Promotions up a third at UK law firms May 26, 2011 PARTNER promotions at the UK’s top 50 law firms have risen by almost a third compared to last year, according to research by Legal Week magazine. The figures show an upturn in confidence throughout the Magic Circle firms and beyond, with recent financial results supporting the return to form. Across the top 10 UK firms [...]
Clegg in U-turn on NHS reform plans May 26, 2011 Deputy Prime Minister Nick Clegg yesterday chose the NHS as a coalition battleground as he insisted that the service would not “change for change’s sake”. In his first major speech on the health service since first signalling his concerns over the NHS reforms, Clegg stressed that there were no arbitrary deadlines for reform. And in [...]
Japan fund is boost to Man as assets soar May 26, 2011 MAN Group reported a jump in assets and better-than-expected profits yesterday, as a big fundraising in Japan helped the world’s largest listed hedge fund firm accelerate its belated recovery from the credit crisis. The firm – which now runs $71bn (£43.3bn) in client assets, up three per cent since March – attracted $2bn alone for [...]
Carnwath gives up senior role after decade May 26, 2011 ALISON Carnwath yesterday announced she was standing down as Man Group’s senior independent director after 10 years in the role. She will be replaced by Patrick O’Sullivan. Carnwath, who is also a director of Barclays and chairman of Land Securities, is staying on the board at Man. Under best practice in corporate governance, directors that [...]
Change in fortunes looks here to stay May 26, 2011 THINGS finally seem to be looking up for Man Group. After recovering from being hit by big outflows throughout 2009 and 2010, it has now also managed to sidestep the spectre of the Japanese earthquake, with the launch of a Japan version of its AHL fund attracting $2bn of investment. The Nomura Global Trend is [...]
Apple warns Mac users as virus appears May 26, 2011 APPLE is fighting what security experts warned yesterday may be the most pernicious types of computer virus to ever target its line of Mac computers. The company was forced to issue a security advisory warning to customers about a recent scam that infects Macs with malicious software that wrongly tells them their computer is infected [...]
UK resolution plans diverge from peers May 26, 2011 THE UK is the only major Western country so far to approve temporary public ownership of collapsing banks, a report by law firm Clifford Chance shows. In a comparison of resolution regimes, which allow a regulator to take over and wind up failing financial institutions instead of bailing them out, Clifford Chance determined the UK [...]
Virgin Atlantic expects to unveil new partnership within months May 26, 2011 VIRGIN boss Sir Richard Branson said yesterday up to three suitors of his Virgin Atlantic airline are set to bid for a stake in the company, with an announcement on the tie-in due within the next three months. Branson, speaking at an event in the States, said he will remain involved with the carrier as [...]
Burberry sees profits surge as Asia booms May 26, 2011 BURBERRY is stepping up spending on new stores to cash in on a boom in demand for luxury goods in Asia as it met forecasts with a 39 per cent jump in full-year profit. Profit for the 12 months to the end of March were £296m with revenues up 27 per cent to £1.5bn. The [...]
Rank hits back at £586m Guoco bid May 26, 2011 RANK Group yesterday stepped up its defences against a takeover bid from its biggest shareholder, telling investors that Guoco Group’s offer “substantially undervalues” the casino and bingo hall operator, and that shareholders should reject the offer. Asia-based Guoco Group’s 150p approach, which valued Rank at £585.8m, was triggered after the property and investment manager raised [...]