What the other papers say this morning – 9 August 2013 August 8, 2013 FINANCIAL TIMES Norway’s oil fund plans to turn active Norway’s $760bn (£489bn) oil fund, the world’s largest sovereign wealth fund, is stepping up its efforts to be a more active investor by appointing a corporate governance advisory board. Having quadrupled in size in the past eight years, the vehicle is seeking to play a bigger [...]
Canary Wharf jobs up 350 per cent in a decade August 8, 2013 DESPITE the impact of the financial crisis, there were nearly four times as many employees in Canary Wharf last year than there were in 2001. According to the Office for National Statistics, the number of people working in the bustling financial centre in 2012 was 100,500, in comparison to only 27,400 eleven years earlier. Perhaps [...]
No US charge for London whale August 8, 2013 The trader at the center of JPMorgan Chase’s $6.2bn (£4bn) trading loss last year will not face US charges related to the incident, a source familiar with the matter said last night. Meanwhile, another source said JPMorgan is close to reaching a settlement with securities regulators over the trading loss. Bruno Iksil, who worked in [...]
Goldman to sell Rothesay stake August 8, 2013 Goldman Sachs is planning to sell a majority stake in its European insurance business over the next year, according to a filing. The UK-based life insurer, Rothesay Life, was established in 2007 and is currently run by Goldman partner Addy Loudiadis. As of June this year, Rothesay had $9.66bn (£6.2bn) in assets, Goldman said in the [...]
Tesco linked to China merger August 8, 2013 Tesco is expected to announce today an agreement to merge its operations in China with a division of state-run retailer China Resources Enterprise. Citing people close to the talks, Sky said that the supermarket group, is set to sign an agreement to merge its store estate in China with that of Vanguard, which is a [...]
Fannie Mae sends further $10bn to US Treasury as profits double August 8, 2013 FANNIE Mae, the US mortgage finance firm bailed out by the government at the height of the financial crisis, saw profits double over the past quarter, enabling it to pay a further $10.2bn (£6.4bn) dividend to the US Treasury. Thanks to a sharp rise in house prices, the firm yesterday reported a profit of $10.1bn [...]
Minister says all of UK must be open for fracking August 8, 2013 NO PART of Britain should be considered off-limits when it comes to fracking for shale gas, the energy minister responsible has told City A.M. Michael Fallon said anywhere with shale gas reserves must be open for drilling, despite concerns about the environmental effect of the process used to extract the fuel. “What would be quite wrong [...]
ENRC independent directors tell shareholders to consider offer August 8, 2013 ENRC’S independent board yesterday recommended that shareholders should “seriously consider” the £3bn offer from the company’s founders, despite the price “materially undervaluing” the Kazakh miner. The board said that there was a lack of alternatives for investors and that an imminent de-listing could adversely affect the liquidity, marketability and value of the ENRC shares. The [...]
Lord Browne plans boardroom return August 8, 2013 LORD Browne, the former boss of FTSE 100 oil giant BP, is planning a return to the boardroom of a London-listed company according to Sky News. Browne – who is a partner at private equity firm Riverstone Holdings – is to take a board role at the firm’s new energy investment firm, Riverstone Energy, which [...]
Schroders looks to the future as earnings rocket August 8, 2013 SCHRODERS, Britain’s biggest listed asset manager, yesterday offset the exit of a top fund manager by hailing surging performance at its recently purchased wealth unit. The 200-year old business said fresh hires and a raft of new manager talent from Cazenove Capital would take the sting out of the departure of manager Richard Buxton [...]