Man Group reports losses and lower performance fees March 1, 2017 Hedge fund Man Group disappointed investors with pre-tax losses of $272m for 2016 this morning, largely driven by accounting write downs at the company’s discretionary investments arm, GLG, and at FRM, Man’s fund of funds business. Performance fee revenues were down to $81m, compared to $302m in 2015, with declines across all divisions. The FTSE [...]
Global stocks bonanza: Dow Jones at 21,000 as FTSE 100 hits new record high March 1, 2017 Stock indices around the world have hit more record highs, with the Dow Jones Industrial Average and FTSE 100 both jumping past their previous best levels after US President Donald Trump struck a more emollient tone in a speech to the US Congress. London’s main index rose to close at 7,378.67 points, surpassing its previous peak [...]
Bank of England Brexit rate cut had little effect on UK’s surprise growth says former deputy governor March 1, 2017 The Bank of England’s (BoE) actions to cut interest rates after the referendum had little effect on the UK's powerful economic growth, according to its former deputy governor. Sir Charlie Bean said: “It may have some small effect at the margin but I really don’t take the view that the policy package that was announced [...]
International Personal Finance’s shares tank on profit dip and fear of FTSE 250 demotion March 1, 2017 Shares in International Personal Finance tanked over 10 per cent today after it announced a drop in profits. The company, which is widely expected to be relegated from the FTSE 250, reported profit before tax of £92.6mn in 2016, compared to £116.1m the year before. Revenue rose 1.2 per cent to £755.9m, but the number of [...]
NCC chief exec Rob Cotton has stepped down after profit warnings March 1, 2017 Cyber security group NCC has announced chief exec Rob Cotton has stepped down today with immediate effect. The departure follows two recent profit warnings, and the group is now on the hunt for a new boss and a new chairman. Paul Mitchell, the current chairman, steps down at the end of May. The company recently appointed [...]
Keep calm and carry on: Deutsche Boerse boss confident about future as an independent company March 1, 2017 Deutsche Boerse will keep calm and carry on following speculation that its planned £21bn merger with the London Stock Exchange could be called off, the German Group's chief executive has said. "We feel very well prepared as a company for the future," Carsten Kengeter said today. On Sunday night the LSE revealed it was is dispute with [...]
Ignore the pessimists: Why I’m bullish on Snapchat’s IPO March 1, 2017 Today could see the official start of the biggest tech IPO in history. Snapchat will finally announce the price per share it will be seeking for its long-awaited public offering. If the social media giant gets the valuation it’s rumoured to be expecting, a whopping $25 billion, its IPO could end up dwarfing even Facebook’s [...]
The Financial Conduct Authority launches consultation over plans to reform IPO process March 1, 2017 The Financial Conduct Authority (FCA) has launched a consultation over plans to reform the initial public offering (IPO) process in the UK. The watchdog has voiced concerns that investors don't get enough information before new firms list on the stock market, posing risks. So it has drafted up proposals for investors to get independent research [...]
Higher oil prices alone won’t rescue failing petro-states like Venezuela March 1, 2017 At the annual International Petroleum Week at Grosvenor House on Park Lane last week, all eyes were on Mohammed bin Saleh al-Sada, the Qatari energy minister. The dignitary was honoured with a special award, “International Oil Diplomacy Man of the Year 2016”, as one of the masterminds behind the production cuts agreed to last November [...]
It’s pure rubbish to claim a low tax, low regulation Britain would be a disaster March 1, 2017 Dame Minouche Shafik, deputy governor of the Bank of England, is leaving to become director of the London School of Economics. Last weekend, she gave her final interview wearing her Bank hat. Shafik issued what was described in the media as a “thinly-veiled warning” to the chancellor Philip Hammond. She stated that it was an [...]