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Business

  • EU hedgie laws to hit pensions

    August 4, 2009

    EU PLANS to clamp down on the hedge fund industry could cost European pension funds €25bn (£21.2bn) a year, the industry trade body said yesterday. The Alternative Investment Management Association (Aima) said plans to limit hedge funds’ leverage and to force managers to sign up to a costly disclosure regime will do “enormous” damage to [...]

  • China’s GDP figures spark concerns about accuracy

    August 4, 2009

    CHINA’S first-half gross domestic product (GDP) figures have raised eyebrows, after combined data from the country’s provinces showed growth well ahead of government estimates. According to combined information from regional authorities, GDP totalled 15,376bn yuan (£1,334bn) in the first half, 10 per cent higher than the figure predicted by the country’s National Bureau of Statistics. [...]

  • Pressure to raise QE after mixed data

    August 4, 2009

    ANNUAL growth in broad money supply slowed to its weakest since 1999 in the second quarter, according to data released yesterday by the Bank of England, just two days before its monetary policy decision. The figures showed that broad money supply growth excluding intermediate other financial corporations such as pension funds, fell to 3.1 per [...]

  • WINDS OF CHANGE

    August 4, 2009

    WIND turbine maker Vestas yesterday won a re-possession order to remove workers staging a sit-in at the company’s British turbine blades factory on the Isle of Wight. Eleven workers have occupied the building for two weeks in protest at the proposed closure of the plant, with the possible loss of 625 jobs. The Danish company [...]

  • UniCredit stalls on state aid as profits improve

    August 4, 2009

    ITALIAN bank UniCredit said it would decide in September whether to go ahead with Italian state aid after reporting better-than-expected second-quarter net income on improved trading profit. Chief executive Alessandro Profumo said the bank was in talks with Italy over hybrid bonds to bolster its capital ratios and assure lending to smaller companies. UniCredit has [...]

  • CITY VIEWS: IS GOLD A GOOD INVESTMENT NOW THAT EQUITIES ARE ON THE UP?

    August 4, 2009

    ALEX ODWELL BADENOCH & CLARK“No, I don’t think it’s a great investment at the moment because I think there are better things to put money into now that the markets are stabilising, such as gas and utilities.” AISHA VERMA CASCAED“Gold is always a good investment and that won’t change. I personally think it is always [...]

  • Profits soar at Tullett Prebon

    August 4, 2009

    INTERDEALER broker Tullett Prebon surprised the City yesterday as it revealed soaring interim profits that were comfortably ahead of market expectations, boosted by the continuing volatility in the market. Tullett said first half pre-tax profits were 23 per cent ahead of the same period last year at £91.7m, while revenue grew 11 per cent to [...]

  • Pub food and Pedigree pints boost Marston’s

    August 4, 2009

    BREWER and pubs chain Marston’s yesterday said that it was confident of meeting expectations for the year after a surge in food sales boosted trading. The group, which operates more than 1,700 pubs across England and Wales,  reported a 2.3 per cent like-for -like sales growth in the six weeks to 1 August. The upturn [...]

  • L&G earnings down 92pc as bonds tumble

    August 4, 2009

    INSURANCE giant Legal & General (L&G) saw its shares plummet yesterday after it reported a 92 per cent slump in statutory profits, thanks to a one-off hit on the corporate bond portion of its investment portfolio. Shares of the firm fell by eight per cent after it issued the half-year results, before rallying slightly to [...]

  • WHERE DO YOU STAND AFTER L&G’S HALF-YEAR RESULTS?

    August 4, 2009

    BARRIE CORNES PANMURE GORDON“The dividend cut was anticipated. Key takeaways for us are capital strength, increased new business margins and bond default provisioning, good cash flow and Legal & General Investment Management remains core to the business. We maintain our “buy” stance.” TONY SILVERMAN S&P EQUITY RESEARCH“L&G will trade at a discount until reporting uncertainty [...]

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