Derwent posts higher profit on bargain hunters August 25, 2010 OFFICE landlord Derwent London reported sustained growth in the value of its portfolio to £2.2bn yesterday, easing fears of a new real estate slump as Britain’s economic prospects wilt. Chief executive John Burns said Derwent’s signature strategy of providing affordable offices in the capital’s nascent business hubs would hold up as firms budgeted for slower [...]
HEDGE FUND MAN GOES LONG ON BANGERS August 25, 2010 CELEBRITY endorsement works, at least if the celebrity involved is a glamorous sportsman like Usain Bolt, who yesterday announced the biggest deal ever, to help Puma flog its pumps and T-shirts. But can you really imagine Crispin Odey, the permanently pin-striped hedge fund guru, as a brand ambassador? Well, he is. The new branch of [...]
IFS: BUDGET TO HIT POOREST HARDEST August 24, 2010 GEORGE Osborne’s era of austerity will hit the poorest the hardest, the Institute of Fiscal Studies (IFS) has claimed, casting doubt on the coalition’s “progressive” credentials. When he unveiled his emergency Budget in June, the chancellor insisted those with the “broadest shoulders” would carry the burden of tax hikes and welfare cuts, but new IFS [...]
BHP bid to hit investor vote hurdle August 24, 2010 BHP BILLITON will be forced to put its hostile bid for PotashCorp to a shareholder vote if it increases its original $40bn (£25.5bn) offer in order to win over the Canadian company’s investors. According to Financial Services Authority rules, BHP will have to put its proposed takeover of PotashCorp in the hands of its own [...]
Pay at Brevan Howard soars August 24, 2010 PARTNERS at Brevan Howard Asset Management, the largest hedge fund in Europe, shared a bumper payout of £86.1m at the height of the financial crisis, accounts revealed yesterday. Around 45 members of the trading firm – including founders Alan Howard and James Vernon, and corporate investors such as Swiss Re – shared the bonus pot [...]
Jupiter gamble paying off for now August 24, 2010 FUND management group Jupiter defied the odds earlier this year when it pressed ahead with a stock market flotation despite concerns that it was an injudicious time to do so. First there were general worries about market volatility and by June more than 30 companies had already shelved plans to float, including London Eye owner [...]
Tube workers set to strike August 24, 2010 TUBE workers are set to go on strike on 7 September in the first of a series of monthly walkouts in protest at 800 proposed job cuts. The Rail Maritime and Transport (RMT) union secretary Bob Crow and Transport Salaried Staffs Association (TSSA) leader Gerry Doherty are due to meet today to finalise the timetable [...]
RBS kicks off £1bn Priory sale August 24, 2010 Royal Bank of Scotland has started the sale of the Priory Group, the mental-health specialist which it hopes could fetch about £1bn. RBS, which is being advised by Rothschild, has given bidders until mid-September to submit indicative offers. RBS abandoned plans to list Priory earlier this year. Advent International, Bain Capital, Blackstone Group, Carlyle Group, [...]
Unison launches NHS lawsuit August 24, 2010 Unison has launched legal action against the government, claiming the public wasn’t properly consulted over plans to substantially overhaul the NHS. The union has applied for a judicial review of the proposed shake-up, calling Andrew Lansley’s review of the public health service a “sham”.
PPF announces plans for survival August 24, 2010 The Pension Protection Fund (PPF) is today expected to unveil plans to generate enough cash to cover all employers’ future benefits by 2030. The PPF’s Long-Term Funding Strategy will use a programme of adjustable employer levies.