BEST OF THE BROKERS August 10, 2009 BALFOUR BEATTYPanmure said Balfour Beatty’s share price had been in drift mode, underperforming its peers on a three and 12-month basis. Panmure believes this is due to concerns about public sector spending, but also that its market value and liquidity has made it an easier one to sell. The broker said that with its broad [...]
Former New Star boss joins Hermes August 10, 2009 JOHN Mould, formerly a top executive at New Star Asset Management, has been named as chief operating officer of Hermes Fund Managers. Mould was chief operating officer at New Star before it spectacularly failed and was bought by Henderson in February. He was credited with the firm’s stellar growth after it was created by renowned [...]
CITY MOVES Who’s switching jobs August 10, 2009 TravelodgeThe hotel chain has appointed Charlie Herbert as its new e-commerce director. Herbert has been working at the group on a consultancy basis since March. In his new role, he will sit on the executive team and report directly to UK managing director Guy Parsons. He has previously worked with a number of top consumer [...]
Venture capitalists in search of women to back August 10, 2009 IN HER 1995 movie, Something to Talk About, Julia Roberts’ character stands up in a local women’s society meeting in the American South somewhere, and shouts across the room: “Is there anyone else here who has slept with my husband and would like to tell me about it?” Classic Julia – getting “it” all out [...]
Hedge funds gain in July August 10, 2009 THE HEDGE fund industry made further gains in July but was unable to outperform equities, according to two pieces of research out yesterday. The Hennessee Hedge Fund index (HHF) advanced by 3.37 per cent during the month, compared to a 7.41 per cent gain on the Standard & Poor’s, an 8.58 per cent rise on [...]
TORPEDO CONTRACT LAUNCHED August 10, 2009 BAE SYSTEMS won a £370m 10-year contract yesterday to develop torpedoes for the Royal Navy and Royal Air Force.BAE said the deal will help to secure 120 jobs at its Portsmouth plant. The contract includes heavyweight, submarine-launched Spearfish torpedoes, as well as lightweight Sting Ray anti-submarine torpedoes which are carried on board ships, helicopters and [...]
HEADHUNT IS ON FOR DISGRACED EX-BANKERS August 10, 2009 SOME in the City might be surprised by Sir Fred Goodwin’s decision to re-enter the business world, as revealed on the front page of City A.M. today, but it seems headhunters will be rubbing their hands with glee. Take former HBOS chief Andy Hornby, who was also strung up by the public for his role [...]
Mallett predicts return to prosperity for art market despite widening losses August 10, 2009 MALLETT, the Bond Street antique furniture and art dealership, yesterday said pre-tax losses for the first half of the year widened almost threefold, but said it was poised to benefit as more of its rivals succumbed to the economic turbulence. The group reported a pre-tax loss of £0.82m for the six months to the end [...]
COWDERY WINS HIS FIGHT FOR FRIENDS August 10, 2009 WEEKS of price negotiations, multiple public rejections and fierce criticism of his fee structure and corporate governance finally paid off for Clive Cowdery yesterday, as his buyout vehicle clinched the support of Friends Provident for his £1.85bn bid. Cowdery is now set to gain control of the 177-year old life insurer, after Friends’ board said [...]
Investors unimpressed by downbeat update from care firm Southern Cross August 10, 2009 EARNINGS at care home group Southern Cross fell nine per cent in its third quarter, the firm said yesterday, after room occupancy dipped 2.3 per cent. The group posted adjusted earnings before interest, tax, depreciation and amortisation (ebitda) of £22.4m, against £24.4m a year earlier, on revenue of £254.8m, up 3.7 per cent. The company [...]