Bumper profits at GDF-Suez September 2, 2008 The newly-formed French energy giant GDF Suez yesterday heralded the start of a “beautiful industrial adventure”, announcing that net profit had soared by 14 per cent. Rising energy demand and rocketing oil prices helped the powerhouse report bumper first-half profits of €3.4bn (£2.76bn), after it was created following the merger of France’s state owned Gaz [...]
Demand for UK equities is at its lowest for six years September 2, 2008 Demand for UK equities is set to fall to just £17bn this year, down from £68bn last year, its lowest level in six years a leading investment bank warned yesterday. Morgan Stanley. Morgan Stanley blamed plunging merger and acquisition activity levels, and a dwindling number of dividend pay outs and share buybacks for its prediction [...]
KPMG set to run Caliber liquidation September 2, 2008 Caliber Global Investment, the LSE listed mortgage-bond fund run by the hedge fund group Cambridge Place Investment Management, is seeking shareholder approval to appoint KPMG, the accountancy firm, to oversee its liquidation. Caliber is unwinding holdings of US and European mortgage-backed debt, which totalled $908m in March 2007, after taking losses on subprime mortgages. The [...]
Dresdner Kleinwort set for job cuts after Commerzbank seals the deal September 2, 2008 Dresdner Kleinwort employees were bracing themselves for a round of sweeping job cuts yesterday, after German bank Commerzbank completed a deal to buy Dresdner Bank from insurers Allianz at the weekend. Dresdner Kleinwort, led by CEO Stefan Jentzsch and his team employs about 5,500 staff in the UK, with 2,000 of those based in the [...]
JP Morgan retains top broker title September 1, 2008 Investment bank JP Morgan Cazenove has been named the top City broker for the third year running, according to the latest adviser rankings from Hemscott. JP Morgan has led the table for 12 consecutive quarters. It gained five new clients in the three months to 11 August taking its client base to a total of [...]
Profits slide as investors exit New Star September 1, 2008 New Star Asset Management, the fund manager founded by City veteran John Duffield, endured a 70 per cent annual profit slide as investors left its UK equity funds in droves. The group saw last year’s £1.1bn inflows reversed, reporting net outflows of £307m as its total assets under management shrank £3.3bn to £19.8bn. Investors withdrew [...]
Bodycote test unit sale sees bid talk start August 29, 2008 Engineer Bodycote’s decision to sell its testing business makes it vulnerable to a bid from a predator, analysts claimed yesterday. The Macclesfield-based company revealed that it had sold the division, which tests materials for the oil and gas, civil engineering, food and pharmaceutical sectors, to private equity group Clayton, Dubilier and Rice for £417m, a [...]
Toyota slashes output August 29, 2008 High steel and fuel costs as well as the slowing global economy forced Japanese car giant Toyota to cut its sales forecast in Britain and across the world yesterday. Toyota president Katsuaki Watanabe said he will cut the firm’s annual global sales target for 2009 by 700,000 vehicles to 9.7m. Watanabe said: “We have been [...]
Diageo bullish as profits rise August 29, 2008 With two world wars and a few revolutions under its belt, alcoholic drinks giant Diageo is well placed to weather the economic downturn, its chief executive Paul Walsh said yesterday when announcing the group’s results – despite warning of slowing growth ahead. The maker of Guinness and Smirnoff posted a 2 per cent increase in [...]
Henderson promotes equities August 29, 2008 Fund firm Henderson Group yesterday said that chief executive Roger Yates is to stand down in November. The news was announced along with the group’s interim results, in which it reported a 16 per cent fall in profit and confirmed its plans to cut its tax rate by relocating to Ireland. First-half pre-tax profit for [...]