Cable: quotas for women on boards not needed in UK March 5, 2012 BUSINESS secretary Vince Cable yesterday criticised EU plans to enforce quotas across the continent to increase the number of women on boards, saying the UK was “making the voluntary approach work”. Justice commissioner Viviane Reding threatened to take the matter out of national hands yesterday, saying that the EU was preparing to take legal steps [...]
BP shares rise after agreement over compensation with Gulf spill victims March 5, 2012 SHARES in BP rose almost two per cent yesterday after the oil giant reached a settlement with businesses and individuals affected by the Gulf of Mexico oil spill worth an estimated $7.8bn (£4.9bn). Some analysts said the expected payout was less than they had forecast, reduced legal uncertainty and suggested the final settlement with BP’s [...]
F&C values drop despite buyout lift March 5, 2012 A STRONG performance from private equity helped Foreign & Colonial Investment Trust escape the worst of the industry slump last year despite a drop in value. F&C said its private equity portfolio rose by 13.8 per cent and cash distributions from its stake in the sector more than doubled to £66.9m. “We reached an important [...]
Cinven sets sail for haven of Guernsey March 5, 2012 CINVEN, the private equity giant behind Pizza Express, is transferring its management vehicle to the tax haven of Guernsey. Its move to Guernsey, a tiny island of around 60,000 people, brings its legal structure in line with much of the rest of the private equity industry. The buyout firm will also become a limited liability [...]
Nordgold is first client to join Jefferies Hoare Govett March 5, 2012 NORDGOLD, the gold producing company spun off by the Russian group Severstal, yesterday appointed Jefferies Hoare Govett as its corporate broker and financial adviser, the first broking win for the newly-merged firm. Peter Bacchus, global head of metals and mining investment banking, said that Nordgold, which is currently valued at about £2bn, “is a fantastic [...]
HSBC’s hedge fund star leaves March 5, 2012 A TOP fund of hedge funds manager at HSBC’s alternative investments unit has left after the firm decided to merge its discretionary and advisory businesses. Tim Gascoigne, who was global head of portfolio management and who ran the £1.5bn GH fund of hedge funds at HSBC Alternative Investments Limited, left last month, a spokeswoman for [...]
Credit Suisse in £2.8bn buyback March 5, 2012 CREDIT Suisse said yesterday it plans to buy back up to SFr4bn (£2.8bn) in outstanding securities to help it comply with the new Swiss and Basel III global capital adequacy rules. The tender was for public Tier 1 and Tier 2 instruments, Credit Suisse said. As part of the new capital rules, flagship banks UBS [...]
Amlin in red after £500m disaster bill March 5, 2012 INSURER Amlin has posted a £194m loss for 2011 after being hit with a £500m bill for a series of natural catastrophes. Yesterday the firm announced that it had suffered a £215m loss on the New Zealand earthquake, £137m on the Japanese earthquake and paid out £80m for flood damage in Thailand, amongst other claims. [...]
AIG selling AIA shares to pay US government March 5, 2012 AMERICAN International Group (AIG) is selling more of its stake in Hong Kong-based AIA to raise $6bn (£3.8bn) and help the firm pay back its US government bailout. The insurer is looking to place 1.7bn AIA shares in a range of HK$27.15-27.50 per share, a seven per cent discount to Friday’s price. The shares will [...]
Deadly tornadoes raise prospect of large payouts March 5, 2012 A SPATE of tornadoes has hit the US, killing at least 39 people and leaving the insurance industry facing losses of several hundred million dollars. A thousand-mile chain of destruction reaching down to the Gulf of Mexico has demolished homes, damaged schools and led to deaths in the states of Kentucky, Indiana, Ohio and Alabama. [...]
