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 [...]
FSA could ban trading desks for up to a year April 26, 2010 Banks could see their trading desks banned for up to a year under tough new guidelines tabled by the Financial Services Authority (FSA). Proposals announced yesterday would also allow the watchdog to suspend an individual from trading for up to two years. The changes are part of a major clampdown by the FSA on financial [...]
Begbies: UK faces £55bn black hole April 26, 2010 A RISE in interest rates in the coming year could push thousands of small businesses into bankruptcy, insolvency expert Begbies Traynor warned this morning. In its first quarter “Red Flag” update, which monitors UK companies for signs of stress, Begbies said small and medium-sized enterprises (SMEs) had £55bn of liabilities on their books. The debts [...]
Wal-Mart in case setback April 26, 2010 ASDA owner Wal-Mart suffered a blow yesterday when a US court ruled a sex-discrimination lawsuit against the retailer can proceed as a class-action case covering more than one million female employees. Wal-Mart , the world’s largest retailer, had asked the Ninth Circuit Court of Appeals in San Francisco to undo class-action certification in what could [...]