Hedge funds assets up 5.5pc March 31, 2010 THE number of hedge funds has fallen but the ones in existence are holding more assets under management, according to a survey by PerTrac Financial Solutions. A study of ten of the world’s leading hedge find databases revealed assets rising by 5.5 per cent over the year, to $1.41 trillion. Meredith Jones, managing director of [...]
New FRAB chair selected March 31, 2010 KATHRYN Cearns has been appointed as the chair of the Financial Reporting Advisory Board (FRAB). Presently, Cearns is a consultant accountant at Herbert Smith LLP and chairs the ICAEW Financial Reporting Committee. Prior to this, Cearns served as project director to the UK Accounting Standards Board and as a member of the UK Accounting Standards [...]
Public sector pensions add to pay boost March 31, 2010 GENEROUS public sector pension packages have seen government workers’ total pay rise much faster than their private sector counterparts, a leading think-tank has said in a study published today. The Institute for Fiscal Studies (IFS) found that public sector workers saw their total remuneration improve by 10 per cent in real terms compared to just [...]
BA deal with Iberia misses its deadline March 31, 2010 BRITISH Airways (BA) and Spanish carrier Iberia have missed their merger deadline after the two said they were still ironing out technicalities in the agreement. The merger, which was scheduled to complete by the end of the first quarter, has been delayed by days as both airlines attempt to resolve some minor differences in the [...]
Blackberry maker proves victim of its own success March 31, 2010 BLACKBERRY manufacturer Research in Motion (RIM) yesterday revealed quarterly profit and revenue rises but the results failed to match expectations. Profit rose to $710.1m (£467m) in the three months ending 27 February, from $628.4m, in the same period last year. Gross margin was 45.7 per cent and it shipped 10.5m devices. Revenue increased 18 per [...]
JP Morgan gets new LNG deal in energy focus March 31, 2010 JP MORGAN has ventured further into the energy industry by signing an agreement with Chieniere Energy, the liquefied natural gas (LNG) importer. The agreement will give JP Morgan’s clients access to its Sabine Pass terminal in Louisiana. It is understood the two will share profits from shipping the fuel on behalf of their clients. “Working [...]
Entertainment One to move to LSE’s main list March 31, 2010 ENTERTAINMENT One, the distributor of the blockbuster Twilight vampire movies, yesterday announced plans to move to the main list of the London Stock Exchange, as it cheered investors by confirming full-year results will be at the top end of its forecast range. Entertainment One, which is currently listed on the Alternative Investment Market (Aim), said [...]
KAPOOR’S TANGLED TOWER March 31, 2010 A £19.1m sculpture designed by Turner Prize-winning artist Anish Kapoor has been chosen as the monument to mark the London 2012 Olympic Games. The 115m tall piece, named the ArcelorMittal Orbit, will be 22m higher than New York’s Statue of Liberty. London mayor Boris Johnson, described it as “a super-sized mutant trombone.”
Ofcom feels the heat over sports ruling March 31, 2010 OFCOM faced a fierce backlash to its landmark ruling yesterday as broadcasters and sporting bodies rounded on the embattled regulator. BSkyB vowed to carry out its threat to fight the ruling through the courts, hiring high powered City law firm Herbert Smith. The decision means the wholesale prices Sky is allowed to charge rivals including [...]
Sky will have to play defensively March 31, 2010 PERHAPS Sky should have remembered the advice of Marx brother Chico when it bet the house on premiership football rights back in 1992: “If you win today, you’ll only lose tomorrow. A sure thing is no fun.” Having had the premium sports TV space to itself for the last eight years, the media regulator is [...]