Boerse: cash equities are not for sale A Deutsche Boerse supervisory board member said yesterday that the exchange is unlikely to sell its cash equities business to the London Stock Exchange, contrary to a report in Handelsblatt earlier this week. Citing unnamed financial sources, the German business daily had reported that UK-based The Children’s Investment Fund wanted the Boerse to pursue a [...]
Lehman talks continue amid board revamp US investment bank Lehman Brothers’ fundraising efforts could take a new twist this week, as talks with Korea Development Bank (KDB) over a $6bn investment look to have slowed. Chief executive officer Dick Fuld has drafted a blueprint for dividing the group into a “good bank” and a “bad bank”, by hiving off the bank’s [...]
Henderson promotes equities Fund firm Henderson Group yesterday said that chief executive Roger Yates is to stand down in November. The news was announced along with the group’s interim results, in which it reported a 16 per cent fall in profit and confirmed its plans to cut its tax rate by relocating to Ireland. First-half pre-tax profit for [...]
Top Aberdeen Asset Management staff opt for rival Brevan Howard August 28, 2008 Investment group Aberdeen Asset Managers received a blow today with the loss of key personnel to rival Brevan Howard. Ian Winship, head of interest rates, colleagues Philip Payne, Harry Melandri, and analysts Michael Siviter and Adrian Hilton have all bid farewell to their former employers. They will no longer be involved in investment decisions, with [...]
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 [...]
Coalition in Pakistan fails after schism August 26, 2008 Former Pakistani Prime Minister Nawaz Sharif pulled the Pakistan Muslim League – Nawaz (PML-N) out of the ruling coalition yesterday, after disputes over the judiciary and who should be the next president. The two parties that had led the coalition will now put forward separate candidates in a presidential election on 6 September, when the [...]
Second top executive quits troubled TNK-BP venture August 26, 2008 Russia’s third-largest oil producer TNK-BP has announced the departure of the second senior executive this month, further fuelling the crisis that has engulfed the firm. Executive vice president Tony Considine resigned yesterday after five years heading the refining, trading and marketing businesses at BP’s joint Russian venture. Considine cited personal reasons for the departure adding [...]
Growth slows for hotelier as guests skimp August 13, 2008 The world’s largest hotelier, InterContinental Hotels Group (IHG), has reported first-half operating profits of $291m (£153m), an increase of 29 per cent – despite slow second quarter growth from its US operations. Reporting in US dollars for the first time, IHG announced an increase in revenue per available room (RevPAR) of four per cent, though [...]
The firms the credit crunch has favoured August 11, 2008 The news about the worsening economy seems relentless and yet it is not all bad. As the credit crunch celebrates its first birthday, it’s clear that some companies are benefiting from a trend towards trading down. Consumers might be feeling the the pinch but budget options are becoming more appealing and companies such as Dominos, [...]
Passengers desert BA for cheap rivals August 7, 2008 British Airways carried 94,000 fewer passengers in July than in the same month last year. The airline blamed high oil prices, subsequent ticket price increases, and the worsening economic environment. The drop, during what is traditionally peak-season, came from non-premium ticket sales. Passenger load factor – the measurement of how full flights are – dropped [...]
