Man Group lifted by more buoyant 2012 March 1, 2012 Man Group, the world’s biggest listed hedge fund firm, cheered investors with news of lower fund outflows in a more buoyant 2012 for financial markets and said clients could begin to return after recent heavy withdrawals. The firm, whose shares have halved over the past year on concerns over outflows and the performance of its [...]
UK manufacturing sector growth slows March 1, 2012 Britain’s manufacturing sector grew in February, albeit at a slower pace than in the previous month, raising chances the sector will be a driver of growth for the overall economy in the first quarter. The Markit/CIPS Manufacturing Purchasing Managers’ Index (PMI) ticked down to 51.2 from a slightly downwardly revised 52.0 in January, which was [...]
China factory growth picks up March 1, 2012 China’s factories grew more than expected in February as new export orders for big firms bounced back, a government survey showed, while a private-sector report portrayed a different picture of smaller companies lagging behind the rebound. China’s official purchasing managers’ index (PMI) rose to 51.0, above expectations of 50.7 and higher than 50.5 in January, [...]
Stagecoach buoyed by British rail performance March 1, 2012 Transport group Stagecoach said recent trade had been good, driven by strong growth at its rail businesses, and that it was hopeful of winning more rail franchises in Britain. “Overall current trading remains good and we believe the prospects for the group remain positive,” the company said in a statement on Thursday. “The overall profitability [...]
WPP profits rise as it awaits Olympics boost March 1, 2012 WPP, the world’s largest ad group, posted a better-than-expected 19 rise in 2011 profit, and reaffirmed its targets for 2012, when it will benefit from the Olympics, European Soccer Championships and the US presidential election. The company, whose portfolio includes Young & Rubicam, Ogilvy & Mather, and Group M, posted headline pretax profit of £1.229bn [...]
GOLD SLUMPS AS FED COOLS ON QE3 February 29, 2012 GOLD plummeted yesterday as traders gambled that the American recovery is set to rule out further monetary stimulus, dubbed QE3. Federal Reserve chief Ben Bernanke appeared more upbeat than usual during his testimony to politicians in Washington DC, giving no hint that more quantitative easing is on the cards. Ultra-loose money has previously been one [...]
James Murdoch quits as News International chairman February 29, 2012 JAMES Murdoch has quit his job as executive chairman of News International, in a move that cements his exit from the British newspaper industry and his recent relocation to parent firm News Corp’s New York headquarters. A News Corp statement said his departure would allow him to concentrate on the company’s expanding global television branches. [...]
Barclays in key hiring from rival February 29, 2012 BARCLAYS Capital has demonstrated its ambition to become a leading player in UK investment banking, hiring Mark Astaire, head of corporate broking, from rival Bank of America Merrill Lynch. Astaire, who is now on three months’ gardening leave, joins his former colleague Richard Taylor at BarCap, where he will be charged with driving the team [...]
Nasdaq hits 3,000 at last February 29, 2012 THE NASDAQ Composite index skimmed the 3,000 mark yesterday for the first time in over a decade, propelled by Apple’s surge, before sinking back below the line. In a hopeful hint that investor faith could be returning to a pre-dotcom level – the Nasdaq was last above 3,000 as the shutters closed on the internet [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 29, 2012 FINANCIAL TIMES ATTARA CAPITAL TO LIQUIDATE OPERATIONS Attara Capital, the hedge fund co-chaired and founded by Nat Rothschild and the successor to the now-defunct activist fund Atticus Capital, is to liquidate its operations. Attara, which is run by David Slager, a former Atticus partner, is shutting as a result of adverse trading conditions and difficulty [...]