Carphone is boosted by Best Buy deal April 26, 2010 CARPHONE Warehouse raised its profit forecasts yesterday – fuelled by its joint venture with US electrical giant Best Buy. It said it expected net profit for the year to the end of March to be about £47m, above the £40-£45m it indicated in January. The company is preparing for the opening of its first joint [...]
Blackstone out of RBS race April 26, 2010 US private equity firm Blackstone and the Wellcome Trust have failed to make the shortlist of interested parties bidding for 318 Royal Bank of Scotland (RBS) branches. The joint offer submitted by the buyout house and the charitable foundation was “the least competitive” of five final bids, sources confirmed to City A.M. last night. It [...]
US Treasury begins to offload its stake in Citigroup as it seeks an end to Tarp April 26, 2010 The Treasury started selling off its 27 per cent stake in Citigroup yesterday, the latest step in the Obama administration’s effort to end unpopular bailout programmes. The US government acquired the stake after it gave Citi $45bn (£30bn) in bailout money in 2008 and 2009. Citi has paid back $20bn in preferred shares, but another [...]
BlackRock shares slide after its anaemic results April 26, 2010 BlackRock, the giant money management firm, reported weaker-than-expected quarterly earnings as its funds businesses saw outflows and customers shifted to passive funds over more actively-managed ones. The asset management firm’s shares were down as much as 8.8 per cent as investors focused on the weaker-than-expected earnings as well as weaker-than-forecast revenue numbers even as overall [...]
Sport newspaper loses £29m after a torrid year April 26, 2010 THE publisher of the Daily and Sunday Sport newspapers was forced to rely on an emergency loan as its losses mounted up to almost £29m in the 18 months to the end of last year. The paper’s former owner David Sullivan bailed it out with a £1.6m loan through his Roldvale vehicle. The financial tsunami [...]
AIMA calls on European Union April 26, 2010 The industry body for hedge funds has called on European politicians to take heed of remarks by the G20 finance ministers, who said alternative investment vehicles needed “consistent and coordinated” regulation. Referring to forthcoming red tape on hedge funds, the Alternative Investment Managers’ Association said: “We hope EU policymakers will take note of the G20’s [...]
Shareholders question code April 26, 2010 The Investment Management Association, whose members include fund giants such as Henderson and Schroders, said yesterday the Financial Reporting Council’s Stewardship Code for institutional shareholders should to be flexible. The IMA said its members, who collectively own 43 per cent of the UK stockmarket, interacted with their investee companies differently and this needed to be reflected in [...]
UK is private equity activity hub April 26, 2010 The UK witnessed more private equity-based M&A than any other part of Europe in the first quarter, according to research firm unquote. In its Private Equity Barometer, unquote said the UK saw deals worth €4.7bn (£4bn) in the three months – more than half the €10.5bn transacted Europe-wide.
Redrow on way to profit April 26, 2010 HOUSEBUILDER Redrow expects to return to profitability in the second half of 2010 as market conditions continue to improve. The FTSE 250 group says it has been “encouraged” by sales activity since the start of the calendar year. It is likely to legally complete more than 2,500 homes this year with sales rates per outlet [...]
Weir shares surge after hike in first half earnings forecast April 26, 2010 ENGINEERING group Weir saw its shares jump by almost 15 per cent yesterday after it said its first half profit would be well ahead of last year. Weir, a maker of pumps and valves for the mining, oil and gas and power generation industry said it anticipates full-year profit to be about £30m higher than [...]