Magna takeover of GM to complete by September June 3, 2009 MAGNA INTERNATIONAL looks set to close its takeover of GM Europe by September, it said yesterday, as the white knight clarifies the details of its takeover. Magna agreed to buy the European arm of bankrupt car firm General Motors (GM) at the weekend, as its US parent filed for Chapter 11. The Canadian carparts maker [...]
BEST OF THE BROKERS June 3, 2009 VODAFONE GROUPCitigroup analysts returned from travelling with Vodafone managers to meet investors and were no less positive on the structural opportunity at the group than before. The broker remains a “buy” on the stock with a target price of 118p, but argues that targets could be increased, perhaps in November. The focus remains on shareholder [...]
Alterian shares rise on growth June 3, 2009 Marketing software provider Alterian posted a 73 per cent rise in full-year revenue, to £33.4m, helped by the acquisition of online software firm Mediasurface in July. However, the company said that one-off acquisition costs had driven pre-tax profit down by 34 per cent to £3.6m. The company, which supplies software to about 1,000 marketing departments [...]
Australia avoids the recession June 3, 2009 Australia’s economy unexpectedly grew in the first quarter of the year, managing to skirt the global recession that has swamped the US, the UK and Japan, as exports and consumer spending went up. GDP went up 0.4 per cent in the three months to 31 March after it contracted a revised 0.6 per cent in [...]
BP Marsh reports 1.7m losses June 3, 2009 Private equity firm BP Marsh reported a full-year net loss of £1.7m, compared to last year’s profit of £4.8m, as net asset value (NAV) dipped 3.8 per cent from £45.61m in the year ending 31 January 2008, to £43.88m. Underlying loss before tax excluding unrealised losses was £0.5m, compared to a profit of £0.5m last [...]
CITY MOVES WHO’S SWITCHING JOBS June 3, 2009 RWC PartnersThe asset manager has appointed Mike Corcell to its London office to launch a new UK long/short equity fund, expected to open in the third quarter of this year. Corcell joins RWC from SAC Investment Management, which he joined last year after a five-year stint at Threadneedle, where he launched and managed the $700m [...]
The devil’s in the detail: the trials and tribulations of a property sage June 3, 2009 THERE comes a time in your life when you can draw a line and say: ‘I’ve done a lot of things in my life’, barks Gerald Ronson, thumping a gnarled fist on the table for emphasis. He’s not wrong. Now the undisputed Sage of Property, Ronson, 70, has spent the past half a century constructing [...]
Rolet could earn 5.2m from LSE job June 3, 2009 XAVIER Rolet, the chief executive of the London Stock Exchange (LSE), could take home up to £5.2m in his first year in the role, according to he exchange’s annual report, published yesterday. The company’s annual report gave the City its first glimpse of the deal that enticed Rolet take on the job of tackling increased [...]
Sir Alan purges boardroom ahead of the final June 3, 2009 THERE were no gimmicks this week. No flash location, no cryptic clues, no splitting into teams. All the would-be Apprentices had to do was answer a few questions. Unfortunately those asking the questions were Sir Alan’s infamous attack dogs, who arrived in a series of increasingly ostentatious sports cars (you could be forgiven for thinking [...]
Rio exploration spend to halve June 3, 2009 MINING GIANT Rio Tinto is halving its exploration spending this year, but is taking advantage of the downturn to buy cheap assets in places like the Democratic Republic of Congo, Rio’s exploration chief Eric Finlayson said yesterday. The group, which is grappling with massive debt, has put expensive drilling operations on hold until conditions in [...]