Cinven sews up new fund March 14, 2012 BUYOUT firm Cinven has sparked hopes of a significant recovery in private equity fundraising by hitting a €3bn (£2.5bn) first close on its latest fund. The London-based firm took around six months to raise the cash and expects to have raised €5bn by the time it reaches its final close, City A.M. understands. It comes [...]
Latest gadgets and fashionable booze added to ONS list March 14, 2012 THE PRICE of iPads, cans of stout, and packets of foam sweet will all be included in inflation calculations from now on, as the Office for National Statistics (ONS) changes its calculations to reflect evolving spending habits. Every year the official statistics agency updates its list of 18,000 goods and services in an attempt to [...]
Alliance Trust’s activist shareholder Laxey makes a fresh set of demands March 14, 2012 ACTIVIST shareholder Laxey Partners has renewed its battle with investment fund Alliance Trust by asking it to consider outsourcing the management of its assets. The hedge fund also called on Alliance to look at how to improve the performance of its investments and the discount at which its shares trade relative to their net asset [...]
Treasury set to introduce never ending bonds March 14, 2012 THE UK government wants to borrow cash on a “perpetual” or “super long” basis, by offering bonds that may never actually be paid off. Some new loans will last for 100 years, twice as long as the current longest maturing bonds. In next week’s Budget chancellor George Osborne is expected to unveil the plan that [...]
BMW expects sales to hit a record in 2012 March 14, 2012 BMW, the world’s largest premium car maker, yesterday forecast it would reach its long-term sales target four years earlier than planned, presenting rival Audi with a bigger challenge if it hopes to catch up with the Munich-based company. BMW Group said sales would surpass the 2m vehicle mark in 2016, including its Mini and Rolls-Royce [...]
CITY VIEWS: WHY IS GERMANY’S UPMARKET CAR SECTOR DOING SO WELL?* March 14, 2012 PHIL HAY | RBS “German manufacturing has a good reputation for well-made products – that’s always been why German cars have done well. People will always go for the reliable choice.” DAN MCNAMEE | TREVOR SMITH “High net worth individuals in emerging markets are still making more money, which they’ll spend on luxury. Germany’s manufacturing base [...]
Jaguar adds 1,000 jobs in the UK March 14, 2012 Jaguar Land Rover announced yesterday it will create 1,000 new jobs at its Merseyside factory, to help supply the “significant demand” for some of its most popular models. The company named the Range Rover Evoque and Land Rover Freelander 2 as among the in-demand models that will boost the workforce in Halewood to almost 4,500.
Porsche posts bumper profit March 14, 2012 Porsche posted the highest profit last year in the German sports-car maker’s 80-year history, powered by sales of the Cayenne sports-utility vehicle and the Panamera sedan. Operating profit rose 22 per cent to €2.05bn (£1.7bn) while revenue increased 18 per cent to €10.9bn, the company said yesterday in an e-mailed statement. Vehicle sales increased 22 [...]
Inchcape sees demand in Asia March 14, 2012 Car dealer Inchcape posted a higher full-year profit yesterday as demand for premium vehicles in the Asia-Pacific and emerging markets drove growth, offsetting supply issues in Japan. Inchcape said it was confident of its earnings growth potential in 2012, helped by continued exposure to fast-growing emerging economies and market share gains driven by new products [...]
G4S profit is hit by failed deal with ISS March 14, 2012 SECURITY group G4S was one of the biggest losers on the FTSE 100 yesterday after it posted a 17 per cent slump in profits and admitted a £50m hit on its failed merger with a Danish catering firm. Pre-tax profit fell to £279m for 2011, a turbulent year in which G4S was forced to scrap [...]
