Finsbury chief executive departs September 30, 2009 Cake and bread maker Finsbury Food yesterday announced that chief executive Martin Lightbody stepped down with immediate effect after the group reported a 65 per cent fall in year end pre-tax profit. Lightbody will be replaced by chief operating officer John Duffy. Finsbury posted pre-tax profits of £5m for the year to 4 July, compared [...]
Man funds up as client base sees recovery September 30, 2009 MAN Group, the largest listed hedge fund manager in the world, said yesterday that assets under management had increased during the group’s fiscal second quarter, the first quarterly rise in a year. The group saw funds under management reach around $43.8bn (£27.4bn), a 1.2 per cent rise on the $43.3bn seen at the end of [...]
Private equity shows signs of recovery next year September 30, 2009 AS WE move into the fourth quarter, prospects for private equity look promising as capital markets and the economy stabilise. But, as firms turn their attention to strategy for 2010, is it too early to be talking about a full-scale revival in the industry next year? One man thinks not. Bob Henry at small buyout [...]
Thomas Cook enjoys surge in bookings September 30, 2009 Tour operator Thomas Cook said it had traded well in its fourth quarter thanks to growing demand for package holidays and was on track to hit full-year profit expectations. Europe’s second-biggest tour operator yesterday also outlined plans to further expand its financial services activities through acquisitions but said it has no plans to go to [...]
CITY MOVES WHO’S SWITCHING JOBS September 30, 2009 ERNST & YOUNGThe accountancy firm has hired Luke Reeve as a director and Chris Lowe, pictured, as an associate director to beef up its capital markets advisory group in the face of the ongoing liquidity challenges faced by firms in the downturn. Reeve was previously head of private debt capital markets for the EMEA region [...]
BEST OF THE BROKERS September 30, 2009 DATATECInvestec said that Datatec is on track to meet its full-year guidance, but that a technicality on the Johannesburg Stock Exchange mandates an update. The broker made no changes to its forecasts but increased its target price to 210p and downgraded its recommendation to “hold”, purely on valuation grounds. COMPASSEvolution Securities nudged up its Compass [...]
Blacks closes 90 stores and axes 50 staff September 30, 2009 OUTDOOR goods retailer Blacks Leisure plans to close 89 loss-making stores and axe about 50 head-office jobs, it said yesterday, as part of a recovery plan it hopes will win the support of its banks. The firm, which has over 400 stores including the Blacks Outdoor and Millets chains, said the job losses represented about [...]
CIC takes stake in KMG as China seeks to take advantage of commodity slump September 30, 2009 CHINESE wealth fund CIC yesterday bought a stake in KazMunaiGas Exploration Production (KMG), the Kazakh oil and gas company, which is listed on the Kazakhstan Stock Exchange, and has its GDRs listed on the London Stock Exchange. State-owned CIC, which has over $300bn (£189bn) under management, paid $939m for an 11 per cent stake in [...]
BRANSON ON LOOKOUT FOR SPACE RACE BUDDY September 29, 2009 MUCH is resting on tycoon Sir Richard Branson’s hotly-anticipated new venture to infinity and beyond. Virgin Galactic – which plans to fly the first commercial passenger flight into space within the next couple of years – is well underway with planned test flights for its spaceship and carrier aircraft, more than a decade after the [...]
WINTERS IS OUSTED FROM JP MORGAN September 29, 2009 BILL Winters, JP Morgan Chase’s senior figure in European investment banking, has been sensationally ousted, after chief executive and chairman Jamie Dimon made it clear that he did not want the popular banker to succeed him. Winters, whose departure was announced yesterday, will be succeeded as co-chief executive of JP Morgan by the group’s head [...]