CITY MOVES | WHO’S SWITCHING JOBS November 29, 2011 Brooks Macdonald Asset Management The asset management firm has named Toby Thompson as investment manager for its London office. Thompson joins from New Star where he worked for eight years, following roles at Newton and Eagle Star Investment Managers. Thompson brings with him twenty years experience in the investment industry, and is an associate of [...]
Confidence up in the US but investors wary November 29, 2011 THE Dow and S&P 500 advanced for a second day yesterday as stronger-than-expected consumer confidence data and hopes for further progress on a solution to Europe’s fiscal mess bolstered sentiment. However, in a sign investors are still nervous about the European debt crisis, defensive sectors such as utilities and consumer staples were among the best [...]
Balfour signs new credit facility November 29, 2011 Balfour Beatty, the infrastructure firm, has signed a five-year £850m syndicated revolving credit facility, refinancing a number of bilateral agreements that were due to expire in the next 12-15 months. “[The facility] ensures Balfour Beatty has secured access to committed funding for the next five years and will be used for general corporate purposes,” it [...]
3Legs agrees licence changes November 29, 2011 Exploration and development firm 3Legs Resources has agreed changes to the terms of its three licences in Southern Poland with the Polish Ministry of Environment. The changes enable the company to acquire about 70 kilometres (km) of two-dimensional (2D) and 50 square km of 3D seismic data, to be followed by the drilling of an [...]
Red Rock rises on big profits November 29, 2011 Shares in miner Red Rock Resources were up almost a third at one point yesterday after it announced full year profits had almost tripled. The company said pre-tax profits for the year ended 30 June were just under £14m, up from £4.75m the previous year. Earnings per share rose from 0.65p per share to 1.78p. [...]
Nation’s ailing start-ups get fresh support November 29, 2011 GEORGE Osborne hopes to stimulate Britain’s flagging economic recovery with yet more measures to encourage wealthy individuals to back start-ups. He will extend the Enterprise Investment Scheme (EIS) to offer income tax relief of 50 per cent to individuals who invest up to £100,000 and to companies which provide backing of up to £150,000. The [...]
Boost for local enterprise November 29, 2011 THE TREASURY has responded to a year of criticism of its regional growth strategy by devising more initiatives to boost local enterprise. After swinging the axe at regional development agencies in summer 2010, George Osborne yesterday provided a £1bn top-up for the £1.4bn regional growth fund and offered 100 per cent capital allowance to enterprise [...]
£210m relief on rates for small traders November 29, 2011 BRITAIN’S hard-pressed small businesses were thrown a £210m lifeline when George Osborne extended a key tax relief. The small business rate relief scheme, which had been due to expire in October next year, will run until April 2013. Firms will also be given the chance to defer 60 per cent of the increase in 2012-13 [...]
HMT is sitting on £69bn loss from bailouts November 29, 2011 THE GOVERNMENT is sitting on a £69bn loss from bailing out the banks during the financial crisis, the Office for Budget Responsibility (OBR) revealed yesterday. It means the last government paid double what the shares of RBS and Lloyds are worth today: their stock has fallen 45 per cent and 51 per cent respectively since [...]
Treasury forced to negotiate credit easing with Brussels November 29, 2011 THE GOVERNMENT cannot launch its credit easing programme until it gets permission from the European Commission, chancellor George Osborne revealed yesterday as he formally announced the £21bn programme to reduce the cost of borrowing by small businesses (SMEs). The scheme will work by guaranteeing the debt of those banks that lend most to SMEs, on [...]
