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 [...]
Barclays accuses Lehman of keeping back $3bn assets after 2008 collapse April 6, 2010 THE legal wrangle between Barclays and Lehman Brothers Holdings is set to intensify this week when the British bank tells a judge Lehman is withholding $3bn (£2bn) in assets. Barclays, which bought Lehman’s core operations after it imploded in September 2008, says it is entitled to around $750m left in clearance boxes and $750m in [...]
Credit Suisse bolsters its investment banking line-up with new Nomura hire April 6, 2010 CREDIT Suisse, the bank that is advising the giant insurer Prudential on its £15bn rights issue, has hired Dominic Charnock from Nomura for its growing investment banking team. Charnock joins the investment banking team that includes Charles Donald, who left Nomura for Credit Suisse at the end of last year. Donald is widely credited as [...]
Bank changes May meeting date April 6, 2010 The Bank of England has decided to change the date of its May monetary policy decision to 10 May from 6 May in order to avoid clashing with the general election that was announced yesterday. The Debt Management Office has also had to reschedule some bond auctions as a result of the announcement.
Ukrainian egg company to float April 6, 2010 Avangardco, the Ukrainian egg company, is planning to float on the London Stock Exchange. It yesterday said it plans a £132m initial public offering (IPO). The Kiev-based company currently has 16m birds and is the country’s biggest producer of shell eggs and dry egg products. It has 13 factories across the Ukraine and exports to [...]