Terry Smith to launch an asset management firm September 12, 2010 STOCKBROKING veteran Terry Smith is expected to step down from Collins Stewart within the next few months to concentrate on launching an asset management business. The venture, entitled Fundsmith, will give both high street and professional investors the opportunity to invest alongside Smith. The tough-talking former analyst has ploughed several millions of pounds from his [...]
Simon Cowell in advanced talks with ITV over lock-in September 12, 2010 ITV is in advanced negotiations with Simon Cowell to tie in the X Factor and Britain’s Got Talent judge for a further three years. Last week, Cowell suggested to reporters that he might quit the UK broadcaster to focus on his US interests. But an ITV source told City A.M. Cowell had been in negotiations [...]
Gambler’s luck needed for investment advice September 12, 2010 With my job some assignments are more taxing than others. Take the Fund Forum in Monaco earlier this summer. My producer Rose managed to turn her €100 into €300 in half an hour on the casino’s blackjack table there. She said the result came from clear strategy and gut instinct. But that was in June [...]
CITY MOVES | WHO’S SWITCHING JOBS September 12, 2010 Bank of New York Mellon The bank has appointed Jas Hayre as a managing director in its financial markets and treasury services team. Hayre will be responsible for tax matters for the sector in the Americas, the EMEA region and Asia-Pacific. His particular area of expertise is product taxation and transfer pricing. He was previously [...]
Jim O’Neill to take new role at Goldman September 12, 2010 JIM O’Neill, chief economist at Goldman Sachs, has been appointed to the newly created role of chairman of the bank’s asset management division, the bank announced this weekend. O’Neill will advise clients on investment strategies but will also continue to comment on key economic issues. His appointment is subject to regulatory approval from the Financial [...]
Predators circle £200m remains of Connaught September 12, 2010 CONNAUGHT’S surviving businesses could be sold for up to £200m after repairs specialist Mears and construction firm Morgan Sindell carved up its social housing arm. Administrator KPMG has received a flurry of offers for Connaught’s compliance and environmental divisions, which are trading as normal. Mears, property consultancy RPS Group and outsourcing group Mitie are understood [...]
BEST OF THE BROKERS September 12, 2010 HMV UBS rates the retailer a “buy” but has reduced its target price to 65p from 72p. The broker says markets remained weak over the summer due to the World Cup, but that competitors fared better thanks to promotions. It has cut its pre-tax profit estimates for 2011 by six per cent to £65m, and [...]
COMPANY OF THE YEAR | The Shortlist September 12, 2010 IT has been another tough year for business. The sovereign debt crisis rocked already shaky market confidence, while uncertainty has kept consumers from splashing out. It is in hard times that reputations are made, though, and over the past year the best have bounced back. Both retailers on our list have, in their different ways, [...]
Kentz signs new Qatar deal September 12, 2010 KENTZ, the Irish engineering company, has signed a $36m (£23.4m) deal with Qatar Petroleum at its remote Halul island facility off the coast of Qatar. The deal will see Kentz provide Qatar Petroleum with telecoms and security systems for the company’s export and storage oil and gas facility. Under the contract, Kentz will install CCTV, [...]
China now a bigger player on financial stage September 12, 2010 China’s rapid ascent to become the world’s second largest economy provided confirmation – if any was needed – that the country is a key player on the global financial stage. And with China forecast to grow at around 10 per cent this year – down from recent pre-crisis highs but still far in advance of [...]