Apax takes control of US-based insurance broker AssuredPartners July 20, 2015 Private equity group Apax has snapped up fast growing US insurance broker AssuredPartners. The broker, which was founded four years ago, was previously owned by buyout firm GTCR and is led by former Brown & Brown executive Jim Henderson. It is currently the sixth largest property and casualty broker in the US, and also has [...]
Aveva share price rises as firm gives up control to French firm Schneider Electric July 20, 2015 British engineering design firm Aveva has sold a majority stake to French rival Schneider Electric in a complex £1.3bn reverse takeover deal. The FTSE 250 firm, which offers software to engineers to design projects like oil rigs and nuclear power plants, will be 53.5 per cent owned by the French firm under the plan’s terms. [...]
French bull run enters 10th day as Greek agreement lifts markets July 20, 2015 French stocks climbed for the 10th consecutive day yesterday. The Cac 40, a basket of stocks of the 40 biggest companies listed on the main Paris stock exchange, rose 0.35 per cent yesterday. But since 7 July it has climbed 11.68 per cent. A rise over the last 10 days during which markets were open [...]
Travelodge owners raise for sale sign after strong performance July 20, 2015 Travelodge has appointed Deutsche Bank to explore a sale of the business after it revealed a jump in half year revenues. The hotel company, co-owned by Goldman Sachs, GoldenTree Asset Management and Avenue Capital, was saved from the point of collapse in 2012 by the trio, who are now looking to exit their stake. A [...]
WH Ireland confident as half year results see profits trebling July 20, 2015 Financial services firm WH Ireland said it is “cautiously optimistic” about the next six months of trading, after seeing operating profits almost treble since last year. The firm, which provides corporate broking and private wealth management services, said yesterday that group revenues climbed by nine per cent to £15.9m in the first half of 2015, [...]
IBM earnings: Share price slumps 4pc as revenue falls for thirteenth consecutive quarter July 20, 2015 The figures IBM reported quarterly earnings that beat analysts’ estimates, but their revenues fell short of expectations, dropping for the thirteenth consecutive quarter. The tech giant reported $20.81bn in sales, down 14.7 per cent over the year and lower than expectations of 20.9bn. Adjusted earnings came in at $3.84 a share, just beating forecasts of [...]
S&P 500 Index rises to record close boosted by corporate earnings beating expectations July 20, 2015 Wall Street was up this afternoon, with Standard & Poor’s 500 Index beating its all-time high close, rising 0.2 per cent to close at 2,130.85. These buoyant figures beat out the previous record close set two months ago, and are boosted by corporate results beating analysts’ forecasts. Commodities were down, with gold prices plunging to [...]
International Monetary Fund and European Central Bank confirm Greece payment July 20, 2015 Greece has paid off its arrears to the International Monetary Fund (IMF) and the European Central Bank (ECB) today after it became the proud recipient of a €7.16bn (£5bn) emergency bridging loan from the European Union today. European markets clised slightly higher, with the FTSE 100 closing 0.2 per cent up, Dax 0.53 per cent [...]
Maurice Obstfeld replaces Olivier Blanchard as International Monetary Fund’s new chief economist July 20, 2015 Maurice Obstfeld replaces Olivier Blanchard as International Monetary Fund’s new chief economist The International Monetary Fund (IMF) has announced the successor to retiring chief economist Olivier Blanchard. Its new chief economist will be Maurice Obstfeld, taking over the role as director of the IMF’s research department in September. IMF managing director Christine Lagarde commented that [...]
Adulterers beware: 40m users of cheating website Ashley Madison hacked July 20, 2015 Hackers are threatening to reveal the details of millions of users of the extramarital dating website Ashley Madison, which is soon to embark on a multimillion-pound float in London. A cache of date stolen from the site, which is owned by Canadian company Avid Life Media, includes databases and financial information. Avid said it was [...]