HP slashes 710 Scottish jobs May 28, 2009 Hewlett Packard confirmed yesterday the computer hardware company will cut 710 jobs at its Erskine manufacturing plant over the next two years. The cuts form part of a Europe, Middle East and Africa-wide cull of 5,700 jobs. Of the 710 jobs to be lost, 80 are HP employees and the remainder are temporary or contracting [...]
Fortress to enter retail banking after US deal May 28, 2009 FORTRESS Investment Group, the US listed private equity and hedge fund firm, is to become the latest company from the “shadow” banking system to move into retail banking. The group, which has $26.5bn (£16.6bn) in assets, is to tie-up with private equity houses Crestview Partners and Lightyear Capital to pump $800m into First Southern, a [...]
STICKY SITUATION May 28, 2009 FOOD producer Tate & Lyle said yesterday that it has seen a 38 per cent drop in full year pre-tax profit, adding that it is difficult to predict with confidence the outlook for 2010 given the global recession and its uncertain impact on customer demand. The Golden Syrup maker, which had issued two profit warnings [...]
Moreno exits Man Group May 28, 2009 HEDGE fund giant Man Group yesterday said Glen Moreno, temporary chairman of UK Financial Investments (UKFI) that runs the government’s stakes in bailed-out banks, is stepping down from its board. Moreno, who has served as a non-executive director at the world’s largest listed hedge fund firm for 15 years, is being replaced by Land Securities [...]
Dubens bullish on Oakley asset gains May 28, 2009 PRIVATE equity boutique Oakley Capital Investments, run by serial entrepreneur Peter Dubens, issued a bullish statement yesterday, as it reported healthy growth in its investment portfolio. While most major private equity houses are suffering dire asset falls, Oakley has reported a 9.1 per cent rise in its net asset value in the year to end-2008 [...]
DOES THE PROFIT FALL DERAIL MAN’S HOPES FOR ITS STOCK GROWTH? May 28, 2009 NIC CLARKE CHARLES STANLEYWe still believe that Man should benefit from being one of the leaders in the alternative investment business arena as competitors flounder, it is clear that the environment remains very difficult. Although its major funds outperformed, its fees were down by nearly two thirds in the period. HENK POTTS BARCLAYS WEALTHWe continue [...]
SCRAPPAGE SCHEME REVVS UP CAR SALES May 28, 2009 35,000 new cars have been sold under the £300m car scrappage scheme since its launch. the government will announce today. Buyers are given a £2,000 discount on a new car if they scrap one that is more than 10 years old. Some retailers have said the scheme has resulted in a “staggering” amount of enquiries.
City supports Tory charge May 28, 2009 THE Conservative party has received a ringing endorsement by the City, as the publication of donations to political parties revealed a host of business figures have contributed to Tory coffers in the first quarter of the year. The largest single donor was hedge fund owner and former Man Group chief executive Stanley Fink, who announced [...]
Cayzer-backed Caledonia ups dividend despite asset falls May 28, 2009 CALEDONIA Investments, the fund backed by the millionaire Cayzer family, has boosted its annual dividend despite reporting a fall in the value of its assets by almost a third. Group chairman James Loudon said a 27.7 per cent decrease in diluted net asset value per share over the full year to the end of March [...]
Vertu in 30m share placing May 28, 2009 VERTU, the car retailer, announced yesterday it would raise £30m through a share placing, as it sought to raise its number of dealerships from 45 to over 60. It added that its sales at the company were beating market averages, as it posted pre-tax profit of £70,000 for the year to end-February. Last year, 14 [...]