RSM Tenon picks up gems from Vantis June 30, 2010 RSM Tenon, the fully listed UK accounting and business services group, yesterday bought certain business assets from its rival Vantis, which collapsed on Tuesday evening. RSM, which moved to the main market in May this year, is buying businesses worth up to £6.8m from the administrators of Vantis, taking 325 people on board. Chief executive [...]
Insider trading fine for ex-Soc Gen boss June 30, 2010 FORMER Societe Generale investment bank head Jean-Pierre Mustier has been fined €100,000 (£81,950) by France’s AMF financial regulator over insider trading as the financial crisis began. Former SocGen non-executive director Robert Day has been cleared as part of the same investigation, the AMF said yesterday. The watchdog said that Mustier had access to inside information [...]
Worst quarter for stocks since 2008 June 30, 2010 THE stock market closed out a painful second quarter yesterday and left investors with heavy losses and far more doubts about the economy than they had just months ago. Stocks had their worst quarterly performance since the financial crisis. The Standard & Poor’s 500 index, considered by many professional investors to be the best measure [...]
Pick a moment and hold on for property gains June 30, 2010 WITH the trajectory of the UK real estate market far from clear, property investment might seem like a risky business. But many UK property-tracking exchange-traded funds (ETF) have nonetheless seen steady asset inflows in the last year since prices began to recover in 2009. ETFs offer exposure to property without the long-term commitment of buying [...]
CITY VIEWS: ARE YOU WORRIED ABOUT STOCK MARKET TURBULENCE? June 30, 2010 PETER WALTON | BT “It is always going up or down. The uncertainty does make it difficult for institutional investors to manage very large portfolios. It goes up or down for often unknown reasons, and I don’t get too concerned about short-term undulations in the indices.” ANGIE TABBINER | CITY OF LONDON “I wouldn’t say [...]
AIG’s Sullivan says risks were not clear June 30, 2010 BRITISH-born former AIG chief executive Martin Sullivan yesterday admitted he did not know in 2005 about the huge increase in risk the firm’s financial products unit had taken on. A US inquiry panel investigating the financial crisis yesterday quizzed Sullivan and other former AIG bosses including Joseph Cassano, who ran AIG’s financial products arm in [...]
BBC executives face 8.3pc pay cut in two years June 30, 2010 THE BBC’s top executives will take a voluntary 8.3 per cent pay cut over the next two years, the chairman of the broadcaster’s sovereign body, Sir Michael Lyons said yesterday. The new deal will mean working 12 months for 11 months’ salary. He also called for director-general Mark Thompson to be open with licence fee [...]
A&O bullish as profit up 10pc despite slump June 30, 2010 ALLEN & OVERY (A&O) is the first of the UK’s largest law firms to reveal financial results, posting a four per cent decline in turnover and a 10 per cent hike in profits. The “magic circle” law firm saw revenue for the year ending 30 April fall to £1.05bn from £1.09bn it posted the previous [...]
China’s stock index is getting oversolda June 30, 2010 INVESTORS barely had time to digest the news that the Conference Board had downgraded its leading indicator for China before stock markets tumbled across the world earlier this week. And although the markets’ sensitivity to the powerhouse of the east remains as strong as ever, the equity market in Shanghai has suffered more than its [...]
Johnson cleans up Jarvis PFI deals June 30, 2010 THE PARENT company of Johnsons Dry Cleaning has bought eight contracts from defunct rail maintenance firm Jarvis, including three Public Finance Initiative jobs. Johnson Services took over the three PFI deals, and agreed with Jarvis’ administrators to manage another five facilities management contracts under licence. The deal will cost Johnson a total of £3m. The [...]
