Phytopharm shares jump by 350pc on drug hopes October 14, 2009 BIOTECH minnow Phytopharm yesterday reported promising early test results with its Parkinson’s disease drug Cogane propelling the stock as much as 350 per cent higher. In an 18-week study funded by the Michael J. Fox Foundation, a Parkinson’s research charity, Cogane reduced Parkinsonian disability by 43 per cent in macaque monkeys – a result which [...]
UBS asset arm rejigs top bosses October 14, 2009 GABRIEL Herrera, the head of Europe, Middle East and Africa (EMEA) at UBS’ asset management arm, is leaving the firm amid a management restructure. The 47-year-old is leaving after 22 years at the Swiss giant, under what a source described as a “mutual agreement”. Chief executive of UBS Global Asset Management John Fraser is understood [...]
Credit Agricole joins ranks with peers as it sets out plan to repay 3bn loans October 14, 2009 Credit Agricole is to repay €3bn (£2.7bn) of state support this month, joining its big French rivals and overseas lenders in cutting ties to government by reimbursing state aid. Credit Agricole, France’s biggest retail bank, will redeem loans given in December by the SPPE, the body set up to boost the capital of banks under [...]
Macquarie eyes banking unit at Sal Oppenheim October 14, 2009 AUSTRALIAN banking giant Macquarie is in talks to buy the investment banking operations of German private bank Sal Oppenheim. Macquarie chief executive Nicholas Moore has stepped in after Italian bank Mediobanca decided against making an offer for the unit. The bank, which has a giant $4bn (£2.5bn) in excess capital, has been on a buying [...]
RBS in EC branch sale threat October 14, 2009 EUROPEAN Commission (EC) lawmakers may force Royal Bank of Scotland (RBS) to sell off 312 of its RBS-branded bank branches, under new rules for firms receiving state bailouts. Neelie Kroes, the EC competition commissioner, is considering forcing the bank to slash its small business banking operations by 10 per cent. This would be achieved if [...]
Dismal sales at Diageo as crunch hits October 14, 2009 Diageo, the world’s biggest spirits group, said yesterday its underlying sales fell a sharper-than-expected six per cent in its first quarter, sending its shares lower, while it kept its annual profit target. The maker of Smirnoff vodka, Captain Morgan rum and Guinness beer reported the sales decline for its July-September first quarter, compared to analyst [...]
MILLIONAIRE LEAVES THE LAP OF LUXURY TO GET BY ON 64 A WEEK October 14, 2009 CHANNEL 4-gazers might have been surprised last night by the sight of a familiar face popping up on the box: Pimlico Plumbers boss Charlie Mullins. Mullins, himself the subject of a classic rags-to-riches tale as a self-made business tycoon, was taking part in the channel’s popular “Secret Millionaire” show, for which he travelled to a [...]
BRUCE WASSERSTEIN, WALL STREET LEGEND (1947-2009) October 14, 2009 BRUCE Wasserstein, the most celebrated dealmaker of the past 30 years, has died aged 61. Wasserstein, who served most recently as chairman and chief executive of investment bank Lazard, was admitted to hospital earlier this week with an irregular heartbeat and was said to be recovering until his death was announced last night. No cause [...]
Dow at 10,000 on JP Morgan October 14, 2009 JP MORGAN Chase sparked exuberance on Wall Street yesterday, as it surprised analysts by reporting third-quarter profit of $3.6bn (£2.25bn), driven by a barnstorming three months for its investment bank. The Dow Jones enjoyed a 1.47 per cent bump, closing at 10,015.86 on the back of the bank’s success and the expectation that rival Goldman [...]
City lives in Bruce Wasserstein’s shadow October 14, 2009 ANYBODY who really wants to understand today’s City of London – its culture, its customs and its personalities – needs to acquaint themselves with the life of Bruce Wasserstein, one of the greatest corporate financiers of all time who died last night at the cruelly premature age of 61. He was, of course, a New [...]