Jupiter fund to be run by de Blonay November 1, 2010 Investment house Jupiter said one of its highest-profile managers will take the lead role in its £1bn Financial Opportunities fund from the start of next year. Guy de Blonay will be lead manager, while incumbent Philip Gibbs will be his deputy and retain oversight of all the firm’s financials portfolios as head of the financials [...]
High Court gives green light to Irish bank revamp November 1, 2010 Ireland’s High Court upheld Ireland’s state-run “bad bank” structure, throwing out a legal challenge that had threatened to complicate the country’s recovery from financial crisis. Paddy McKillen, who co-owns Dublin’s Clarence Hotel with rock group U2 band members Bono and The Edge, had brought the first case against Ireland’s National Asset Management Agency to try [...]
UK manufacturing output on the climb November 1, 2010 Manufacturing growth picked up pace last month for the first time since March and broader activity in the sector also accelerated unexpectedly, a leading industry survey showed. Markit/CIPS’s headline manufacturing Purchasing Managers’ Index (PMI) rose to 54.9 from September’s 10-month low of 53.5, its highest level since July and in contrast to economists’ expectations for [...]
Weir Group raises forecast on mining and oil company demand November 1, 2010 Engineering company Weir Group said it expected full-year profits to be slightly ahead of its previous forecast, boosted by higher demand from oil and mining companies for equipment and maintenance. Weir, a maker of pumps and valves for the mining, oil and gas and power generation industries said on Monday orders for equipment rose 44 [...]
CKI completes £5.7bn deal for EDF’s UK network November 1, 2010 Cheung Kong Infrastructure Holdings and Hongkong Electric Holdings have completed acquisition of entire EDF Energy ownership of its United Kingdom networks for £5.775bn. Cheung Kong Infrastructure and Hongkong Electric each holds 40 per cent stake in the investment with remaining 20 per cent taken by the Li Ka Shing Foundation Limited and Li Ka Shing [...]
China’s factory output in new boom November 1, 2010 China’s factories ramped up their production last month and were buoyed by an influx of new business, highlighting the strength of the world’s second-largest economy but also pointing to price pressures. Two surveys of the manufacturing sector, which are designed to provide an early indication of conditions in a broad range of industries, both jumped [...]
Ryanair profit surges by 17 per cent November 1, 2010 Ryanair has reported a 17 per cent surge in first half net profit and upgraded its full-year earnings guidance. The low cost Irish airline now expects full-year net earnings to be in a range of 380m to 400m euros (£328m to £345.3m) compared with previous guidance of 350m to 375m euros. The rosier outlook comes [...]
Employment law could be relaxed October 31, 2010 DAVID CAMERON is considering making it much harder for employees to bring unfair dismissal cases, Downing Street sources said yesterday. The Prime Minister could soon announce plans to double to two years the amount of time that a member of staff must be employed before they can claim unfair dismissal. Currently, any worker who has been [...]
RBS hires £2m legal win banker October 31, 2010 ROYAL Bank of Scotland (RBS) has hired the former Dresdner Kleinwort banker who became a controversial City figurehead after suing his employer for refusing to pay him a bonus. John McIntyre, who won close to £2m after taking his fight to the courts, will join RBS as head of corporate finance for Europe, Africa and the [...]
Strikes fail to cause chaos October 31, 2010 THE 3 October tube strike failed to cause the chaos predicted by union bosses, with 93 per cent of Oyster users still taking public transport. Extra bus and river services, as well as the 40 per cent of the underground network that was maintained, allowed almost all commuters to use the network, according to new [...]