ANZ considering Asia expansion April 21, 2010 Australia and New Zealand Banking Group is considering making a bid for Dallas-based Lone Star’s controlling stake in Korea Exchange Bank (KEB). Valued at $4bn (£2.6bn), this would expand Australia’s fourth largest bank’s influence in Asia considerably. KEB, South Korea’s sixth largest lender, was purchased by US private equity fund Lone Star in 2003. ANZ [...]
Visa set to buy CyberSource April 21, 2010 Visa said yesterday it would buy CyberSource, a company that helps retailers accept online payments, to boost its business in fast-growing areas such as emerging markets and online commerce. Visa, the world’s largest credit and debit card processor, would pay $26 a share, or about $2bn (£1.3bn), for CyberSource. That amounts to a premium of [...]
Mears secures £170m contract April 21, 2010 Leading social housing repairs and maintenance service provider Mears was awarded a long-term partnership contract with the London Borough of Lambeth yesterday. The seven-year contract, valued at £170m, will aid in providing “responsive repairs, void refurbishment, estate management, decent homes and planned maintenance” and is expected to start in October 2010.
St James’s is winner as ISA sales rocket April 21, 2010 WEALTH management group St James’s Place yesterday announced a record quarter for new business with total new investments of £1.1bn. The company said its most closely followed measure of new business, a combination of regular and single premiums, was up 42 per cent from a year earlier at £133.3m. Deutsche Bank analysts had expected a [...]
Private client managers enjoy time to grow April 21, 2010 PRIVATE client investment managers and stockbrokers have had a good recession but challenges remain as they seek to strengthen their positions against future uncertainties such as increased regulation. Last year’s massive influx of funds from the private client arena was likened to a “sugar rush” by the head of one small City stockbroker. Millions of [...]
EADS to bid on key US tanker contract April 21, 2010 DEFENCE aircraft manufacturer, EADS, yesterday announced intentions to formally tender a bid for a $35bn (£22.7bn) contract with the US Air Force. The move comes months after the European defence company pulled out of a joint tender with Northrop-Grumman for the work. Should July’s bid become successful, EADS could be awarded with the contract to [...]
BEST OF THE BROKERS April 21, 2010 THORNTONS Execution Noble has downgraded its rating of Thorntons from “buy” to “sell”. It says the chocolate-maker wavered at the January trading update, when the store sales trend was weaker than expected. It warns that earnings are likely to be volatile making it hard to support a positive investment case. THE RESTAURANT GROUP Seymour Pierce [...]
CITY MOVES | WHO’S SWITCHING JOBS April 21, 2010 Royal London Asset Management The asset management firm has promoted Ian Goulsbra to the role of head of wholesale relationships, effective immediately Goulsbra joined RLAM in 2007 as a business development manager for the south of England. He was previously at Premier Asset Management, where he was head of institutional sales, and also spent time [...]
Airlines lose £1.1bn in ash cloud crisis April 21, 2010 THE International Air Transport Association (IATA) estimates that the crisis caused by the volcanic ash cloud above Europe cost airlines more than $1.7 billion (£1.1bn). IATA Director General and Chief Executive Giovanni Bisignani said: “At the worst, the crisis impacted 29 per cent of global aviation and affected 1.2 million passengers a day.” He claimed [...]
Unemployment rises to 16-year high of 2.5m April 21, 2010 UNEMPLOYMENT has increased by 43,000 between to a 16-year high of to 2.5 million, according official figures. That represents an eight per cent jobless total. The the number of people classed as economically inactive also reached record levels, the figures – which cover the period from December to February – show. Meanwhile, the number of [...]