Rollercoaster for Arm as its royalties wane October 22, 2013 THE UK’S MOST valuable listed technology firm, Arm Holdings, had a mixed day of trading yesterday after its third quarter beat expectations. The chip maker initially plummeted six per cent to 970p a share in the morning before recovering to close at 1,004p, down 3.4 per cent. Its results were largely positive with a 36 [...]
Former boss of London Whale pushes back against regulator October 22, 2013 FORMER JP Morgan executive Achilles Macris is challenging the findings of the Financial Conduct Authority (FCA) surrounding the London Whale scandal. Macris has referred his complaints to the upper tribunal, a tax court. His spokesman commented: “Some of the findings in the notice clearly identify and criticise him, that these findings are made in error [...]
Goldman sells Rothesay stake October 22, 2013 GOLDMAN Sachs has sold most of its stake in Rothesay Life, a UK insurer founded and run by one of its former partners, freeing up capital to meet stricter regulatory requirements. Singapore wealth fund GIC and private equity group Blackstone are buying 28.5 per cent each while Massachusetts Mutual Life Insurance Company will take seven [...]
UBM predicts slower growth October 22, 2013 MEDIA and marketing services company UBM said yesterday it expects full-year underlying revenue growth to be at or below three per cent with fewer new launch events in the fourth quarter and weaker conditions in Brazil and India. However, UBM said it expects full-year profit to be on track and estimated adjusted operating margin at [...]
Suneel Bakhshi named as LCH.Clearnet boss October 22, 2013 THE London Stock Exchange Group yesterday named Suneel Bakhshi (pictured) as chief executive of LCH.Clearnet, the clearing business in which it owns a majority stake. Bakhshi is currently president and chief executive of Citigroup Global Markets Japan, and is expected to join LCH.Clearnet early next year, pending regulatory approval. He will also become a member [...]
Drinks producer Stock wobbles in early trading October 22, 2013 STOCK Spirits Group, the Buckinghamshire-based spirits producer, fell in its first day of trading yesterday after the company floated its shares at 235p, giving the company an initial valuation of £470m. The company’s shares initially rallied, but ended up closing down 3.8 per cent at 226p yesterday. Stock Spirits, which is the biggest vodka producer [...]
Russia’s Tinkov sees London listing of TCS price at top end October 22, 2013 RUSSIAN entrepreneur Oleg Tinkov’s consumer credit firm TCS priced its London listing at the top of a target range yesterday, with shares gaining five per cent on debut as investors bet on its ability to capitalise on households’ growing appetite for debt. TCS Holding Group, owner of Tinkoff Credit Systems, has challenged state-controlled banks and [...]
Profits on the up at State Street October 22, 2013 STATE Street, the world’s second-largest standalone custody bank, said yesterday that third-quarter operating profit rose 14 per cent on double-digit gains in revenue from servicing client assets and managing money. The company’s operating profit was $537m (£330.8m), or $1.19 a share, compared with $473m, or 99 cents a share, a year earlier. Compensation and employee [...]
Hyperion sale aids BP Marsh October 22, 2013 INVESTMENT group BP Marsh reported a 9.3 per cent jump in net asset value to £56.9m yesterday, helped by the recent sale of its 80 per cent stake in insurance group Hyperion. BP Marsh, which raised £29.2m from the Hyperion sale, said the “long-awaited period of renewed optimism in the financial services sector” should provide [...]
GDF Suez joins search for shale gas in Britain October 22, 2013 GDF SUEZ has bought into the prospect of fracking in Britain, spending $39m (£24m) on exploring Dart Energy’s licences in the Bowland Basin. The French firm is taking a 25 per cent stake in Dart’s 13 licences, as well as putting money towards drilling costs as the companies look for commercially viable deposits of natural [...]
