Bank official: Hedge funds face risks from regulators and Grexit June 20, 2012 HEDGE funds could face more regulatory difficulties on the near future as governments increasingly step into markets to control capital flows and promote stability, top Bank of England official Robert Jenkins said yesterday. “The days of instant market pricing and limitless liquidity may be fading,” the financial policy committee (FPC) member warned a group of [...]
SHARD’S LITTLE SISTER IS COMPLETED June 20, 2012 THE 17-storey new building that will live in the shadow of The Shard has been officially topped out – the term given when the last beam or brick of a new building is laid. The Place – developed by Sellar Property Group on behalf of the London Bridge Quarter – is a 600,000 sq ft office [...]
WHO’S SWITCHING JOBS June 20, 2012 Sciens Tim Wilkinson has been appointed president of Sciens Fund of Funds Management Holdings, part of the Sciens Capital Management Group. Prior to joining the firm he was managing director at Russell Investments, and spent 15 years with Citigroup, latterly as global head of transition management. Wilkinson started his career at SG Warburg Securities. Banque [...]
BEST of the BROKERS June 20, 2012 CHEMRING JP Morgan rates the defence firm “overweight” and has trimmed its target price from 512p to 491p after weaker than expected first half results. The broker points out that Chemring needs to make 67 per cent of its earnings in the next half in order to meet targets – though its order book, up [...]
Greek politicians form government June 20, 2012 Greek politicians today agreed a coalition government intent on renegotiating the terms of an international bailout that is staving off bankruptcy but fuelling social tensions. The government brings together the conservative New Democracy party and Socialist PASOK in an uneasy alliance of rivals facing an emboldened opposition determined to fight against austerity. Party leaders said [...]
News Corp bids £1.3bn for Packer’s Australian TV business June 20, 2012 One of the longest-running rivalries in the media business is set to come to an end after Rupert Murdoch’s News Corp made a bid of 2bn Australian dollars (£1.3bn) for James Packer’s Consolidated Media Holdings. Packer is the son of the late Kerry Packer, who fought many battles with Murdoch for control of the Australian [...]
Rio Tinto aims for a third of global trade in iron ore June 20, 2012 Mining firm Rio Tinto announced today that it will spend $3.7bn (£2.4bn) on increasing its Australian iron ore output by a further 25 per cent in the next three years. The decision is a vote of a confidence in China’s continued growth and shrugs off fears of global over-supply and waning demand. Rio Tinto currently [...]
KKR CASHES IN AS BOOTS SOLD IN $16BN PLAN June 19, 2012 PRIVATE equity firm KKR yesterday confounded its critics by pulling off a deal to sell 45 per cent of pharmaceutical giant Alliance Boots to US firm Walgreens for an initial $6.7bn (£4.3bn). In three years Walgreens will have the option to complete the takeover and buy the remaining 55 per cent stake. The deal will create [...]
G20 split emerges over rescue plan for Italy and Spain June 19, 2012 DIVISIONS emerged at the G20 summit in Mexico last night over plans for Europe’s bailout funds to snap up the debt of member states such as Italy and Spain. European officials briefed that a consensus had been reached on the need to cut borrowing costs of troubled Eurozone governments, leading to reports that even German [...]
High-tax UK losing out as investors favour Germany June 19, 2012 HIGH taxes, expensive workers and a lack of decent office space is driving foreign investors away from the UK and into Germany, according to a damning new report published today. Unless major changes are made, the UK will lose its place as Europe’s top destination for foreign direct investment (FDI) to Germany within the next [...]