Guinness gears up to offer retail fund August 27, 2008 Guinness family wealth-management office Iveagh yesterday announced the launch of its first retail fund, the Iveagh Wealth Fund. The fund’s objective is wealth preservation, rather than rapid growth, and it is aimed at families seeking to pass wealth on to future generations. In a statement, Iveagh said the fund had been launched to meet demand [...]
Virgin airline bucks gloom, boosts profit August 27, 2008 More business passengers helped boost full-year profits by 21 per cent to £34.8m at Virgin Atlantic despite record fuel prices, the airline revealed yesterday. The long-haul carrier, 51 per cent owned by Sir Richard Branson, said its business passenger numbers rose 22 per cent during the year, as Virgin took market share from British Airways [...]
Profits at Rio Tinto jump on high demand August 27, 2008 Bid target miner Rio Tinto posted a better-than-expected 55 per cent rise in first-half profit yesterday, boosted by its takeover of aluminium producer Alcan and strong Asian demand for commodities. The company, which bought Canada’s Alcan, for $38bn (£19bn) just over a year ago, said its pre-tax profit to the end of June rose to [...]
KKR leads race to grab Lehman unit August 27, 2008 Kohlberg Kravis Roberts, the high profile US private equity firm, is leading the race to buy Lehman Brothers’ investment management business, including fund manager Neuberger Berman. Lehman, headed by CEO Richard Fuld, has been fishing for suitors for up to 70 per cent of its investment management unit in order to raise cash ahead of [...]
Imperial sells out to Indian rival for £1bn August 27, 2008 Oil explorer Imperial Energy recommended a £1.4bn takeover offer from Indian state-controlled rival ONGC yesterday. A bid battle had broken out between ONGC and China’s biggest state-owned oil company, Sinopec, which conducted due diligence on the London-listed firm but has not yet submitted a formal offer. But a counterbid from the Chinese firm cannot be [...]
Liberty surges on speculation over fierce bidding war August 27, 2008 Liberty International saw its shares receive a welcome fillip yesterday as US mall owner Simon Property Group upped its stake in the UK shopping centre specialist to 4.22 per cent, prompting speculation of a bidding war. Australian property group Westfield, the world’s largest shopping mall owner by market cap, also confirmed yesterday that it had [...]
Home loans plummet August 27, 2008 Deals for new houses remained close to a record low last month, with approvals for mortgages 65 per cent lower than a year ago. Mortgage approvals totalled 22,448 last month, according to the British Bankers’ Association (BBA), just above June’s series low of 22,369 but almost 12,000 below the average of the past six months. [...]
Pound slumps as recession fears mount August 27, 2008 Prospect of interest rate cuts pushes sterling and the euro down as the greenback surges Growing recession fears and expectations of interest rate cuts sent the pound tumbling to a two year low against the dollar yesterday. Markets are now pricing in a 75 basis point cut in interest rates over the next 12 months, [...]
Collingwood relishes his return August 26, 2008 Paul Collingwood has told of his relief at standing down as England’s one-day captain and insists he is fully behind successor Kevin Pietersen. The Durham all-rounder has completed his four-match ban for presiding over a slow over rate and goes straight into the side for the second one-day international with South Africa at Edgbaston today. [...]
Party time for Beijing stars August 26, 2008 Celebrations for Great Britain’s most successful Olympic Games for 100 years are set to continue into today as the nation’s new sporting heroes toast their overwhelming success in Beijing. The 300-strong squad were met by crowds of flag-waving fans yesterday as they touched down at Heathrow Airport on a British Airways plane painted with a [...]
