Pearson takes over language schools in Brazil December 3, 2013 PEARSON added to its education arm yesterday by unveiling plans to spend £440m on an English language training company in Brazil. The FTSE 100 firm, which owns the Financial Times, said its purchase of Grupo Multi is part of its goal to expand in fast-growing economies. The company will pay £440m in cash and assume [...]
BlackBerry says corporate clients are upping interest in new service December 3, 2013 THE NUMBER of large business and government clients that have installed or are testing BlackBerry’s mobile device management service has risen roughly 20 per cent over the past six months, the embattled smartphone maker said yesterday. BlackBerry, which recently halted plans to sell itself and shook up its management team, said large customers such as [...]
Barclays’ institutional investors say no-no to cocos mixed into fixed income indices December 3, 2013 BARCLAYS is considering creating a new index for contingent convertible (coco) bonds in a push to attract more investors into the new asset class and ensure demand for the securities becomes well established. However, investors are thought to be less happy with a previous plan to add cocos to existing bond indices. The bank is [...]
Former Man Group strategist starts up quant fund manager December 3, 2013 ONE OF Man Group’s top strategists has left the company to form his own Mayfair-based fund management company. Richard Bateson, who was head of strategy for the firm’s AHL quantitative trading unit, has founded London Quantitative Investments (LQI) alongside ex-Goldman Sachs alumni Jonathan Greenhalgh and former Lehman Brothers banker Patrick Coppens. Bateson left Man in [...]
Numis back on form after rally spurs revenues December 3, 2013 CITY broker Numis put the financial downturn behind it yesterday after posting a thumping increase in full year revenues and profits. The firm, which helped bring seven companies to the stock market over the year, said revenues rose 55 per cent to £77.7m and adjusted pre-tax profits increased to £25m – close to a three-fold [...]
O2 refuses to back Maria Miller’s plan to cap stolen phone bills December 3, 2013 CULTURE Secretary Maria Miller plans to cap bills on mobile phones that are lost or stolen at £50 and work with mobile operators to eliminate roaming charges across Europe by 2016. EE, Three, Virgin Media and Vodafone all joined Miller in support of the plan – that includes a commitment to Ofcom’s ruling in October [...]
Bank of Montreal shares fall after disappointing earnings in US unit December 3, 2013 QUARTERLY earnings at Bank of Montreal rose one per cent due to stronger wealth management profit, Canada’s No 4 bank said yesterday, but its shares fell on the back of a sluggish performance at its US Harris Bank unit. Shares of BMO, the first Canadian bank to report fiscal fourth-quarter results, were down 3.7 per [...]
Investors call for annual strategy meetings with chief executives December 3, 2013 THE BOSSES of major listed companies should meet investors for an annual strategy meeting as well as the standard AGM, the Collective Engagement Working Group of institutional investors said yesterday. The institutional investors argue the strategy meeting will focus the executives’ minds on long term results, balancing out the short-term focus that comes with quarterly financial [...]
Martin & Co to float on Aim December 3, 2013 Residential lettings agency Martin & Co yesterday confirmed its intention to join London’s junior stock market, becoming the latest real estate firm to float. The company, which manages 30,000 properties across 187 franchise offices, plans to raise £4m from a listing on Aim on 18 December. The IPO will allow its founders to partially exit [...]
McCarthy & Stone board hires December 3, 2013 Retirement home builder McCarthy & Stone yesterday appointed two new non-executive directors to its board. Frank Nelson, former finance director of Galliford Try, and Mike Parsons, the outgoing chief executive of Barchester Health, will join the board immediately. Chairman John White said: “We are working towards our goal of taking McCarthy & Stone to the [...]