Marshall Wace profits hit £39m December 8, 2011 Profits at Marshall Wace, one of the City’s top hedge funds, have hit £38.58m – down 15 per cent on last year amid market turmoil. The £4bn long-short equity fund, run by star traders Paul Marshall and Ian Wace, saw income from fees dip four per cent to £63.95m for the year to February, a period [...]
China makes Kalahari bid December 8, 2011 Kalahari Minerals has agreed to a £662m takeover by China Guangdong Nuclear Power Corp, as the nation continues its acquisition spree in a bid to meet its spiralling energy needs. AIM-listed Kalahari, which is the top shareholder in one of the world’s largest uranium projects, had been in talks with the state-owned firm before Japan’s [...]
Three myths that require a rebuttal December 8, 2011 Myth number one: Tesco is becoming larger and larger. Fact: it is (very) gradually losing market share in the UK grocery market, according to Kantar. Its share peaked at 31.2 per cent in December 2007 and is now back at 30.5 per cent, a market share last seen in 2006. When it comes to UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 8, 2011 FINANCIAL TIMES GDF SUEZ LAYS OUT FIVE YEAR PLAN GDF Suez, the world’s biggest independent power producer, is to spend up to €55bn globally over five years as it tries to double its size in Asia and cut its reliance on Europe, where it has been locked in dispute with two of its biggest state [...]
Corzine: I know nothing December 8, 2011 THE FORMER chief executive of collapsed broker MF Global said he “never intended to break any rules” as he admitted he does not know what happened to millions of dollars of missing client money. Jon Corzine said he “simply does not know” the location of the cash, when questioned by the US House Agriculture Committee, [...]
New City flats on St Bart’s site December 8, 2011 Property group Helical Bar hopes to attract City staff to live closer to work with its latest development. The firm has released plans for 225 new flats and 230,000 square feet of offices on the St Bartholemew’s Hospital site near Little Britain. The firm and its joint venture partner Baupost hope to have formal plans [...]
Ford brings back dividend December 8, 2011 Ford has turned the ignition on its dividend for the first time in five years, with a quarterly payout of five cents a share that the number two US automaker said it could maintain during any future downturn. The dividend, payable in March, will cost Ford about $760m (£485m) a year. The company last paid [...]
Draghi: I will bail out banks but not states December 8, 2011 THE EUROPEAN Central Bank (ECB) cut interest rates to record lows and vowed to step up efforts to keep banks afloat – but will not fulfil hopes that it will bail out indebted governments, bank boss Mario Draghi (pictured) announced yesterday. Acknowledging the credit crunch sweeping the Eurozone, banks can now access unlimited amounts of [...]
German banks told to find €11bn more in new capital December 8, 2011 EU banks need to raise €114.7bn (£97.9bn) to shore up their stability, the European Banking Authority (EBA) said yesterday, revising up its estimate of German banks’ shortfall by €11bn. The total in new capital required for the continent’s lenders was revised up from its €106bn estimate in October, but all of the increase was due [...]
Why did markets fall? December 8, 2011 Q. Why did markets react so badly? A. Politicians, led by Merkel and Sarkozy, proposed a plan to cut deficits and reform their uncompetitive economies, stopping a crisis like this happening again. However, to work this long-term plan, politicians need short term help. They wanted the ECB to buy the debt of troubled nations. ECB [...]
