Facebook couldn’t have been British October 18, 2010 IT is simply untrue that Britain doesn’t produce any wealth and job creating entrepreneurs any more. Take some of the stories in today’s City A.M.; they demonstrate that Britain retains a vibrant start-up and growth culture. Hugh Willis, 50, and Mark Poole, 49, who founded BlueBay in 2001, are today each £82m richer after they [...]
France strikes cause chaos October 18, 2010 FRANCE was this morning coming to terms with a sixth day of strikes over President Sarkozy’s plans to raise the retirement age. The nation ground to a halt as train drivers, teachers, hospital staff and utility workers joined the mass protest against Sarkozy’s austerity measures. Fuel pumps were already running dry after week-long strikes at [...]
New nuclear sites approved October 18, 2010 Eight new sites for nuclear power stations were given the green light by the coalition government yesterday, putting the UK at the forefront of nuclear power in Europe. In a remarkable U-Turn, Lib Dem energy secretary Chris Huhne said the new plants are vital. The list of potential sites for hosting new nuclear power plants [...]
Rockhopper to raise £200m October 18, 2010 Oil explorer Rockhopper is hoping to raise about £200m in a placing of new shares to extend its drilling around the Falkland Islands. Rockhopper said yesterday the money from the placing, which is under way, would help it further appraise its oil find at the Sea Lion well, drill more exploration wells and conduct further [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 18, 2010 FINANCIAL TIMES CANDOVER POISED TO PULL PLUG ON THEME PARK Candover, the private equity group, is on the brink of ditching plans to sell or float Parques Reunidos, the Spanish theme park operator, after offers from rival buy-out groups came in below its €2bn ($2.8bn) price tag. Apollo Management and a consortium of Advent International [...]
Citi notches up profits in third quarter October 18, 2010 US BANK Citigroup yesterday gave the sector a much-needed fillip, as it beat Wall Street expectations with a year-on-year surge in third quarter net profits to $2.2bn ($1.4bn). Citi’s third consecutive quarterly operating profit – which translated into earnings of seven cents per share – was mainly due to declining provisions for credit losses, benefits [...]
Ackermann: Reform costs could explode October 18, 2010 The economic cost of tougher global capital rules for banks could explode if further requirements on big banks are not co-ordinated, Deutsche Bank chief executive Josef Ackermann has said. “There can be no doubt that Basel III alone will have short- to medium-term economic costs. These costs might explode with all the add-ons that are [...]
US industrial output unexpectedly falls leading to calls for more QE October 18, 2010 US INDUSTRIAL output shrank last month for the first time in more than a year, in a sign the economy is in a slow growth rut that appears certain to lead to more monetary stimulus from the Federal Reserve. Another report yesterday showed homebuilder sentiment rose this month but remained at depressed levels, fortifying views [...]
PETROFAC’S AYMAN ASFARI NAMED AS UK ENTREPRENEUR OF THE YEAR October 18, 2010 IN A climate where repairing the frazzled economy is paramount, it seemed fitting to see hundreds of the UK’s most successful company bosses and their advisers, bankers and friends gather at the Park Lane Hilton last night to celebrate the heroes of the recovery – entrepreneurs – at the Ernst & Young Entrepreneur of the [...]
UKLA endorsed by City as consultation winds up October 18, 2010 THE UK Listing Authority (UKLA) received backing from the City yesterday, just as the government consultation on its future closed. The Listing Authority Advisory Committee (LAAC), the body which represents the investment community in its dealings with the UKLA, said overall satisfaction with the authority had risen to 72 per cent compared to 69 per [...]