Labour admits cuts are needed May 29, 2014 THE LABOUR party will today admit that government spending needs to be restricted in the coming years. In a speech at the Institute for Chartered Accountants, shadow chief secretary to the Treasury Chris Leslie will promise to tackle government spending head on, warning: “A more limited pot of money will have to be spent on [...]
Man Group in talks to buy US fund boutique May 29, 2014 THE WORLD’S biggest listed hedge fund Man Group yesterday confirmed it was in talks to buy US-based group Numeric Investors, the first time in over two years the highly acquisitive group has hit the dealmaking trail. Man, which bought hedge fund GLG in 2010 and fund advisory FRM in 2012, has been talking to the [...]
Bottom Line: Smart move on the Roman road to success May 29, 2014 SINCE October 2010, Man Group’s share price has fallen by more than 60 per cent – despite something of a recovery this year as its struggling AHL fund starts to deliver better returns. The stock got another boost yesterday, rising five per cent on news that boss Manny Roman is considering a US acquisition. The target [...]
Bank of Cyprus weighing float May 29, 2014 THE FORMER boss of Royal Bank of Scotland’s investment banking arm, John Hourican, is reported to be considering a London float for the Bank of Cyprus Group, of which he is chief executive. The float, if it goes ahead, is unlikely to happen for at least 12 months, according to Sky News reports. In March [...]
Citi researcher nabs top gong at award dinner May 29, 2014 IT WAS an intimate affair for Sammons Associates last night as it held its annual Equity Research Award dinner at 1 Lombard Street. Unfortunately two of the four winners couldn’t make it so Allianz Global Investors chief Elizabeth Corley presented the cups to just two winners, Terry Sinclair of Citigroup, who took the large cap [...]
No go for Bojo as he gets stuck on roof of St George’s Hospital May 29, 2014 BORIS Johnson had a lofty start to yesterday when he went to launch south London’s new hospital helipad in Tooting. It is the first London helipad south of the Thames and comes after St George’s Hospital was designated a major trauma centre in 2010. The Mayor had a good time larking about in the red [...]
Labour pension plan won’t help the lowest paid May 29, 2014 LABOUR’S plan to overhaul the pensions industry has come under fire after it emerged that those on low incomes could stand to benefit by as little as £10 per year. The proposal, announced yesterday, could see the threshold for automatic enrolment into the workplace pension scheme lowered from its current level of £10,000 to the [...]
Taxman claims nearly a third of an average pensioner’s income May 29, 2014 TYPICAL pensioners are paying 30 per cent of their modest incomes to the Exchequer, contributing £45.6bn in total, according to a report released today. Prudential, one of the world’s biggest providers of life insurance and pensions, says that the average retired household paid £6,400 in tax during the 2011-12 financial year, from a gross income [...]
Investment banks suffering as bond trading revenues fall again May 29, 2014 THE WORLD’S biggest banks are taking a beating from diving bond trading revenues, analysts at JP Morgan warned yesterday. Revenues in fixed income, currencies and commodities (FICC) trading are set to fall by another 19 per cent in the second quarter compared with the first three months of the year. And compared with the same period [...]
Ford recalls nearly 1.4m vehicles in America May 29, 2014 FORD yesterday said it is recalling 1.39m SUVs and cars in the US, most for the possible loss of power steering. As of mid-April, Ford said it was aware of 15 accidents, including two minor injuries believed to be related to the loss of power steering in Explorer SUVs. The accidents all involved vehicles moving [...]
