Sloane Robinson Partners share £61m in profits January 4, 2010 SLOANE Robinson, the City partnership famed for its high levels of compensation, saw profits tumble last year – but its managers still shared some £61m in profits between them. The amount shared between 14 senior managers fell more than 80 per cent from a record peak of £341m in 2007/8 to £61m in 2008/9, accounts [...]
Pimco cuts exposure to UK bonds January 4, 2010 PACIFIC Investment Management Co (Pimco), the world’s biggest bond fund, said yesterday it will cut its exposure to government bonds in the UK and US, amid fears that the end of quantitative easing and rising public debt could scupper the economic recovery. Pimco leads a number of large funds which are concerned that UK and [...]
Labour: we’ll keep 50p rate January 4, 2010 LABOUR will continue to tax high earners at a rate of 50p for at least five years – despite a previous pledge that the measure would be temporary. When chancellor Alistair Darling introduced the 50p rate for those earning £150,000 or more, he said it would only be kept in place until the economy started [...]
Why the UK’s factories are back to 1973 January 4, 2010 EVERYBODY knows that financial services have been the hardest hit sector during the recession, right? Wrong. Manufacturing has been by far a greater drag on UK plc than services, including finance; factories have suffered more than offices, including trading floors. Virtually all our beliefs about the slump turn out, on closer scrutiny, to be incorrect. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 4, 2010 FINANCIAL TIMES US PUBLIC PENSIONS FACE $2,000BN SHORTFALL The US public pension system faces a higher-than-expected shortfall of more than $2,000bn that will increase pressure on many states’ strained finances and crimp economic growth, according to the chairman of New Jersey’s pension fund. The estimate by Orin Kramer will fuel investors’ concerns over the deteriorating [...]
News Corp sells reviews website January 4, 2010 News Corp sold Rotten Tomatoes, the movie reviews compilation site it received as part of its acquisition of IGN Entertainment in 2005, to rival reviews site Flixster yesterday for an undisclosed sum. The deal is a sign that News Corp wants to offload non-essential digital assets and concentrate on its two biggest online properties, IGN [...]
AIG makes senior appointments January 4, 2010 American International Group (AIG), the US insurer, made several senior appointments, naming a new head of human resources and a new chief administrative officer, it emerged yesterday. Jeff Hurd, a senior employee at the giant insurer and its current chief administrative officer, will become head of human resources, according to a leaked memo from AIG [...]
Aberdeen in running for RBS fund arm January 4, 2010 ABERDEEN Asset Management is up against several large players in the bidding for Royal Bank of Scotland’s funds division, City A.M. understands. Rival fund manager Schroders and hedge fund giant Man Group are thought to be among those running the rule over RBS Asset Management (RBSAM). RBSAM, which was earmarked for sale as long ago [...]
Hopes of global recovery as markets soar January 4, 2010 WORLD stocks closed the first day of trading this year at a 15-month high, leading to increased hopes of a sustainable economic recovery. The FTSE 100 index reached a 16-month peak, up 1.6 per cent, to reach 5,500.34. The closing figure was the highest point since September 2008 when Lehman Brothers collapsed. The Dow Jones [...]
Novartis eyes deal to buy up rest of Alcon January 4, 2010 NOVARTIS yesterday said it wanted to buy the rest of leading eye care firm Alcon for $39.3bn (£24.3bn) to reduce reliance on prescription drugs, but is offering minority shareholders a worse deal than major owner Nestlé. The Swiss drugmaker, which bought 25 per cent of Alcon in 2008, said it was exercising an option to [...]