Profit jumps by 78pc at Brooks Macdonald September 15, 2010 WEALTH manager Brooks Macdonald posted a 78 per cent jump in pre-tax profit for the year yesterday, prompting the Aim-listed firm to hike its dividend by 64 per cent to 9p. Brooks generated £35.1m in revenue in the year to 30 June, it said yesterday, and made a profit of £5.68m before tax. Its funds [...]
Fleming set to pounce as law firms open up September 15, 2010 FLEMING Family & Partners, the private wealth manager, has joined the growing pool of firms interested in investing into the legal sector once the market opens up next autumn. The family arm, which manages personal wealth for high net-worth families, has recently been in discussion with a number of law firms in the City about [...]
Hampden Law seeks fresh investors in bid for growth September 15, 2010 ANTHONY ROSE, a former partner with a City law firm, has launched Hampden Law, an independent practice, with hopes it could become one of the first legal practices to receive outside external investment once the Legal Services Act comes into force next year. Hampden Law, which advises on commercial work, already has business support from [...]
UK firms under threat from new Bribery bill September 15, 2010 THE Ministry of Justice (MoJ) launched a two-month consultation on the Bribery Act to help companies prepare for new legislation due to come in next April. A consultation period with industry bodies kicked off yesterday and will run until the beginning of November. The government said that it plans to publish the responses in early [...]
BOEING HIT BY WTO’S RULING September 15, 2010 World Trade Organisation (WTO) judges have found aircraft maker Boeing received more than $20bn (£12.7bn) in US government subsidies challenged by the European Union and called for them to be withdrawn, an EU source said yesterday. The confidential ruling, if confirmed, would add weight to European calls for a negotiated settlement to the transatlantic row [...]
US industrial output growth slows while import prices rise September 15, 2010 US industrial output slowed last month and a regional measure of factory activity touched a 14-month low in September, pointing to a cooling in manufacturing as the boost from an inventory build-up fades. The reports yesterday were consistent with other data suggesting the US economy is stuck in a soft spot, but they also showed [...]
BEST OF THE BROKERS September 15, 2010 ARM Execution Noble thinks it’s time for a breather on the technology company, and downgrades the stock to a “sell” with a fair value of 300p. The broker says that ARM remains well placed to outperform the semi-conductor industry, and will continue to expand into new end markets, but the current value of 29 times [...]
Carlsberg eyes cider sales September 15, 2010 Danish brewer Carlsberg yesterday said successful launches in Russia of Somersby cider and Eve, a fruit flavoured malt beverage aimed at women, meant it could look to products other than core brands for growth. Chief executive Jorgen Buhl Rasmussen also said the world’s fourth-biggest brewer was to target women in general and northern and western [...]
Bayer’s Xarelto anti-clotting drug targets potential $15bn market September 15, 2010 Germany’s Bayer yesterday said it was targeting a market worth as much as $15bn (£9.6bn) with its anti-blood-clotting pill Xarelto, setting the stage for decisive study results to be released later this year. Chief executive Werner Wenning, who will hand over to Marijn Dekkers next month, said the new generation of experimental anticoagulants such as [...]
CITY MOVES | WHO’S SWITCHING JOBS September 15, 2010 Jefferies The investment bank has appointed Julian Smith from Collins Stewart as its new head of UK corporate broking. Smith has over 16 years of corporate broking and equity experience. In addition to his role as a managing director at Collins Stewart, he previously spent 15 years at Dresdner Kleinwort in corporate broking and equity [...]
