Surprise surge in property investments September 21, 2009 The second and third quarters of 2009 have seen a surge in interest from first time investors, according to Assetz, as people looked to take advantage of good value in the property market amid signs of strengthening house prices. During the summer a wave of new investors entered the market thanks to disillusionment with poor [...]
Seatwave boosted by live acts September 21, 2009 Seatwave, Europe’s largest fan-to-fan ticket exchange, yesterday announced a leap in ticket sales as a raft of live entertainment lured in punters. The number of European fans attending live events in Britain during the first half of 2009 increased by 596 per cent compared with the same period a year earlier, Seatwave said. The increase [...]
US extends tax deal amnesty September 21, 2009 AMERICAN authorities will extend an amnesty program for taxpayers who have income hidden in offshore accounts by three weeks to 15 October, citing pleas from tax professionals who say they could not handle the numbers of individuals rushing to take part. The Internal Revenue Service (IRS)amnesty program began in March, soon after Swiss bank UBS [...]
China weighs purchase of gold being sold by IMF September 21, 2009 CHINA is understood to be considering buying gold being offered for sale by the International Monetary Fund (IMF). According to Market News International, China is considering buying if the price is right and the return relatively high. Gold, which had dipped just below $1,000 an ounce, rebounded to $1,003.45 after the report. That would put [...]
Magic Circle law firms cut fees in half September 21, 2009 THE CITY’S Magic Circle legal institutions have been forced to slash their partners’ hourly fees by almost half, as they fight for business in a recessionary market. The latest closely-watched average hourly rate survey by Knightsbridge-based costs lawyer Jim Diamond has revealed the Magic Circle is offering out lawyers at bargain rates. “It is now [...]
Air France-KLM cuts capacity September 21, 2009 Europe’s biggest airline, Air France-KLM, plans to reduce seating capacity on its flights by two per cent during the winter season to lessen the impact of falling demand. Capacity for the period beginning 25 October will be 1.8 per cent lower than a year ago on long-haul services and down 2.9 per cent on medium-haul [...]
Banks and insurers look cheap September 21, 2009 British banks and insurers will further outperform because they still look cheap despite a sharp rally this year, while telecoms and pharmaceuticals should also fare well, Nick Purves, a fund manager at Schroders said yesterday. Purves, who manages the £1.19bn Schroder Income Fund alongside Ian Lance, said some of those companies most savagely mauled by [...]
Phorm narrows its losses September 21, 2009 Targeted online advertising firm Phorm posted a narrower pre-tax loss for the first half, helped by cost cuts, and said it remained confident about its future. The company said it was progressing well to commercially deploy its technology in a major market, with expected generation of meaningful revenues. Its pre-tax loss from continuing operations was [...]
EUrules on hedge funds will hit taxes September 21, 2009 THE HEDGE fund and private equity industries yesterday welcomed a survey that said they pump €9bn (£7.9bn) a year into the tax coffers of European Union (EU) governments. The survey also says that a proposed EU directive – which seeks to regulate alternative funds over €100m in size with an iron fist – would cause [...]
Hedgie recovery continues as August’s gains take yearly growth to 11.6 per cent September 21, 2009 HEDGE funds booked their sixth straight month of gains in August, according to data released yesterday that suggests the industry’s recovery is powering on. The Credit Suisse/Tremont Hedge Fund index rose by 1.53 per cent last month, bringing year-to-date returns on the index to 11.57 per cent. The Convertible Arbitrage strategy, where funds exploit price [...]