Project Beetle ends in tears for hedge fund manager and City banker January 25, 2012 Project Beetle was the name used for a £350m fund-raising in 2009 that made a critical reduction in Punch Taverns’ £4bn debt pile. Those who worked on the ultimately successful transaction, which included bankers from Bank of America Merrill Lynch and Goldman Sachs, and lawyers from Slaughter & May, had every reason to celebrate the [...]
Punch deal at centre of FSA probe January 25, 2012 Events leading up to a critical £375m fund-raising for Punch Taverns in June 2009 are at the centre of a Financial Services Authority (FSA) investigation which recently led to investment banker Andrew Osborne’s departure from Bank of America Merrill Lynch, City A.M. has learnt. Osborne found himself in trouble after investigators listened to tapes of [...]
Hedge fund managers rush to set up new firms January 25, 2012 Several high-profile hedge fund managers are attempting to set up their own firms, despite a year of underperformance for the industry. Managers including ex-Gartmore employee Guillaume Rambourg, former Barclays Capital commodities trader Todd Edgar and Sutesh Sharma, a senior proprietary trader at Citi are amongst those trying to raise capital for new businesses. The launch [...]
UK factory orders shrink at slower pace January 25, 2012 Factory orders shrank at a slower pace in January than forecast, the CBI’s industrial trends survey showed on Wednesday. The Confederation of British Industry survey’s total order book balance rose to -16 this month from -23 in December, above expectations of a reading of -20. “The crisis in the euro zone is still hanging over [...]
FTSE flat as UK recession looms January 25, 2012 The FTSE 100 was flat after optimism from strong results from Apple in the US fell away with GDP data showing that Britain is on the brink of recession. Later today the Fed will announce its interest rate decision after the European markets close, with no change expected to the US central bank’s 0.25 per [...]
Britain edges closer to recession as GDP falls January 25, 2012 Britain’s economy edged closer to recession in the last three months of 2011, after output contracted for the first time in a year, official data showed. The figures are likely to reinforce expectations the Bank of England will inject more stimulus into the economy next month after BoE Governor Mervyn King warned of an arduous [...]
Citi mulls further cuts to securities and banking unit January 25, 2012 Citigroup may consider further restructuring of its securities and banking unit if the business does not see meaningful revenue recovery over the course of 2012, Chief Financial Officer John Gerspach said on a conference call. “While we are strategically committed to securities and banking, we are not oblivious to the fact that our cost structure [...]
WH Smith sales fall slows January 25, 2012 British newspapers, books and stationery retailer WH Smith said its strategy of improving profit margins and cutting costs rather than driving top-line sales was working in a tough market unlikely to get better any time soon. The 220-year-old group, which trades from over 600 town centre stores and over 560 outlets at airports, train stations, [...]
Charles Stanley revenue dips January 25, 2012 Broker Charles Stanley’s third quarter revenue has dipped to £27.3m from £32.3m for the three months to 31 December. Meanwhile commission was down from £16.6m to £10.6m. The company said the volatility in markets and tough economic climate overall had taken its toll. ‘A continuation of the difficult institutional securities market is also reflected in [...]
Asda takes George brand to middle East January 25, 2012 Asda has signed a franchise deal with a Lebanon-based firm to take its George budget clothing brand to the Middle East. Britain’s second biggest supermarket group behind Tesco said the Azadea Group would open George franchise stores in the Middle East. Last year Asda announced plans to establish a small number of pilot George stores [...]
