Cautious forecast for Japan’s MUFJ May 18, 2010 MITSUBISHI UFJ Financial Group has forecast meagre profit growth for this year as Japan’s largest bank braces itself for an uncertain economic recovery. MUFJ joined other major Japanese banks in reporting a quarterly profit as a pickup in the world’s second-largest economy eased bad-loan costs and the stock market’s recovery from last year’s lows supported [...]
Google ordered to destroy data May 18, 2010 The UK Information Commission’s Office (ICO) has ordered search engine Google to destroy personal data that was collected from British home wireless networks in 2008. Google last week admitted it had colleced the data from homes and businesses around the world while taking pictures for its Street View product, which has pictures linked to a [...]
Former AKO trader pleads guilty in court May 18, 2010 ANJAM AHMAD, the former AKO Capital dealer, has pleaded guilty in court to insider trading, making him the first person to admit to the offence. His plea was heard yesterday in front of the Southwark Crown Court and marked a pivotal moment for the Financial Services Authority (FSA) since the regulator’s enforcement director Margaret Cole [...]
Airlines adopt new ash rules May 18, 2010 AIRLINES breathed a sigh of relief yesterday as the Civil Aviation Authority (CAA) overhauled ash restriction regulations, allowing a return to regular operations. The CAA had been under intense pressure from a number of commercial airlines over continual flight bans issued over UK airspace as a result of the volcanic eruption in Iceland. As of [...]
Ryanair to appeal fine for mistreating passengers May 18, 2010 RYANAIR is to challenge a hefty fine handed down by the Italian Civil Aviation Authority (ENAC) for the alleged mistreatment of passengers during the flight ban last month. Over the weekend, ENAC fined Ryanair €3m (£2.57m) for allegedly breaching European Union code EU261, which requires airlines to reimburse reasonable receipted expenses of disrupted passengers. ENAC [...]
BAE to buy Atlantic Marine for $352m May 18, 2010 DEFENCE giant BAE Systems has acquired shipping construction and maintenance company Atlantic Marine for $352m (£244m), bolstering the group’s ship repair business. BAE will acquire the majority of the Florida based company from JFL-AMH Partners, a portfolio company currently owned by private equity firm JF Lehman. Under the definitive agreement, JFL-AMH Partners will retain Atlantic [...]
BEST OF THE BROKERS May 18, 2010 AIR FRANCE Royal Bank of Scotland (RBS) retains a “buy” recommendation on Air France-KLM. Notwithstanding the ash-cloud, RBS said the underlying trading is improving, the Amadeus transaction will have boosted the balance sheet and recent sovereign debt woes and scare stories around cargo weakness offer an attractive entry point. MAN GROUP Numis has issued a [...]
CITY MOVES | WHO’S SWITCHING JOBS May 18, 2010 RWC Partners The asset manager has hired Schroders fund managers Nick Purves (pictured) and Ian Lance. Purves and Lance will manage both value and income funds at RWC, building on their track record with the Schroder UK Equity Income Fund, the best-performing fund in the IMA UK equity income sector over the past five years. [...]
CITY PHILANTHROPISTS LURED BY PROMISE OF SOME GOLDEN EGGS May 18, 2010 OFF to the Merchant Taylors Hall on Threadneedle Street yesterday for what has become a stalwart of the City’s calendar – the annual Gulls’ Eggs lunch. This year marked the 22nd anniversary of the affair, which has traditionally used the excuse of what must be the shortest season of any earthly foodstuff to bring hundreds [...]
British Land back in black after property market picks up May 18, 2010 BRITISH land has returned to profit after the value of its property portfolio increased. The developer and landlord posted profits of £1.13bn for the year to 31 March. The company had suffered two years of heavy losses, including £3.93bn in the previous year. Its property portfolio, which includes the Broadgate Estate in the City, rose [...]