Anthony Bolton’s $750m China fund has lost a fifth of its value June 12, 2012 ANTHONY Bolton’s Fidelity China Special Situations fund has lost a fifth of its value since its launch in Asia in 2010, lagging the wider Chinese stock market, it was revealed in an annual report yesterday. Bolton, one of the UK’s best known and most successful fund managers, said in the report that he continued to [...]
A smart acquisition pays off as satnav market shrinks June 12, 2012 I OWN a satnav. It used to be my pride and joy, but now sits in the boot of my car, while my wife calls out directions to me from her iPhone. Soon, according to Apple’s announcement on Monday, I could simply replace my wife with an iPad and have Siri call out every turn [...]
No card won’t mean no cash with new app June 12, 2012 MOBILE banking embarks on a new trajectory today with the launch of GetCash, the first service that allows money to be withdrawn from a cash machine without the use of a debit card. From today, RBS or NatWest customers who use their bank’s mobile app will be able to take cash out of an ATM using a [...]
Sainsbury’s sizes up to Amazon with ebook platform purchase June 12, 2012 RETAIL giant Sainsbury’s yesterday took its first step into the ebook market, taking on the likes of Amazon and WH Smith with the purchase of a majority stake in digital books platform Anobii. The supermarket paid a nominal £1 for struggling music vendor HMV’s stake in the online books retailer and expects to hold a [...]
Expansion lifts Ted Baker sales June 12, 2012 BRITISH fashion chain Ted Baker appeared to be unswayed by the wet weather and the tough consumer backdrop as it posted a 16.2 per cent revenue rise for the last 19 weeks. The chain increased its trading space by 12 per cent, following the opening of a new store on London’s Brompton Road last weekend, [...]
Lloyds chases HMV live arm June 12, 2012 THE PRIVATE equity arm of Lloyds Banking Group is in talks to buy a chunk of ailing retailer HMV. Lloyds Development Capital is interested in several artist management firms and entertainment venues that are part of HMV Live. HMV, which earlier this month offloaded the Hammersmith Apollo, is considering a break up of its live [...]
Tyrie: Top bank pay promotes excessive risks June 12, 2012 SHAREHOLDERS at systemically important banks should do more to clamp down on risky behaviour by executives, an influential backbench MP claimed yesterday. Top banks benefit from an implicit guarantee from the government, as investors believe they will be bailed out should they get into financial trouble – a guarantee the Bank of England believes was [...]
Dimon set to say sorry for JP Morgan’s $2bn trading losses June 12, 2012 JP MORGAN’S recent trading losses are an isolated incident and the bank is expected to be “solidly profitable” in the second quarter, chief executive Jamie Dimon will tell the US Senate Banking Committee today. Dimon will tell the committee the bank feels terrible about the trading debacle, while emphasising the losses will only hurt shareholders, [...]
Lib Dems will not back Hunt in key vote June 12, 2012 COALITION tensions will rise further today as Liberal Democrats abstain in a parliamentary vote on whether culture secretary Jeremy Hunt should be referred to the ministerial watchdog. Lib Dem MPs agreed to stay out of the vote, which has been called by Labour in an attempt to force an investigation by Sir Alex Allan, the Prime Minister’s [...]
Shareholder activism is set to grow further June 12, 2012 INSTITUTIONAL investors are taking an increasingly active role in the firms in which they invest, according to new research that shows the changes in attitude that paved the way for the shareholder spring. Investors are more likely than ever to demand firms provide clarity on long-term strategy and redraft executive pay deals to incentivise good [...]
