Our struggling retailers face years of creative destruction January 10, 2013 WE are now reaching a tipping point for British retailers. A combination of historically weak growth in consumer spending and a new phase in the digital revolution is on the verge of destroying many business models. As online sales continue to boom, and those from stores start to slide, rather than merely grow more slowly, [...]
Hedge giant Citadel soars to 25pc return January 10, 2013 HEDGE fund giant Citadel, one of the biggest investors in the world, continued its winning streak last year after revealing a 25 per cent return for its main funds in 2012. Citadel, led by founder and chief executive Ken Griffin, told investors it had been one of the firm’s strongest years of performance, after it [...]
3i sells Norma stake and eyes future sales January 10, 2013 LISTED buyout company 3i yesterday cashed out its final stake in German engineering firm Norma to kick off a string of potential sales by the firm pencilled in for this year. 3i, led by chief executive Simon Borrows, has seen a drastic surge in share price since Borrows appointment, up 40 per cent this year [...]
What the other papers say this morning January 10, 2013 FINANCIAL TIMES Herbalife hits back at ‘myths’ Herbalife, the nutritional supplement company accused of being a pyramid scheme by short seller Bill Ackman, yesterday lashed out at his Pershing Square hedge fund. Mr Ackman, whose hedge fund has sold short almost a fifth of Herbalife’s stock, in December claimed that the company was operating with [...]
RBS reshuffle looms ahead of Libor fines January 10, 2013 SENIOR RBS bankers are likely to lose their jobs over the Libor-fixing scandal as the state-backed institution looks to satisfy investors, politicians and the public that individuals have been punished, it emerged yesterday. Investment bank boss John Hourican and markets head Peter Nielsen are believed to be potential casualties. Neither was involved in Libor fixing, [...]
Juncker backs French woman for regulator January 10, 2013 OUTGOING Eurozone head Jean Claude Juncker said yesterday that a French woman would head the board of the European Central Bank’s new banking supervision authority that was agreed last year and which is due to be in place in early 2014. Although Juncker offered no names, the secretary general of France’s ACP financial sector regulator, [...]
Hector Sants warns rate-fixing scandal might happen again January 10, 2013 REGULATORS can never have sufficient resources to monitor every bit of banks’ behaviour, and so the Libor crisis could easily happen again, former Financial Services Authority chief Hector Sants warned yesterday. The former top regulator told the Parliamentary Commission on Banking Standards only radical changes throughout banks could prevent a repeat of the scandal. “Unless [...]
Ex-UBS leader blames rapid expansion for Libor-rigging January 10, 2013 UBS’s Libor-rigging culture grew in part because the Swiss bank became too big and complex for managers to keep track of behaviour properly, former bosses told MPs and peers yesterday. Former group chief executive Marcel Rohner said he now realises they hired new staff who were motivated by money rather than by serving clients. “Some [...]
Gilt yields dive to record lows on RPI decision January 10, 2013 INFLATION-LINKED gilt yields plunged to record lows after markets were surprised by the UK statistician’s decision not to change how the retail price index (RPI) is calculated. RPI-linked gilts maturing in 2040 plummeted to yields of minus 0.05 per cent, before rising to close to zero, having stood at just above 0.22 per cent before the [...]
Support grows for Rothschild takeover plan January 10, 2013 STAR fund manager John Duffield has joined the growing ranks of Bumi shareholders backing Nat Rothschild’s bid to take control of the company. Duffield, who founded Jupiter Fund Management before setting up defunct investment house New Star Asset Management, is understood to have thrown his weight behind Rothschild’s plan to overhaul the mining company’s board, [...]
