Odey and GLG among hedge fund winners June 10, 2009 WINNERS are emerging from the hedge fund sector’s dramatic comeback in May, with groups like Odey and GLG now trumpeting net gains as high as 35 per cent this year so far. Hedge fund managers are saying investments in banks and emerging markets paid off last month, while recent research claimed May saw the vehicles [...]
Rising US debt yields sparks market fears June 10, 2009 US MARKETS were fearing recent cheer may be premature last night after an auction of benchmark 10-year Treasury notes triggered a bout of selling that sent spreads widening to levels last seen in October last year. The widening yields led to concerns that the cost of servicing government debt could hamper a recovery. This came [...]
Phorm raises 15m in funds June 10, 2009 ONLINE advertising company Phorm said yesterday it raised around £15m through a placing with institutional investors. The group, which has drawn criticism from the Government and European Commission over data privacy, said it had raised the money with a 450p per share placing to expand its services and for general working capital purposes. “I am [...]
Sweden takes loan from ECB June 10, 2009 SWEDEN’S central bank said yesterday it would take a €3bn (£2.6bn) loan from the European Central Bank (ECB) to ensure financial stability, despite an earlier statement from the country’s regulator that its banks could survive a severe recession. The Riksbank is taking the loan to give it breathing space while it builds up foreign currency [...]
BEST OF THE BROKERS June 10, 2009 CLOSE BROTHERSUBS analysts initiated coverage on Close Brothers with a “hold” rating and 700p target price, saying that the new management’s strategy should increase shareholder value over the next three years. However, the broker says the group faces near-term challenges including rising bad debt and lower stock market levels. PEARSONReports that California Governor Arnold Schwarzenegger [...]
CRITICS DO A U-TURN ON HORNBY’S REPUTATION June 9, 2009 A RINGING endorsement of Andy Hornby, the besieged former chief of HBOS who is now joining retailer Alliance Boots, from the most unlikely of quarters. John Thurso, the Lib Dem spokesman for business, enterprise and regulatory reform, has been among Hornby’s harshest critics as a member of the Treasury Select Committee that harangued various bankers [...]
Osborne hits out at City in key speech June 9, 2009 TORY shadow chancellor George Osborne yesterday said the City’s focus on “illusory” short-term gains had damaged the financial sector and the entire economy. Speaking at the Association of British Insurers (ABI) conference, Osborne said that City regulation needed to be reformed to “reduce the risks the financial sector poses to the rest of the economy”. [...]
FSA’s Turner ends insurance regulation fears June 9, 2009 ADAIR Turner, head of City regulator the Financial Services Authority (FSA), reassured the insurance sector yesterday, saying there was no need for a rules “revolution” in the sector equivalent to the one banks are facing. He told the Association of British Insurers’ biennial conference that liquidity risks – which caused the banking collapse – are [...]
Anglo Irish’s stabilisation will be tough June 9, 2009 THE stabilisation of Anglo Irish Bank will be difficut but if the nationalised lender was wound up taxpayers would be left with the bill, its chairman warned yesterday, helping fuel a spike in Irish borrowing costs. Once a darling of investors during the height of the “Celtic Tiger” economy, Anglo Irish has become the bane [...]
Banks are becoming more popular despite crisis June 9, 2009 AS a pollster, it’s not so often that survey results fly in the face of your expectations, but preparing some BrandIndex data for a talk at the Association of British Insurers conference, I had two surprises. Looking at the “buzz” tracking for three baskets of brands – banks, utilities, and separately financial services (providers of [...]