Some of MF Global’s funds could be released after court hearing November 16, 2011 THE TRUSTEE overseeing the bankruptcy of MF Global has filed for permission to release 60 per cent of the near $900m (£570m) in client cash that has been frozen at the brokerage for more than two weeks. In a measure that will provide some relief to traders who have clamoured to get access to their [...]
Stock exchange in the money as Italian business sees more gains November 16, 2011 PROFITS at the London Stock Exchange soared by almost 80 per cent in the past six months despite tough capital markets as it benefited from growth in trading services such as clearing, it said yesterday. Total income to the LSE increased by 20 per cent to £386.5m and pre-tax profit grew 79 per cent to [...]
Cable pins hope on apprentice boost for youth November 16, 2011 BUSINESS Secretary Vince Cable unveiled plans to increase the number of apprenticeships in order to tackle youth unemployment yesterday. Small businesses of up to 50 staff will be offered cash incentives of £1,500 per apprentice they take on, which the government hopes will boost the number of spots by 20,000. Cable also took time out [...]
Icap takes a tumble after wary update November 16, 2011 SHARES in inter-dealer broking group Icap suffered yesterday as it said it saw a slowdown in volumes of trades placed by telephone as banks cut their risk appetite towards the end of the year. In a cautious trading update, Icap, owned by former Conservative party treasurer Michael Spencer, said its voice broking volumes had been [...]
Volatility boost couldn’t last forever November 16, 2011 THE RECEIVED wisdom is that inter-dealer brokers such as Icap benefit from market volatility. Unlike dealer banks, which have to manage positional risk, inter-dealer brokers have always been seen as pure volume plays. In August, the stock had a great run as multiple crises in North Africa and Europe gripped markets. On 11 August, the [...]
Private equity needs huge cash injection, says Hands November 16, 2011 PRIVATE equity firms may need to inject some €450bn (£384bn) of new equity into their portfolio companies as wary banks cut back on money they will lend against these assets, Terra Firma boss Guy Hands said in a speech yesterday. Hands, who has been in the spotlight for the collapse of his £4bn EMI deal, [...]
US debt hits £15 trillion as cut-off looms November 16, 2011 BUDGET talks in the US Congress were locked in stalemate yesterday as Democrats and Republicans waited for the other side to make a new offer on taxes and healthcare. As the US’s debt pile crossed the $15 trillion mark, members of a 12-member “super committee” fought to find some $1.2 trillion (£764bn) in budget savings over [...]
Beazley cheers with stable losses despite catastrophes November 16, 2011 LLOYD’S insurer Beazley said it had kept its losses from the spate of catastrophes worldwide under control yesterday but pulled back from taking on new business this year. Dublin-based Beazley said disasters such as the Japanese earthquake in March and tornadoes across the US in May cost it an estimated $183m (£115m) – a figure [...]
GMB and Ucatt vote for strikes November 16, 2011 A day of national strike action came a step closer yesterday when members of the GMB and Ucatt unions voted in favour of striking on 30 November. GMB, which has almost 610,000 members, said its workers voted by four to one in favour of a strike over pensions, on a turnout of 33 per cent. [...]
FinnCap closes 12 deals since May November 16, 2011 Small cap City broker FinnCap said it had stayed profitable in the past six months despite the falling and volatile stock market yesterday. In a trading update it said it had completed 12 secondary fundraisings for clients since May, raising £40m, and grew its secondary commissions by 40 per cent compared to a year ago, [...]
