Lack of debt sees private equity deals reach lows August 17, 2009 THE LEVEL of investments being made by the private equity industry plummeted by 80 per cent in the first half of the year compared to the same period last year, dropping to a 12-year low of just $24bn (£14.7bn), research showed yesterday. The figures, by International Financial Services London (IFSL), underscore the restrictive effect of [...]
CITY MOVES WHO’S SWITCHING JOBS August 17, 2009 Cheyne Capital ManagementThe alternative asset manager has appointed Paul Ruddleston and Paul Keohane, pictured, as partners. The pair joins from Morgan Stanley, where they were managing directors and spent a combined 26 years. They will be responsible for managing the Cheyne Equity Macro Fund, along with former colleague and head portfolio manager Jorge Giampaoli, who [...]
Michael Page profits plummet in the slump August 17, 2009 RECRUITER Michael Page said yesterday that profits had been slashed in half in the first six months of the year, but that the jobs market in the UK was showing signs of stabilisation. The FTSE 250 firm said that it had made a pre-tax profit of £43.2m, down 49 per cent year-on-year, on revenues which [...]
Jobs market in the City is beginning to stabilise, says survey August 17, 2009 THE NUMBER of new City jobs dropped by seven per cent month-on-month in July, but still hit its second highest level this year, according to a survey out today. Morgan McKinley’s employment monitor shows that, at 3,528, the number of new vacancies in the financial services sector was second only to June’s figure. “With employers’ [...]
DO MICHAEL PAGE’S RESULTS SPELL BETTER NEWS FOR THE JOBS MARKET? August 17, 2009 ROBERT MORTON INVESTECToday’s announcement covers another very difficult trading period, with activity continuing to weaken across the group. But, as with its peer group, Michael Page’s share price rests on recovery prospects rather than current trading, and we continue to rate the stock a “hold”. PAUL JONES PANMURE GORDONThe results were as expected. In terms [...]
Women graduates win work war August 17, 2009 Women graduates are weathering the financial storm more successfully than their male counterparts, a survey said yesterday. Around one in 10 men who graduated last summer have not found employment, while only 6.5 per cent of women are unemployed. Around 10,000 male graduates have couldn’t find work in the six months after they left university, [...]
Anglo Irish appoints new boss August 17, 2009 Nationalised Irish lender Anglo Irish Bank has appointed Australian banker Mike Aynsley as its new chief executive, the country’s finance minister Brian Lenihan said in a statement yesterday. Anglo, which was taken over by the government in January, has been without a chief executive since David Drumm resigned last December after a string of scandals. [...]
NYSE Euronext sees IPO pick-up August 17, 2009 NYSE Euronext sees encouraging signs for initial public offerings in 2010 as investors venture back into stocks, top executives at the company said yesterday. NYSE expects to have 20 IPOs by the end of year, up from the 15 so far in 2009, and sees continued demand for new offerings next year.
SPINVOX ACTIVIST KICKS UP A RUMPUS August 17, 2009 THE rumpus surrounding controversial voice-to-text messaging firm SpinVox continues apace. After the firm recently admitted some of its messages are translated into text manually by workers outside the UK, some former customers are up in arms – and I read on a techie blog that one in particular is spearheading a drive to persuade people [...]
CITY EYE August 17, 2009 DON’T LOOK DOWN: a resident descends the concrete staircase in the Cromwell Tower on the Barbican Estate. The tower, which stands 123 ft high, was built in 1973 and named after the historical Republican figure Oliver Cromwell.