BP in line to pay $25bn in US spill case January 19, 2012 BP is likely to agree to pay the US Department of Justice $20-$25bn (£16.1bn) to settle all charges around the Gulf of Mexico oil spill, according to a leading analyst – a prediction that is at least twice what the company has set aside. Martijn Rats, head of European oil research at Morgan Stanley, said [...]
News Group compensates 37 of its phone hacking victims January 19, 2012 NEWS GROUP NEWSPAPERS, a subsidiary of News International, will dole out hundreds of thousands of pounds in compensation to targets of the phone hacking spree that led to the closure of the News of the World. The Murdoch-owned company settled with 37 claimants yesterday, and a total payout of £645,000 was disclosed from the 15 [...]
Jupiter suffers some outflows but assets rise January 19, 2012 FUND manager Jupiter yesterday reported its first quarter of net outflows since returning to the London Stock Exchange in June 2010, The group said it lost £225m in assets in its fourth quarter, after a worsening environment for its core UK customer base and the loss of an institutional mandate hit its flows. The redemptions [...]
Turmoil hits Aberdeen’s fund flows January 19, 2012 INVESTORS pulled a net £2.8bn from Aberdeen Asset Management in the final three months of last year as fears mounted over the Eurozone crisis. Shares in the Granite City firm slipped 1.65 per cent to 226.1p yesterday after it said withdrawals had quickened since the £1.7bn reported in the third quarter. But Aberdeen is not [...]
Upbeat St James’s plans news funds January 19, 2012 ST JAMES’S Place, the genteel wealth manager which has soared above the turmoil of the sector, plans to capitalise on its success by launching three funds. SJP, which is known for its affluent client base, said Pimco will run a multi-asset fund, Invesco a global equity income fund and BlackRock an index-linked gilt fund to [...]
Fat lady sings for William Tell January 19, 2012 HEDGE fund Tell Investments is pulling down the shutters on 15 years of trading after three years of disappointing performance. The fund, which has offices in Switzerland, London and Malta, is closing its two principal funds — the William and the Tell — and has started returning €600m (£500m) to investors. The third fund, the [...]
Hedgies stage mini-recovery January 19, 2012 AN upturn in performance in the final quarter helped the beleaguered hedge fund industry take total capital invested above $2 trillion (£1.29 trillion) at the end of last year, new research says. Assets under management recovered to $2.01 trillion at 31 December, up two per cent from the end of the third quarter, according to [...]
CANDY BROTHERS SEEK ENLIGHTENMENT WITH SERENE NEW TENANTS January 19, 2012 THE BEST things come to those who wait – and this week the Candy brothers have finally revealed two new tenants for their One Hyde Park development. About time for the block of super-apartments that has secured just three full-time residents one year after launch. Except – unfortunately for the Knightsbridge complex that has been [...]
Primark helps AB Foods lift its revenues January 19, 2012 DISCOUNT fashion chain Primark hailed strong sales during the festive period, helping its parent company Associated British Foods (ABF) post a rise in first quarter revenue. The FTSE 100 company, which also owns brands including Silver Spoon sugar and Twinings tea, said a 16 per cent growth in sales at Primark helped boost group revenues [...]
ANALYST VIEWS: IS ASSOCIATED BRITISH FOODS ON TRACK? January 19, 2012 GRAHAM JONES | PANMURE GORDON Associated British Food is our top large-cap pick for 2012, and believe this statement supports our thesis of strong earnings per share growth this year, albeit second-half weighted. We strongly reiterate our “buy” recommendation. MARTIN DEBOO | INVESTEC This felt like a decent quarter to us, with Primark and Sugars [...]
