Man Group hit by more client outflows January 18, 2012 Man Group, the world’s biggest listed hedge fund manager, reported a second consecutive quarter of heavy client outflows and announced plans for further cost cuts, as nervous investors pulled out of its poorly-performing funds. The firm, which shocked investors in September when it reported its fastest rate of outflows since early 2009, said clients pulled [...]
Shell and Tullow in Atlantic exploration venture January 18, 2012 Royal Dutch Shell is teaming up with independent explorer Tullow Oil to explore for oil in the Atlantic, in a sign the biggest oil companies accept dramatic measures are needed to turn around their weak record on finding oil. Tullow said the planned partnership would focus on making “transformational” discoveries in “underexplored frontier basins”.
Fitch could downgrade Italy by two notches January 18, 2012 A two-notch downgrade of Italy is an option, a senior director of Fitch ratings said. “A downgrade by two notches is one of the possible options,” Alessandro Settepani, senior director for business and relationship management at Fitch in Italy, said. “The committee will assess the rating of Italy on the basis of refinancing levels and [...]
Wetherspoon profit margin slimming January 18, 2012 Pubs firm JD Wetherspoon said its operating margin declined in the second quarter of its fiscal year and will come under further pressure in the second half due to continuing cost increases. “We expect the operating margin for the half year ending 22 January 2012 to be slightly below that achieved in the first quarter [...]
World Bank lowers GDP growth forecasts January 18, 2012 The World Bank warned developing countries on Wednesday to prepare for the “real” risk that an escalation in the euro area debt crisis could tip the world into a slump on a par with the global downturn in 2008/09. In a report sharply cutting its world economic growth expectations, the World Bank said Europe was [...]
Yahoo co-founder Yang quits January 18, 2012 Yahoo Inc co-founder Jerry Yang has quit the company he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision and impeding investment deals that could have transformed the struggling company. Yang’s abrupt departure comes two weeks after Yahoo appointed Scott Thompson its new chief executive, with a [...]
King says big bankers’ bonuses not justified by share prices January 17, 2012 Britain’s bankers should not pay themselves big bonuses at a time of poor share price performance, more-or-less explicit tax-payer subsidy and falling living standards for most other workers, Bank of England Governor Mervyn King said. As Britain’s banks gear up for their annual round of bonus payments, King said they should put the money aside [...]
Citigroup profits fall January 17, 2012 Citigroup fourth-quarter profits fell 11 per cent and missed Wall Street estimates as the European debt crisis battered capital markets trading and discouraged clients from doing deals. The third-largest US bank by assets reported net income of $1.16bn (£754.47m), or 38 cents per share, down from $1.31, or 43 cents per share, a year earlier. [...]
IG profits up on volatile market January 17, 2012 Spread betting firm IG Group has announced a 28 per cent rise in pre tax profits to £103.2m for the six months to November 30. The FTSE 250 company benefited from overseas growth, a volatile market and investment in mobile betting technology. Spread betting involves gambling on market moves and greater market volatility provides the [...]
Miners fuel FTSE gains after China boost January 17, 2012 THE FTSE 100 was up this morning as better-than-expected economic data from China offset the damage caused to investor sentiment by S&P’s downgrade of the Eurozone’s rescue fund. China’s gross domestic product grew at an annual rate of 8.9 per cent from 9.1 per cent in the previous quarter, beating expectations for a 8.7 per [...]
