Retail fund sales hit new high March 30, 2010 Last month was the strongest ever February for retail fund sales, with receipts of more than £1.9bn, according to the Investment Management Association. Funds under management reached £485bn at the end of February – an all time high. It was £13.1bn higher than in January and £143.6bn, or 46 per cent, up year-on-year. The rise [...]
Should the Tories cut tax on jobs? March 30, 2010 THE Conservatives have now promised to reverse part of Labour’s rise in National Insurance. The Conservatives have said it was a “tax on jobs” and that under the move anyone earning up to £45,500 will now be better off; but the move will cost around £6bn a year and critics have said it goes against [...]
Victory for mutual fund industry March 30, 2010 The Supreme Court yesterday handed a victory to the $11 trillion mutual fund industry by endorsing a 1982 legal standard to decide the fairness of fund fees, a ruling that gives companies considerable freedom to set investment adviser charges. The justices unanimously adopted the standard in a 1982 US appeals court ruling that fees are [...]
US urges EADS bid confirmation March 30, 2010 US Air Force chief of staff general Norton Schwartz said yesterday the Pentagon needs to know if Europe’s EADS is serious about bidding to build 179 aerial refueling tankers before granting an extension to the 10 May deadline for bids. If that is the case, then a “modest” extension would probably help to ensure that [...]
NASA to help Toyota probe March 30, 2010 US auto safety regulators said yesterday they will tap the expertise of the country’s top space and aeronautics experts to analyse Toyota’s electronic throttles to see if they are behind the reports of unintended acceleration that have hounded the automaker. Toyota has launched a task force aimed at regaining consumer trust and pledged to give [...]
Petrobras debt issue not due yet March 30, 2010 Brazil’s state-owned oil firm Petrobras does not intend to issue debt in the first half of the year as it focuses on a capitalisation via equity markets, chief financial officer Almir Barbassa said yesterday.
BLOOMSBURY MISSING POTTER MAGIC March 30, 2010 BRITISH publisher Bloomsbury Publishing posted a fall in full-year profit, but raised its dividend after a strong start to 2010. For the year ended 31 December, adjusted pre-tax profit was £7.71m, compared with £11.85m. Revenue fell 13 per cent to £87.22m, reflecting difficult trading conditions and tough comparison from last year when the paperback release [...]
Rio Tinto trial ignites China trade tension March 30, 2010 CHINA warned Australia not to make “irresponsible” comments about the trial of four employees of mining firm Rio Tinto yesterday after Canberra said the trial had left questions about China’s legal system. Verbal sparring over the conviction of Australian citizen Stern Hu and three colleagues underlined foreign investors’ concers about legal transparency in China and [...]
Cable charms voters in the chancellor debate March 30, 2010 YOUGOV has a new addition to its BrandIndex offering: TellYouGov. The usual way to do research is to ask people to fill out surveys: the researcher decides what topic should be explored and the formats in which people are allowed to respond. But TellYouGov allows people to give their views on any topic at any [...]
CITY MOVES | WHO’S SWITCHING JOBS March 30, 2010 Clifford Chance The law firm has elected Michael Bates and Robert Lee as the new joint practice area leaders for its London finance practice, effective for a four-year period starting tomorrow. Bates, pictured, has been a partner since 2001 and specialises in acquisition and leveraged financings in the infrastructure sector. Lee, a partner since 1997, [...]