Top Aberdeen Asset Management staff opt for rival Brevan Howard August 28, 2008 Investment group Aberdeen Asset Managers received a blow today with the loss of key personnel to rival Brevan Howard. Ian Winship, head of interest rates, colleagues Philip Payne, Harry Melandri, and analysts Michael Siviter and Adrian Hilton have all bid farewell to their former employers. They will no longer be involved in investment decisions, with [...]
Taylor Wimpey profits hit by £1.5bn writedown August 28, 2008 Housebuilder Taylor Wimpey’s first half profits fell sharply after writing down a massive £1.5bn loss on the value of its property assets. The new homes specialist, which earlier in the year warned it would breach its banking covenant over the full year, said yesterday that it was still in talks with its bankers about revising [...]
Tullow profits triple August 28, 2008 Shares surged in Tullow Oil yesterday after the British-based oil explorer reported an almost 250 per cent rise in first half net profit, due to high global oil prices. The oil firm, led by chief executive Aidan Heavey, said its profit was £126m in the first six months of the year, compared to £37m in [...]
Darling under fire as City exodus looms August 27, 2008 Two more leading financial services firms warn that they may quit Britain over tax Brit Insurance CEO Dane Douetil, a leading figure in the Lloyd’s of London market, has reignited fears of a mass exodus of big business from British shores, by confirming that his firm is seriously considering leaving the UK for another tax [...]
Lose customers’ details and you lose something else too – their trust August 27, 2008 As technology infiltrates all parts of business, it pays to be aware of the weak spots, writes David Crow Barely a week goes by without yet another loss of personal data by someone who should be trusted. Yesterday, it was the bank details of over a million Royal Bank of Scotland, NatWest and American Express [...]
My fifteen-point plan to become a great success story August 27, 2008 Jerry Garcia, guitarist for the Grateful Dead, once said, “you do not merely want to be considered the best of the best.” “You want to be considered the only one who does what you do.” Life is about finding the unique contribution that only you can make to the world. Think of the Beijing Olympians [...]
Cairn reports mixed results August 27, 2008 Cairn Energy, the Scottish oil and gas explorer, reported a drop in first half post-tax profits yesterday as it sold fewer shares in its Indian unit. Profit after tax dropped to $375m (£204m) in the first half, down from $1.5bn year–on–year, amid concern from investors that the Indian government could impose windfall taxes on its [...]
Guinness gears up to offer retail fund August 27, 2008 Guinness family wealth-management office Iveagh yesterday announced the launch of its first retail fund, the Iveagh Wealth Fund. The fund’s objective is wealth preservation, rather than rapid growth, and it is aimed at families seeking to pass wealth on to future generations. In a statement, Iveagh said the fund had been launched to meet demand [...]
Profits at Rio Tinto jump on high demand August 27, 2008 Bid target miner Rio Tinto posted a better-than-expected 55 per cent rise in first-half profit yesterday, boosted by its takeover of aluminium producer Alcan and strong Asian demand for commodities. The company, which bought Canada’s Alcan, for $38bn (£19bn) just over a year ago, said its pre-tax profit to the end of June rose to [...]
KKR leads race to grab Lehman unit August 27, 2008 Kohlberg Kravis Roberts, the high profile US private equity firm, is leading the race to buy Lehman Brothers’ investment management business, including fund manager Neuberger Berman. Lehman, headed by CEO Richard Fuld, has been fishing for suitors for up to 70 per cent of its investment management unit in order to raise cash ahead of [...]