Investec buys up remainder of Rensburg March 30, 2010 SOUTH African bank Investec yesterday said it will stump up a hefty premium to acquire the remainder of Rensburg Sheppards, the fund manager in which it already holds a 47 per cent stake. Investec, which merged its private-client stockbroking business Carr Sheppards Crosthwaite with Rensburg in 2005, will pay 1.63 new shares of its own [...]
GDP rebound even stronger March 30, 2010 BRITAIN staged an even stronger rebound out of recession than had previously been thought, official revisions to fourth quarter GDP data showed yesterday. The Office for National Statistics raised the quarterly growth estimate to 0.4 per cent from 0.3 per cent at the second revision and 0.1 per cent at the initial publication. While the [...]
CITY VIEWS: IS BRITAIN ON THE ROAD TO RECOVERY? March 30, 2010 EDWARD LONG | AMLIN “The recovery is still not as quick as it should be. Although the rise in GDP is encouraging, the government should be focusing on issues that are important to the public rather than what’s popular, like bankers’ bonuses.” STEVE HARRY | MARSH “Although things are ok at the moment, there is [...]
House prices rise but double dip fears persist March 30, 2010 HOUSE prices managed to rise 0.7 per cent in March on the previous month, mortgage lender Nationwide reported yesterday. However, the gain did little to dispel fears of a double-dip in the housing market as buyers exercise caution ahead of the election. Martin Gahbauer, chief economist at Nationwide, said: “The last two months are consistent [...]
Top manager in Gartmore investigation March 30, 2010 GUILLAUME Rambourg, the high-flying European equities fund manager suspended by Gartmore for breaching the firm’s internal trading procedures, is no stranger to controversy. Rambourg and a former Gartmore analyst, Vanni Vecchini, were fined €300,000 (£267,280) by the Italian financial regulator in 2006 for buying stock in Banca Italease with his hedge fund ahead of a [...]
Google facing blocks in China March 30, 2010 google searches in China have been blocked following its decision to shut the country’s mainland portal. For the past two days services have become unpredictable and searches have often resulted in error messages and blank pages being returned. It is not proven that this is a result of the Chinese Government but Google’s decision to [...]
Aer Lingus revenues drop as it begins to slash costs March 30, 2010 AER Lingus saw a double-digit drop in revenue last year after the Irish airline felt the bite of the global recession. The Dublin based company saw revenue for the year ending 31 December fall by 11 per cent to €1.2bn (£1bn). Aer Lingus also posted an operating loss of €93m during the first half of [...]
February airline traffic surges in hint of recovery March 30, 2010 AIRLINE passenger traffic climbed by 9.5 per cent during the month of February, according to new data by the International Air Transport Association (IATA). IATA warned that the number is slightly inflated because 2009 figures represent the bottom of the recession. “This is not a full recovery. The task ahead is to adjust to two [...]
Strong start for Domino’s March 30, 2010 BRITAIN’S biggest pizza delivery chain Domino’s has reported a strong start to 2010 despite bad weather in the early part of the year. The company, which operates the British and Irish franchises of the global home delivery brand, said sales at its 553 stores open for more than a year were up 10.5 per cent [...]
Babcock is boosted by MoD deal March 30, 2010 DEFENCE services group Babcock International yesterday said a recently agreed contract with the Ministry of Defence (MoD) would boost the value of its order book by 40 per cent and that second half trade had been strong. “Following the agreement with the MoD, the group’s order book will be increased by about £2.5bn to around £8.5bn,” [...]