Mining tax in Australia axed after two years September 2, 2014 AUSTRALIA’S controversial mining tax was on the way to the scrap heap yesterday, after having been in place for only two years. The Liberal government, led by Prime Minister Tony Abbott, won a vote in the Australian Senate backing a repeal. The vote in the Senate, by 36 to 33, represents a significant political victory [...]
Property market fears have failed to dent confidence – Brand Index September 2, 2014 A decline in homeowners’ optimism about the property market has led to a fall in our monthly YouGov / Cebr Consumer Confidence Index for the first time since December 2012. However, looking at the latest set of data from our Household Economic Activity Tracker (known as Heat) suggests that consumer confidence is becoming more broad-based, [...]
Fracking potential threatened by prospect of water shortages September 2, 2014 THE POTENTIAL shale gas boom from fracking could face a major obstacle, with 38 per cent of global shale gas resources in areas of high water stress, according to a report released yesterday. According to a study by the World Resources Institute, eight of the top 20 countries, including the UK, with the highest shale [...]
Moelis snaps up US politician Eric Cantor for vice-chair role September 2, 2014 Former US Congressman Eric Cantor is set to join New York investment bank Moelis, becoming vice-chairman and managing director, after an embarrassing rejection from politics by his own local supporters. The boutique firm announced yesterday that Cantor could “provide strategic counsel” to the group and its clients, after 13 years as an elected Republican representative. [...]
Returns made by private equity stagnate below pre-crisis levels September 2, 2014 SLUGGISH stock markets and lower levels of strategic improvement have driven private equity returns to their lowest levels since the financial crisis, a study shows. Exits by buyout groups – which involve the sale of companies owned by private equity outfits – netted selling firms two times their original equity investment between 2010 and 2013, [...]
DN Capital raises $200m for new start-up fund September 2, 2014 LONDON-based venture capital (VC) firm DN Capital announced yesterday that it has raised $200m (£159m) to launch its third European investment fund, with a specific focus on start-ups in London and Berlin. DN Capital has previously invested in about 50 companies, including London-based mobile app Shazam, and currently has funds of $320m under its management. [...]
Time Out owner Oakley Capital hit by sterling as Daisy Group receives takeover offer September 2, 2014 The trust backed by Time Out owner Oakley Capital Investments has said a slump in the value of its Daisy Group stake helped knock 4.5 per cent off the value of the fund. The firm’s net asset value per share slumped from 200p on 31 December to 191p at the end of June. Oakley’s companies, [...]
Wealth manager Mattioli Woods aims high amid shift in savings September 2, 2014 WEALTH firm Mattioli Woods yesterday laid out ambitious growth plans to triple funds under management in future. Chief executive Ian Mattioli told City A.M. the firm had the potential to grow funds managed up to £15bn and revenue up to £100m. The junior stock market listed group yesterday reported a 25.4 per cent rise in [...]
Massive iPhone demand to lift Chinese exports September 2, 2014 THE LAUNCH of Apple’s new iPhone will be so significant that it will add a percentage point of growth to Chinese export growth, according to analysts’ estimates yesterday. Researchers at Bank of America Merrill Lynch say that the release will be so significant it could boost mainland China’s exports by around one per cent for the [...]
Johnsons Dry Cleaners owner boosts dividend by a quarter September 2, 2014 Textile group Johnson Service yesterday announced a 5.7 per cent rise in first-half revenue, at £101.6m improved from £96.1m in the same period last year. The group, which has businesses in workwear, textile rental and dry cleaning sectors, said its pre-tax profits of £6.4m were 45.5 per cent better than the previous year. Meanwhile, after [...]