CITY MOVES | WHO’S SWITCHING JOBS May 17, 2010 Quayle Munro The boutique merchant banking group has appointed Andrew Adams, pictured, and Robert Cormie as executive directors. Adams has been a managing director at the firm since 2008, having spent ten years at The Van Tulleken Company prior to its acquisition by Quayle Munro. Cormie also became a managing director in 2008. Prior to [...]
My corporate jet is easyJet: meet the platform boss taking on the LSE May 17, 2010 HE TALKS LOUDLY and moves fast. Alasdair Haynes, the chief executive of the pan-European trading platform Chi-X Europe, cuts a larger than life figure. The boss of the trading platform, which has grabbed a 30 per cent share of FTSE 100 trading from long-established rival the London Stock Exchange (LSE) since it was set up [...]
LIAM BYRNE BOMBS WITH TICKING MESSAGE TO TREASURY SUCCESSOR May 17, 2010 HOW poor old Liam Byrne must now be regretting his decision to leave his successor David Laws a sardonic little note of welcome in the office of the chief secretary to the Treasury. “Dear chief secretary,” the note read, “I’m afraid there is no money. Kind regards and good luck! Liam.” Within minutes of Laws [...]
Osborne: Budget to be held on 22 June May 17, 2010 CHANCELLOR George Osborne has announced that the emergency budget will be held on 22 June. He promised to make it harder for the government to “fiddle the figures” – after accusing Labour of issuing dubious forecasts. He said the new Office for Budget Responsibility – designed to keep government spending under the microscope – would [...]
Man Group buys GLG May 17, 2010 HEDGE fund firm Man Group has agreed a deal to buy rival GLG Partners FOR $1.6bn (£1.1bn). Man Group – already the world’s largest listed hedge fund manager – will up its operations in the US through the agreement. The combined group will have assets of about $63bn. In a statement, Man said it has [...]
Alliance Boots profit tops £1bn for first time May 17, 2010 BRITAIN’S biggest pharmacy chain Alliance Boots has posted annual profits of more than £1bn – becoming only the third UK retailer to pass that milestone. The group, bought in 2007 by private equity firm KKR and executive chairman Stefano Pessina for £11bn in Europe’s biggest leveraged buyout, said the 13 per cent increase in trading [...]
Prudential releases details of record rights issue May 17, 2010 PRUDENTIAL has announced details of its record £14.5bn (£21bn) rights issue aimed at funding its planned acquisition of AIA Group. The move for AIG’s Asian business has been dogged by controversy after some shareholders questioned the move. The Financial Service Authority also caused a delay in the launch of the prospectus for the rights issue [...]
The ash is back May 17, 2010 BRITAIN’S airline industry is facing a fresh set of threats this week as aviation authorities prepare to close a number of airports ahead of a new and highly dense ash cloud which is expected to drift across the UK. Last night Heathrow, Gatwick and City airports were closed from 1am until at least 7am today. [...]
Osborne launches audit of UK’s books May 17, 2010 GEORGE OSBORNE will commission an independent audit of the nation’s battered public finances today, ahead of an emergency Budget at the end of June. The chancellor has asked Sir Alan Budd, a former economic adviser to the Treasury, to head up the Office for Budget Responsibility, which will publish the review. Budd will also be [...]
BP closer to plugging leak May 16, 2010 BP executives celebrated some success yesterday after the oil giant moved one step closer to capturing some of the oil leaking into the Gulf of Mexico. After inserting a four-inch tube into a broken 21-inch pipe, also known as a “riser”, BP said that it had successfully completed the first stages of a siphoning process [...]