Volex counts cost of snub from Apple over iPhone 5 connector October 31, 2012 APPLE’S decision to change the connector used in the latest iPhone has been tough on electrical component maker Volex, which was snubbed by Apple for the iPhone 5 after years of making its connectors. The company revealed yesterday that sales in the six months to the end of September had fallen on last year, and [...]
US indices group MSCI acquires property specialist IPD for £78m October 31, 2012 US INDICES group MSCI has agreed to buy Investment Property Databank (IPD), a private company that provides crucial information for the property industry, in a £78m deal. The sale will generate a huge windfall for IPD’s founders Rupert Nabarro and Ian Cullen, who set up the company 27 years ago. The pair will share £26m [...]
St James’s Place growth beats expectations October 31, 2012 WEALTH manager St James’s Place yesterday posted another strong quarter of growth, with new business hitting £165.6m between June and September, up eight per cent on the same period last year. Chief executive David Bellamy told City A.M. that “there’s a good feeling in the business right now” and growth could be even stronger in [...]
New investment industry boss vows to win back public trust October 31, 2012 THE FINANCIAL services industry must do all it can to win back the faith of the public, the new head of the Investment Management Association (IMA) said yesterday as his appointment was announced. Daniel Godfrey will replace outgoing chief executive Richard Saunders on 1 December. “Long-term investment is vital for consumers, for companies and for [...]
Activist investor attacks Quarto for breaching UK listing rules October 31, 2012 SHAREHOLDERS aiming to oust Quarto’s chairman Laurence Orbach have found another bone to pick after accusing the book publisher’s board of breaching listing rules. Harwood Capital, the activist investment firm led by Christopher Mills, is trying to oust Orbach, who set up the firm in 1976, and appoint industry veteran Tim Chadwick to the board. [...]
Shares in PR firm Next Fifteen slump amid fraud investigation October 31, 2012 PUBLIC relations agency Next Fifteen yesterday saw shares fall as much as 13 per cent as it delayed publication of its full year results after discovering what it believes to be a “complex fraud” involving a senior employee. The group said it had notified the FBI about a possible embezzlement, which it believes involves a [...]
Phoenix Group hits targets October 31, 2012 Insurance consolidation vehicle Phoenix Group yesterday said it was “on track” to meet all of its financial targets for this year. Cash generation at the company, which operates closed-books of insurance, was £299m in the third quarter but its hefty debts remain a concern. Kevin Ryan at Investec retained his “hold” rating but said “the [...]
Stanley Gibbons to buy US firm October 31, 2012 Collectibles firm Stanley Gibbons is to acquire the assets of US-based business Stampwants.com, trading as bidStart, for $1m (£619,000). Under the terms of the acquisition Stanley Gibbons will pay $0.6m in cash, and issue more than 20,000 new ordinary shares to minority shareholders of Stampwants.com upon closing. Additionally, 91,588 shares will be issued to majority [...]
UPS gets more time for TNT deal October 31, 2012 United Parcel Services has won an extension from the Dutch authorities for its planed takeover of TNT Express. UPS had aimed to close the deal by 9 November, when its offer period expired, but yesterday said it has been granted more time and hopes to sew up the takeover before the end of February 2013. [...]
British explorer Tullow strikes oil in its second Kenyan well October 31, 2012 BRITISH explorer Tullow Oil, alongside partner Africa Oil, yesterday confirmed that it had struck oil at the second well it has drilled in northern Kenya. Drilling is ongoing at the Twiga South-1 exploration well onshore Kenya Block 13t, where Tullow and Africa Oil each have a 50 per cent interest. The final drilling result is [...]