RPS profits on overseas sales March 7, 2012 RPS GROUP’S full-year results topped analysts’ expectations, and the British engineering consultancy said it expected 2012 growth to be fuelled by acquisitions and exposure to global energy markets. The company derived more than 70 per cent of its underlying profit from outside Europe and made five acquisitions during the year in a bid to expand [...]
It’s tough at the top: world’s richest fight to keep wealth March 7, 2012 MEXICAN telecoms magnate Carlos Slim Helu has kept his spot as the world’s richest man for the third year running, according to the Forbes list of billionaires out yesterday. But his family fortune slid $5bn to $69bn over the year, closing the gap between him and Microsoft founder Bill Gates, who remains in second place [...]
WHICH SECTORS MAKE THE MOST BILLIONAIRES? March 7, 2012 ● TMT The tech and telecoms sector is holding firm towards the top of the table, with Carlos Slim, Bill Gates and Oracle owner Larry Ellison inside the top 10 and more than 100 across the entire list. Savvy investments in the likes of Facebook and Twitter can also make billions, as Netscape founder James [...]
REAL ESTATE TYCOONS DOMINATE UK LIST March 7, 2012 ● Gerald Cavendish Grosvenor – real estate Gerald Cavendish Grosvenor is ranked 78 on the list. As the sixth Duke of Westminster, Grosvenor is the wealthiest landowner in the UK with a net worth of $11bn (£7bn), down from $13bn from last year. Grosvenor, age 60, is based in Chester. He made his fortune though [...]
Employment lifts as firms grow bolder March 7, 2012 STRONG jobs figures published yesterday raised hopes that the economic recovery is finally underway. Permanent staff placements by recruitment firms grew for the second month running in February, according to the KPMG and Recruitment and Employment Confederation (REC) report on jobs, though temporary placements fell. Overall demand for staff rose at the fastest pace in [...]
Europe slowing as US grows March 7, 2012 THE EUROZONE continues to look weak as industrial data published yesterday showed the economy in decline, while the US kept growing with positive jobs figures. German industrial orders plummeted in January, falling 2.7 per cent on the month as foreign orders collapsed. Export orders fell 5.5 per cent, led by an 8.6 per cent fall [...]
Think-tank: Scrap green belt to boost GDP growth March 7, 2012 RESTRICTIVE planning laws are holding back economic growth, hurting the poor and pushing down the quality of houses, a new report claims. The Adam Smith Institute (ASI) has called for a radical shake up of planning rules that would see the green belt scrapped, devolution of planning powers to local authorities, and the privatisation of [...]
Fidelity Investments sees jump in 2011 profit despite suffering fund outflows March 7, 2012 FIDELITY Investments, hit by another year of massive outflows from its stock mutual funds, said operating profit in 2011 rose 13 per cent to $3.3bn due to careful expense management. Fidelity is one of the world’s largest asset managers. Total assets under management were $1.52 trillion in 20l1, down four per cent from $1.59 trillion [...]
CITY A.M. | SHADOW MPC VOTES TO HOLD RATES March 7, 2012 ALLISTER HEATH | CITY A.M. “Markets are already providing a degree of tightening, with some banks putting up mortgage rates. This is good news and means the MPC should stay put this month. There are signs the economy is recovering.” SIMON WARD | HENDERSON “Stop QE but offer ECB-style medium-term funding support to banks – [...]
CITY MOVES | WHO’S SWITCHING JOBS March 7, 2012 INREV The non-profit association yesterday announced Patrick Kanters as chairman at its AGM. Kanters has previous experience as a global investor, formerly working at ING Real Estate. Kanters is also a member of the Executive Board of EPRA and sits on the board of investing firm Steen & Strom. In his new position, he will [...]