Hedgies gear up as leverage lifts March 24, 2014 HEDGE fund leverage has soared over the past 12 months, according to new data from the Financial Conduct Authority. According to an anonymous poll of London-based hedge funds, leverage has risen from 54 times in March 2013 to 64 times the size of net fund asset values. The study also showed that the UK’s 20 [...]
JLT unit buys Navy business March 24, 2014 JLT EMPLOYEE Benefits yesterday swooped for one of the oldest pension outfits in the UK, buying the former administration unit of the Merchant Navy Officers Pension Fund. The unit, now called Ensign Pensions Administration, was founded more than 75 years ago to help process the huge pension scheme of the Navy. It started to accept [...]
Microsoft’s deal with Nokia hits delays in China March 24, 2014 NOKIA’S sale of its phone business to Microsoft has been delayed until April as the companies await approval from various antitrust regulators in Asia, including China. Microsoft and Nokia said yesterday that while 15 regulators including the US and EU had approved the €5.4bn (£4.5bn) deal that had been scheduled to close by the first [...]
Equitable Life gives a welcome boost to its with-profits policies March 24, 2014 EQUITABLE Life with-profits policyholders are to receive a boost after the insurer announced it will double its capital distribution to 25 per cent and remove the five per cent exit charge. The move, which takes effect from 1 April, means Equitable Life will add a quarter of the policy amount when it matures or is [...]
Rare book dealer Scholium to start trading on Aim this week March 24, 2014 RARE books dealer Scholium Group yesterday said it plans to begin trading on Aim this Friday, having raised £8m. The company plans to use the proceeds of the share placing to increase the day-to-day trading stock of Shapero Rare Books, trade in the wider rare and collectibles market and for general working capital purposes. Its [...]
Shaftesbury snaps up Jaeger’s West End headquarters for £31m March 24, 2014 WEST END landlord Shaftesbury has bought the headquarters of luxury fashion brand Jaeger for £31m just weeks after raising £156.6m to fund its buying spree. Shaftesbury said yesterday it has acquired Jaeger House at 57 Broadwick Street from rival developer Derwent London for £30.75m. The 1970s block sits between Shaftesbury’s two estates – known as [...]
G4S wins contract with Aggregate March 24, 2014 FTSE 100-quoted outsourcing firm G4S yesterday said that it has won a three-year contract to deliver facilities management services to Aggregate Industries, a UK construction and building materials supplier. The exact deal value was not disclosed, but G4S called it a “multi-million pound contract” which will involve G4S providing cleaning and security services across the [...]
Horizonte unveils feasibility study March 24, 2014 Aim-listed nickel miner Horizonte Minerals has today announced the results of a pre-feasibility study for its flagship Araguaia nickel project located in northern Brazil, which chief executive Jeremy Martin said showed the “robust economics” of the project, with a post-tax value of between $519m (£315m) and $1.2bn, based on two operational scenarios. The project, which [...]
Tullow steps up tax transparency March 24, 2014 FTSE 100-quoted energy explorer Tullow Oil yesterday revealed how much it paid to different governments in its annual report, in line with EU regulations but ahead of incoming UK legislation. The firm paid $881m (£534m) to African governments last year through the taxes it pays, which it said was larger than its group tax bill [...]
Finsbury Foods doubles investment in cake business to £7m as earnings jump March 24, 2014 FINSBURY Foods, the company behind Moshi Monster and One Direction celebration cakes, has said that it plans to double investment into new products and manufacturing after posting a jump in first half profits. The bread and cake-maker said yesterday it will increase its capital expenditure from £3m last year to £7m in this financial year [...]