Turnaround gathers pace at MAM Funds September 28, 2011 THE turnaround at MAM Funds is continuing as it reported a rise of nearly a tenth in assets under management. The AIM-listed firm said funds rose nine per cent to £1.68bn for the half-year to 30 June, as it steered clear of the “index hugging mentality”. Revenue rose seven per cent on last year to [...]
BP and oligarchs in arbitration hearing September 28, 2011 BP faced an arbitration hearing yesterday with its billionaire partners in the Russian joint venture TNK-BP, who are claiming damages against the oil giant for breaching a shareholder pact. BP, which has refuted the claims, prompted the spat with the consortium known as Alfa Access Renova (AAR) by agreeing a share swap and Arctic exploration [...]
Tullow Oil confirms extension of Ghana Enyenra oil field September 28, 2011 BRITISH oil firm Tullow Oil said a well drilled off the coast of Ghana confirmed an extension to its Enyenra oil field, bringing it closer to commercialisation of another oil field in the West African country. Tullow said yesterday that the Enyenra-3A appraisal well found oil in a column of 17m with data indicating that [...]
Shares drop as Cairn turns up its sixth dry Greenland well September 28, 2011 BRITISH oil explorer Cairn Energy said it drilled a dry hole off the coast of Greenland, its sixth unsuccessful well in the country, denting hopes that a new multibillion barrel basin is waiting to be found in the Arctic region. Cairn, which is close to concluding a deal to sell part of its stake in [...]
Axa is set to sell private equity arm September 28, 2011 AXA hopes to spark an auction after it finally confirmed it is interested in selling its private equity arm. The French insurance group believes Axa Private Equity will go for between £200m and £400m. Axa yesterday said it had begun a strategic review of its PE unit, which was set up by Dominique Senequier in [...]
Charter board hit with short termism jibe September 28, 2011 THE board of Charter International came under fire from a high-profile shareholder yesterday for allowing its UK-based potential buyer Melrose to walk away from the bid race. Long-term investor Schroders said Charter’s decision to sell to US rival Colfax for £1.5bn was a short-termist move that prioritised a cash payout over long-term growth. “We were [...]
Cenkos sees profit leap as it fundraises in spite of turmoil September 28, 2011 MID-CAP broker Cenkos looked unfazed by the tough climate for City securities houses yesterday as it posted an almost 200 per cent rise in pre-tax profit in the first half of the year. Shares in Cenkos jumped more than eight per cent as it said profits were up 194 per cent to £5.3m compared to [...]
LSE starts exclusive talks to take over LCH.Clearnet September 28, 2011 THE LONDON Stock Exchange started exclusive talks with LCH.Clearnet yesterday as it closed in on a takeover of the sought-after clearing house. The announcement confirmed that the LSE is now in pole position to buy LCH, Europe’s last independent clearing house, for about €1bn (£870m). While both sides remain locked in talks, the likely acquisition [...]
PRINCESS LAUNCHES OUR APPEAL FOR AFRICA September 28, 2011 CITY LEADERS met royalty at The Savoy on Tuesday night, at a dinner to mark a new partnership between City A.M. and an African microfinance charity that aims to improve the lives of thousands. Guest of honour was HRH The Princess Royal, a patron of the Opportunity International (OI) charity, who told guests including Vallares [...]
Bloomsbury to raise books from the dead September 28, 2011 HARRY Potter publisher Bloomsbury says it will bring out-of-print titles “back from the dead” through a new digital-only imprint. The publisher will focus on books whose English-language rights have reverted back to the author or the author’s estate. Digital sales currently account for around 10 per cent of Bloomsbury’s turnover, with the publisher expecting this [...]
