Citi rainmaker King joins Barclays Capital October 27, 2009 BARCLAYS Capital, the fast-growing division of Barclays that includes the US operations of fallen Lehman Brothers, has hired former Citigroup deal maker Tom King. King, who quit Citigroup five weeks ago saying he wanted to “pursue other interests”, was named co-head of corporate finance reporting to head of global investment banking Hugh “Skip” McGee. The [...]
Chipmaker Arm says it will grow faster than rivals October 27, 2009 MICROCHIP designer ARM met expectations for third-quarter revenue and earnings yesterday and said it expects to outperform a recovery in the industry next year. “Despite pressure on customers’ R&D budgets this year, demand for ARM’s processors and physical IP technology remains strong, with a record numbers of licences signed in the third quarter,” said finance [...]
New head of UBS wealth unit rebuffs disposal talk October 27, 2009 ROBERT McCann, the new head of the battered US wealth management unit of Swiss bank UBS, said he aims to stem client withdrawals and has no plans to sell the business. McCann, a Merrill Lynch veteran who led the brokerage’s wealth management business until early this year, took up his new $850,000-a-year post yesterday and [...]
Hargreaves pockets profits October 27, 2009 City firm Hargreaves Lansdown yesterday revealed that its chief executive Peter Hargreaves, who started the financial-services firm from his Bristol flat in 1981, will see his pay package increase by 26 per cent this year. Hargreaves will trouser a total of £1.01m – including his £600,000 performance-related bonus. Stephen Lansdown, co-founder will take home a [...]
NBC Universal mulls IPO October 27, 2009 NBC Universal could be floated on the stock market if France’s Vivendi decides to sell its 20 per cent stake in the group majority-owned by General Electric, Vivendi's chief executive said. "Why not?" said Jean-Bernard Levy when asked at a media conference whether an initial public offering would be an option for the US entertainment [...]
Anglo to retain De Beers stake October 27, 2009 Mining group Anglo American yesterday said it plans to retain its 45 per cent stake in De Beers, the world’s largest diamond producer. The company has been cutting costs, including jobs, to save $120m (£73m) a year.
RAPPER TALKS CRIME, DRUGS AND THE CUT AND THRUST OF BUSINESS October 27, 2009 FRESH from interviewing Warren Buffett, otherwise known as the “Sage of Omaha” or one of the most successful investors the world has ever seen, the Beeb’s Evan Davis yesterday turned his microphone on a different type of guest: rapper 50 Cent. “Fifty”, who’s recently co-authored a business book called The 50th Law, was happy to [...]
Cineworld profits on the up despite the downturn October 27, 2009 CINEWORLD revealed a solid third-quarter trading performance yesterday, despite the economic downturn and decline in screen advertising. The group posted healthy trading with total revenues up 6.5 per cent in the 43-week period to 22 October. This was largely due to the 10.9 per cent growth in box office sales and five per cent growth [...]
CITY VIEWS: ARE YOU GOING TO THE CINEMA MORE DURING THE DOWNTURN? October 27, 2009 ANDY MARTINS MIZUHO BANK“I don’t go to the cinema too much; I only go when something good is out. I’m not cutting down on going out. In fact I’m actually doing more, such as going on a few more holidays.” KAREN DAWSON ROTHSCHILD“I have been going to the cinema more. I normally take my daughter [...]
TOP BANKER HIRED TO SPLIT UP ROCK October 27, 2009 SENIOR UBS banker Robin Budenberg is set to be named today as the new chief executive of UK Financial Investments (UKFI), the Treasury unit that manages the government’s holdings in UK banks. Budenberg’s first job will be to oversee the break up of Northern Rock into a “good” and a “bad” bank – a plan [...]