DUBAI WALTH FUND BUY-OUT HEAD SWITCHES TO CARLYLE
Carlyle, the US-based private equity group, has poached Eric Kump, head of Dubai International Capital’s European private equity team, leaving the sovereign wealth fund with a troubled portfolio and lacking funds for new deals. Mr Kump will on Tuesday be unveiled by Carlyle as a new managing director in its European buy-out team, only two years after the 39-year-old was hired by DIC from Merrill Lynch to bolster its London office.
QINETIQ SET FOR CLASH ON REDUNDANCY PAY-OUTS
The new head of Qinetiq, the former government defence research group, is on a collision course with staff over plans to cut redundancy terms for thousands of its UK employees. Roughly half of its UK staff who are former Ministry of Defence employees still entitled to public sector-type conditions.
HSBC EYES INTERNATIONAL HIGH-FLYERS
HSBC is stepping up efforts to hire a new generation of top executives, with a drive to expand its elite band of “international managers” by almost two-thirds. Promising a “tax-free salary” and a string of fringe benefits, including housing, medical care and pension, the “world’s local bank” is planning to find 100 new recruits.
WHITEHALL BILL FOR CONSULTANTS HITS £1.7BN
The taxpayer has spent more than £1.7bn on consultants’ fees for Whitehall departments in the past six years. Analysis of payments by the government to the 12 biggest consultancy firms reveals a total bill of £1.6bn for the five years to 2008-09, with a further £178m for 2009-10 so far.
DEMAND FOR NEW STAFF IN DECLINE AS PR AND FINANCIAL MARKETING BUCK TREND
The demand for new staff fell last month, according to Britain’s biggest recruitment website, fanning fears of a further jump in unemployment. The figures compiled by Reed.co.uk reversed a slow but steady rise in job opportunities recorded since the start of the year. Its job index fell from 105 to 102 in March — still higher, however, than the figure of 100 for December.
BRITAIN MAY BLOCK WORLD BANK LOAN FOR COAL PLANT IN SOUTH AFRICA
The Government is considering blocking an aid project to provide reliable coal-fired electricity for millions of South Africans after coming under intense pressure from green groups in the run-up to the election.
The Daily Telegraph
GREEK BANKS HIT BY WEALTHY CITIZENS MOVING THEIR MONEY OFFSHORE
Greek banks are being hit by a wave of redemptions as the country's most wealthy citizens and corporations look to move their money offshore or to international financial institutions perceived as safer homes for their assets. Wealthy Greeks and companies have been clamouring to move their cash deposits to banks such as HSBC or France's Société Générale, which operate large branches in the country.
SIR RONALD COHEN’S BRIDGES VENTURES TO SELL A STAKE IN THE OFFICE
The social investing venture capital firm set up by Sir Ronald Cohen, the father of the private equity industry, is preparing to sell a stake in The Office. The Office specialises in buying freehold property. The business then provides “sustainable" office space in areas of London.
WALL STREET JOURNAL
RUSSIAN OIL SHARES FACE PRESSURE
Russian investors may shy away from oil and gas shares this year after corporate governance concerns and tax uncertainty outweighed the benefits of a higher oil price in the first quarter. While Russia’s stock market beat other top emerging markets, shares of energy giants OAO Gazprom and OAO Rosneft sank in the first three months of the year.
IRAN SANCTIONS YIELD LITTLE
In its latest proposed set of tougher United Nations sanctions on Iran, the US is again relying on asset freezes as one tool to pressure the country not to build nuclear weapons. But a close look at how much Iranian money has been frozen to date in the US under existing sanctions shows that the total amount is surprisingly small, less than $43m.