Marsh & McLennan insurance broker beats profit predictions February 14, 2012 THE PARENT company of insurance broker Marsh yesterday beat expectations to announce an improved fourth-quarter profit. Net income at Marsh & McLennan, the professional services group that includes the world’s second-largest insurance broker, rose to $256m (£163m), compared with $203m a year ago. Total revenue rose four per cent to $2.9bn. Most of the increased [...]
Buyers circle Misys as deadline looms February 14, 2012 MISYS shares jumped six per cent to 308.4p yesterday on reports that the banking software provider has sparked interest from potential buyers in the wake of its proposed merger with Temenos. No offers are on the table yet, but potential acquirers have until 6 March to declare interest in the British financial software maker. Bids [...]
Carlyle cashes in with £650m sale of Talaris February 14, 2012 PRIVATE equity house Carlyle Group provided a ray of light for the buyout industry yesterday when it agreed to sell cash-counting equipment firm Talaris to a Japanese rival for £650m. Glory, Japan’s largest money-handling machine maker, has agreed to buy Talaris in its largest acquisition so far. It marks a quick exit for Carlyle, which [...]
Volcker hits back as critics attack controversial rule February 14, 2012 BANKS and trade associations have filed hundreds of letters outlining their objections to the Volcker rule, with UK groups adding their concerns on the rule’s international impact. The aim of the rule, which comes into force in July, is to stop US banks carrying out proprietary trades if they also own private equity or hedge [...]
M&A deals up by 10 per cent during last year February 14, 2012 A STUDY of M&A activity in Europe, the Middle East and Asia has revealed that year-on-year deal numbers were up 10 per cent during 2011, with the aggregate deal value increasing by one per cent. According to research by Mergermarket and Merrill DataSite, the year was split between an encouragingly busy first half and a [...]
MEET THE ADVISERS February 14, 2012 Barclays Capital is advising Misys through this deal. The team is led by London frontman Matthew Smith, a former employee of Citigroup and now head of UK M&A at BarCap. Heading the New York team are Lehman Brothers alumni Michael Carter and Erik-Jaap Molenar. JP Morgan Cazenove’s corporate finance managing director Andrew Hodgkin and vice [...]
High inflation forces King to explain again February 14, 2012 BANK of England governor Mervyn King has been forced to write his ninth consecutive letter to the chancellor to explain why inflation is still so far above its two per cent target. Inflation fell to 3.6 per cent on the consumer price index (CPI) in January, the Office for National Statistics revealed yesterday – down [...]
CITY VIEWS: HOW DAMAGING WOULD IT BE FOR GEORGE OSBORNE IF THE UK LOST ITS TRIPLE-A RATING? February 14, 2012 ROB HUNT | NEED TO KNOW NEWS “I am still amazed that people take heed to what the ratings agencies say after 2008. I think a downgrade could affect the UK globally but everyone is in the same boat. The chancellor and the coalition government are doing what they can.” SHAUN GORVIN | BNP PARIBAS [...]
Zynga swings to loss but revenues surge February 14, 2012 ZYNGA, the US developer of games for social networking sites, fell to a $435m (£277m) quarterly loss last night despite beating Wall Street revenue expectations in its first results as a public company. Revenue soared 59 per cent to $311.2m, edging past analysts’ forecasts of $301.08m, as the FarmVille creator reported a 13 per cent [...]
Murdoch puts his top lawyer onto News Corp panel February 14, 2012 RUPERT Murdoch (pictured) is working to stem a growing rebellion within his newspaper business, as he beefs up the group’s oversight committee and prepares to fly back to the UK. The company’s new top corporate lawyer Gerson Zweifach has joined the management and standards committee, a source familiar with the company said yesterday. The panel [...]
