Man Group hit by more client outflows January 18, 2012 Man Group, the world’s biggest listed hedge fund manager, reported a second consecutive quarter of heavy client outflows and announced plans for further cost cuts, as nervous investors pulled out of its poorly-performing funds. The firm, which shocked investors in September when it reported its fastest rate of outflows since early 2009, said clients pulled [...]
Shell and Tullow in Atlantic exploration venture January 18, 2012 Royal Dutch Shell is teaming up with independent explorer Tullow Oil to explore for oil in the Atlantic, in a sign the biggest oil companies accept dramatic measures are needed to turn around their weak record on finding oil. Tullow said the planned partnership would focus on making “transformational” discoveries in “underexplored frontier basins”.
Fitch could downgrade Italy by two notches January 18, 2012 A two-notch downgrade of Italy is an option, a senior director of Fitch ratings said. “A downgrade by two notches is one of the possible options,” Alessandro Settepani, senior director for business and relationship management at Fitch in Italy, said. “The committee will assess the rating of Italy on the basis of refinancing levels and [...]
Wetherspoon profit margin slimming January 18, 2012 Pubs firm JD Wetherspoon said its operating margin declined in the second quarter of its fiscal year and will come under further pressure in the second half due to continuing cost increases. “We expect the operating margin for the half year ending 22 January 2012 to be slightly below that achieved in the first quarter [...]
World Bank lowers GDP growth forecasts January 18, 2012 The World Bank warned developing countries on Wednesday to prepare for the “real” risk that an escalation in the euro area debt crisis could tip the world into a slump on a par with the global downturn in 2008/09. In a report sharply cutting its world economic growth expectations, the World Bank said Europe was [...]
Yahoo co-founder Yang quits January 18, 2012 Yahoo Inc co-founder Jerry Yang has quit the company he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision and impeding investment deals that could have transformed the struggling company. Yang’s abrupt departure comes two weeks after Yahoo appointed Scott Thompson its new chief executive, with a [...]
Citi disappoints as profit slumps January 17, 2012 CITIGROUP revealed an 11 per cent collapse in fourth quarter profits yesterday in an earnings report that fell well short of expectations and sent the bank’s shares tumbling 8.1 per cent. The bank posted its lowest revenues since 2008, a year so bad that it led to a rescue by the Federal Reserve. Annual revenues [...]
Greek talks on haircuts to resume January 17, 2012 TALKS between Greek authorities and private holders of the government’s debt will continue today after breaking down in acrimony last week, although fears the near-bankrupt nation will default are growing. The Institute of International Finance (IIF) – which represents private bondholders – yesterday confirmed it will return to the table. A haircut to avoid default [...]
Cinven to buy patents firm January 17, 2012 PRIVATE equity firm Cinven has won the race to buy patents management giant CPA in a £950m deal. Cinven, the firm behind Pizza Express, is close to signing the deal with investment group Intermediate Capital Group (ICG), City A.M. has been told. ICG sparked an intense auction when it put the business up for sale [...]
Britain is right to oppose a Tobin tax January 17, 2012 SUPPORTERS of an EU Tobin tax like to see themselves as the enemies of finance and supporters of the poor. They want to punish the City while raising money for increased public spending – or if the EU’s plan goes ahead, to finance Brussels. They are certainly right that such a tax would hurt financial [...]
