Australia hikes interest rates April 6, 2010 Australia’s central bank raised its interest rate to a 14-month high of 4.25 per cent yesterday, flagging further moves ahead as the resource-rich nation rides a tide of Asian demand. The Reserve Bank of Australia hiked the rate by 25 basis points, its fifth increase in seven months. “With growth likely to be around trend [...]
Facebook bars staff share sales April 6, 2010 Facebook has banned employees from selling stock on the secondary market outside of specific trading windows as demand for the shares heats up. The social networking giant said the new rules were introduced to stop employees falling foul of US Securities and Exchange Commission mandates. A Facebook representative said the policy was designed to protect [...]
Race for RBS assets hots up as bids fly in April 6, 2010 THE main players in the battle to snap up 318 Royal Bank of Scotland branches have all tabled indicative bids, City A.M. has learned. Santander, Virgin Money and National Australia Bank, the owner of Clydesdale Bank, have all privately confirmed their interest in the state-owned assets. It is also thought Banco Bilbao Vizcaya Argentina (BBVA) [...]
HEDGE FUND BOSS KICKS UP A STINK FOR KIDS April 6, 2010 AS FAR as creative forays go, they don’t come much stranger – or more hilarious – than the latest venture set up by Eric Rosenfeld, a prominent New York investment manager who spends his days working as president and chief executive of Manhattan-based Crescendo Partners. The Capitalist chances upon a bizarre website launched by Rosenfeld [...]
Couple to face insider trading charges in court April 6, 2010 A COUPLE accused of a complex insider trading operation spanning almost a decade were released on bail today. Former Dresdner Kleinwort adviser Christian Littlewood, 36, who worked for Shore Capital at the time of the alleged illegal deals, stands accused of 13 counts of insider trading, along side his Singaporean wife Angie, 39. The couple, [...]
Verizon denies plans to merge with Vodafone April 6, 2010 SHARES in Vodafone slumped yesterday, after Verizon Communications’ top executive poured cold water on suggestions that the pair could merge. Asked about the benefits of merging with Vodafone – its partner in joint venture Verizon Wireless – chief executive Ivan Seidenberg said there would be few benefits to such a deal. “Absent of new information, a [...]
Reed: Demand for new staff fell in March April 6, 2010 DEMAND for new staff dropped off in March, according to the latest Reed Job Index, leading to new fears of increased unemployment before the general election. The index fell three per cent on February’s reading of 105, signalling an end to the rise in job opportunities since the start of the year. Demand for engineering [...]
Gartmore seals Hermes tie up April 6, 2010 FUND management firms Gartmore and Hermes yesterday sealed a deal to create a new joint venture, combining their private equity fund of fund businesses into a vehicle with £4.1bn of assets under management. The new firm, called Hermes GPE, will be 50 per cent owned by each party. Gartmore and Hermes have recruited a raft [...]
Duke street snaps up debt collection agency April 6, 2010 Duke Street, the mid-market private equity group, has acquired a 58 per cent stake in debt collection group Marlin for an undisclosed sum. Marlin specialises in collecting from wealthy debtors, with “litigation quality” arrears that can be recouped through the courts. Duke Street partner Miles Cresswell-Turner said: “Marlin has the potential, with funding and operational [...]
SOUR?TASTE April 6, 2010 MPs delivered a damning verdict on Kraft’s takeover of Cadbury yesterday, saying the US conglomerate was “unwise” to promise to save the Somerdale factory in Bristol only to close it later, with the loss of 400 jobs. The business committee also expressed dismay at the role of hedge funds in the takeover. Unions called for [...]