Top funds grow assets by eight per cent in 2012 November 12, 2013 THE PILE of cash managed by the world’s biggest fund managers rose to near a pre-financial crisis peak last year, underscoring rapid change unfolding across the UK’s investing landscape. The world’s 500 biggest managers looked after $68.3 trillion (£42.7 trillion) of other people’s money at the end of last year, a rise of over eight [...]
Shire buys US rare drug firm in £2.6bn deal November 12, 2013 FTSE 100-listed drug manufacturer Shire yesterday said it had bought US firm ViroPharma for $4.2bn (£2.6bn) as it looks to strengthen its rare disease portfolio. ViroPharma is a high-growth biopharmaceutical company whose main product Cinryze treats hereditary angioedema (HAE), a devastating rare disease which causes episodic attacks of swelling. Shire called the deal an “excellent [...]
Big banks run cyber attack simulation test November 12, 2013 THE BIGGEST investment banks in the City are today meeting to run a mock-up of a cyber attack, to see how they would react in a major crisis. The simulation, dubbed Waking Shark 2, puts over 100 senior bankers, regulators and other financial staff in a single room to see how they work together. In this [...]
Split with Fox knocks News Corp revenues November 12, 2013 NEWS Corp’s split with Fox pushed down revenues unexpectedly quickly in its first quarter as a separate business, the firm revealed yesterday Revenues fell three per cent at the group, although net income attributable to common shareholders was $27m (£16.9m), swinging back from a loss of $92m in the same quarter last year. News Corp [...]
Kabel Deutschland swings to a loss from Vodafone deal charges November 12, 2013 GERMANY’S largest cable network operator Kabel Deutschland faced a net loss in the second quarter because of €206m (£173m) in charges from its Vodafone deal. Kabel Deutschland suffered a €129.3m loss in the July to September period, down from €61.1m profit at the same time last year, because of the transaction. British firm Vodafone holds [...]
Metro boss gets extra fee bonus November 12, 2013 METRO Bank’s boss is to earn extra cash for finding new branch premises for the lender, it emerged yesterday, on top of his salary. Founder and chairman Vernon Hill is paid £75,000 per year, and gains up to £175,000 more a year for finding new offices. The figure came out in a fundraising prospectus seen [...]
UniCredit ups Italy lending November 12, 2013 UNICREDIT increased lending in Italy in the third quarter, the bank said yesterday, in a sign that the troubled economy could be moving past the worst of its woes. New loans to households and companies increased to €5.2bn (£4.4bn), up 15.5 per cent in the first nine months of the year, compared with the same [...]
Flybe set to cut more jobs as it returns to profit November 12, 2013 FLYBE plans to cut a further 500 jobs and axe some of its routes as the airline continues its restructuring. The Exeter-based firm, which swung to a profit of £13.6m in the six months to the end of September, said it needs to make more radical savings to keep its business sustainable. Flybe employed more [...]
Heathrow boosts traffic to China as Gatwick reopens Beijing link November 12, 2013 VISITORS to China boosted traffic at Heathrow last month, the airport revealed yesterday, as rival Gatwick said Air China is reinstating its direct flights to Beijing. Heathrow, Europe’s busiest airport by passenger numbers, said 6.3m customers came through its doors last month, up 4.6 per cent on the previous year. Flights between Heathrow and China [...]
Designers lay out plan for an estuary airport November 12, 2013 DESIGNS for an airport in the Thames Estuary were unveiled yesterday, along with a claim that the scheme would be cheaper to build per runway than a new runway at Heathrow. London Britannia Airport, also known as Boris Island, would house six runways on a site off the east coast of Kent. Previous plans had [...]