MySpace says it will axe two thirds of international staff June 23, 2009 STRUGGLING social networking site MySpace said yesterday that it will cut about two thirds of its international work force and close at least four of its offices outside of the US, putting dozens of UK staff at risk. The News Corp-owned firm has proposed a restructuring plan that would see its international staff cut from [...]
Fast food prospers as consumers loosen belts June 23, 2009 WHILE the recession continues to claim casualties from a variety of sectors, others are finding that an economic downturn has boosted business. One of the sectors whose BrandIndex scores have notably risen is fast food. As usual, we have created a “basket” of brands (Burger King, Domino’s, KFC, McDonald’s, Pizza Hut and Wimpy). For comparison, [...]
Aggreko powers ahead June 23, 2009 TEMPORARY power provider Aggreko expects first-half profit to rise as its international power division continues to grow, but said growth would likely slow in the second half. Aggreko, which rents out generators, air conditioners and cooling towers, said it expected pre-tax profit for the six months to the end of June to grow by around [...]
UK hedge fund group supports US plans for registration scheme June 23, 2009 A KEY hedge fund association has thrown its weight behind plans in the US to force the funds to be registered with regulators and disclose information to allow authorities to gauge the risk they pose to the economy. The Alternative Investment Management Association (AIMA), which represents UK hedge funds, said it agrees funds whose sizes [...]
Madoff team calls for mercy June 23, 2009 LAWYERS for Bernard Madoff, who has admitted running a giant $65bn (£40bn) “Ponzi” scheme, have pleaded for leniency from the New York judge who is preparing to sentence the financier at a hearing next week. Amid calls from victims for the fraudster to die of old age in prison, his lawyer Ira Lee Sorkin said [...]
Founder heads Libertas management buy-out June 23, 2009 THE corporate finance division of small to mid cap financial services group Libertas Capital has been rescued out of administration by a management buy-out team led by the firm’s founder Jakob Kinde. The buy-out team is thought to have offered just over £1m for the division, including a down payment and a pledge to return [...]
Peugeot says it will post a big 2009 loss June 23, 2009 PEUGEOT Citroen said it expected to lose as much as €2bn (£1.7bn) in 2009 as it launched a convertible bond to raise €575m yesterday – but its European sales will fall less sharply than feared. Peugeot Citroen said that while the European car market was still down compared with 2008, the company’s “best current estimate” [...]
BEST OF THE BROKERS June 23, 2009 AVIVACitigroup analysts said they no longer view Aviva as vulnerable from a capital perspective, after its hybrid debt issue and the disposal of Aviva Australia. Based on its standard return on embedded value approach, the broker upped its target price to 350p from 210p and raised its recommendation to “hold, high risk”. STANDARD CHARTEREDAhead of [...]
Hansteen to raise 195m to invest in bargain British commercial properties June 23, 2009 EUROPEAN property investment firm Hansteen yesterday tapped the market for £194.6m to fund a re-entry into the UK market and take advantage of bargain commercial property investments in the recession. Hansteen’s placing of 267.8m shares at 75p a share, fully underwritten by broker KBC Peel Hunt, is the largest secondary fundraising on the Aim market [...]
CITY MOVES WHO’S SWITCHING JOBS June 23, 2009 AvivaMatt Saker is to join the savings, investment and insurance group as its new chief actuary for Europe. Saker joins from Watson Wyatt, where he worked for over 18 years, becoming a partner in 2003. In his new role, he will be responsible for capital management, life and general insurance reserving and market-consistent embedded value [...]