LCH.Clearnet to take gold as collateral for trades October 6, 2011 CLEARING house LCH.Clearnet yesterday added gold to the list of assets investors can post as collateral against trades in light of the meteoric rise in demand for the safe haven metal. LCH will accept gold in 400 troy ounce gold bars from the end of October as it joins a group of highly liquid and [...]
France said to have a plot to shore up banks October 6, 2011 FRANCE’S government plans to take stakes in its biggest banks if they suffer huge losses from falls in the value of their sovereign debt holdings, a French newspaper reported yesterday. Le Figaro newspaper said the government agency that manages state shareholdings had been working for a few days on how it would act if it [...]
UBS sheds 13 jobs by axing trading desk October 6, 2011 UBS INVESTMENT Bank has axed its entire macro directional trading team, with the loss of 13 jobs. David Tait, managing director and global head of macro directional trading, resigned last Friday after UBS announced the closure of his trading team the previous day. Tait is currently on gardening leave before taking up a new role [...]
NO ALL-CLEAR FOR SOROS ON INSIDER TRADE October 6, 2011 VETERAN financier George Soros failed to convince the European Court of Human Rights to overturn his 1988 conviction for insider trading on French bank Société Générale yesterday. The court said that Soros, who made $2.2m (£1.4m) on SocGen shares after being told privately that a group of bidders was trying to buy the bank, should [...]
Sony set to buy Ericsson out of mobile venture October 6, 2011 SHARES in telecoms group Ericsson jumped almost six per cent yesterday after reports claimed that Japanese technology group Sony was close to buying it out of their mobile phone handset joint venture. Sony is keen to take control of the business to combine Sony Ericsson’s mobile phone technology with its own tablet computer and PSP [...]
Mouchel boss resigns after profit error October 6, 2011 SHARES in the support services group Mouchel plunged more than 33 per cent yesterday after chief executive Richard Cuthbert resigned as the firm revealed that a costly “actuarial error” would hit annual profits. The maintenance and infrastructure firm said that a one-off gain announced in June – which it said would help offset contract cancellations [...]
Profits up at Hays despite City freeze October 6, 2011 PROFITS at British recruitment company Hays grew by 15 per cent in the first quarter, despite a poor performance by its UK operations. The rise in net fee income was driven by strong growth overseas – particularly in Asia Pacific and continental Europe – which was enough to offset a four per cent drop in [...]
BBC TO QUIT ICONIC WHITE CITY CAMPUS AND CUT 2,000 JOBS October 6, 2011 THE BBC will quit its west-end White City campus and become “significantly smaller” in response to deep spending cuts imposed on the publicly funded broadcaster. It set out the changes in response to a 20 per cent cut to its annual £3.5bn budget imposed by the government a year ago. Around 2,000 jobs will be [...]
Blackstone arm buys loans firm October 6, 2011 GSO Capital Partners, the global credit platform of US private equity giant Blackstone, has bought European leveraged loan manager Harbourmaster Capital for an undisclosed sum. Harbourmaster manages and advises on €8bn (£6.96bn) of assets, lifting GSO’s loan platform to €11.5bn of assets under management. The deal will help GSO to achieve its sought-after European growth and [...]
Del Monte and BarCap settle October 6, 2011 DEL Monte and its financial adviser Barclays Capital yesterday agreed to pay $89.4m (£57.9m) to settle a lawsuit that claimed they had not acted in investors’ best interests in the food company’s $4bn buy-out last year. Investors claimed that Barclays, which advised Del Monte on its sale to a private equity group led by KKR, [...]
