J&J drugs. Prosecutors claim J&J illegally paid Omnicare to buy J&J medicines and recommend their use to nursing homes.