Rothschild calls for Bumi head February 6, 2013 In the latest development in the bitter Bumi divorce, co-founder Nat Rothschild yesterday called on the miner’s chief executive Nick Von Schirnding to step down over claims that he misled the company and shareholders over alleged irregularities on his CV. Bumi has said that the accusations are “false”, and that Von Schirnding was hired for [...]
Balfour Beatty wins Dubai deal February 6, 2013 FTSE 250 infrastructure group Balfour Beatty has snapped up a mechanical and electrical contract worth £64m with Dubai International Airport. Awarded by the Dubai Aviation Engineering Projects, it will install the electrical, ventilation, air conditioning, plumbing and fire protection systems in the new airport concourse, which hosts between 60 and 75m passengers each year.
City Moves for 7 February 2013 | Who’s switching jobs February 6, 2013 Quilter Cheviot The asset management firm has appointed Jane Seymour as group marketing director. She joins from Rathbone Brothers, where she held a similar position. Seymour has over 20 years’ experience working in the financial services sector, and will report to chief executive Martin Baines. Catalyst Corporate Finance The advisory business has appointed two new [...]
Best of the Brokers February 6, 2013 BREWIN DOLPHIN Shore Capital has a “sell” rating on the investment manager. In spite of a 50 per cent rise in the firm’s share price since the summer, the broker still believes the firm has overstretched on its new strategy, yet the share price already assumes the plan will succeed. Shore Capital expects cost forecasts [...]
Don’t get hacked off February 6, 2013 Online villains are the scourge of leading international firms and home internet users alike. We suggest ways to make sure you Drug lords and gun-toting terrorists used to top governments’ “most wanted” lists. Now, the face of international crime has changed – and it’s wearing a Guy Fawkes mask. This week hackers have been in [...]
RBS in Libor rigging shame February 6, 2013 RBS has been fined £390m ($612m) by US and UK regulators for rigging the Libor interest rate benchmark. The bank will pay $325m to the Commodity Futures Trading Commission, $150m to the US Department of Justice and £875m to the Financial Services Authority. More than a dozen traders at RBS offices in London, Singapore and [...]
Hargreaves Lansdown lifts FTSE 100 February 6, 2013 The FTSE 100 pushed back over the 6,300 level this morning, as investment manager Hargreaves Lansdown topped the index, rising more than seven per cent. This morning the company reported robust growth, with revenue up almost a quarter in the six months to December and pre-tax profit up 30 per cent over the period. “Customer [...]
Liberty Global strikes £15bn deal with Virgin Media February 6, 2013 Liberty Global struck a deal late last night to acquire pay-TV operator Virgin Media in a $23.3bn (£15bn) cash and shares deal. The companies announced the deal late last night, following Virgin Media’s confirmation yesterday that it had been approached by John Malone’s Liberty Global. The deal will give Liberty entry to one of Europe’s [...]
RBS braces itself for “significant” Libor penalties February 6, 2013 RBS said this morning that it expected to pay “significant penalties” to settle regulatory probes into interest rate fixing. The high-street bank, with is 82 per cent owned by the taxpayer, this morning confirmed that it was in “late-stage settlement discussions” with US and UK regulators. No settlements have yet been agreed, although RBS said [...]
Flybe and Ryanair agree new airline deal February 6, 2013 Low-cost carrier Flybe has agreed to partner with Ryanair to create Flybe Ireland if Ryanair’s takeover of Aer Lingus is green-lit. Flybe said this morning that it had reached agreement with Ryanair over the possible transfer of a number of aircraft and operating routes as part of a remedy package to win approval from the [...]