TOSCAFUND IN 15M PAYOUT AS PROFITS DIVE May 14, 2009 HEDGE fund group Toscafund paid its highest earner £15m last year, even though profits at the group fell by 83 per cent, it emerged yesterday. Official US filings show one member of staff at the firm received a “profit entitlement” of £14.9m in the year, despite the group profit dive which was thanks mainly to [...]
RIO CHAIRMAN SET FOR INVESTOR TALKS May 14, 2009 NEW Rio Tinto chairman Jan du Plessis will meet key shareholders today, as pressure builds on the indebted miner to change its controversial $19.5bn (£13bn) tie-up with Chinese state-owned Chinalco, in favour of a rights issue. Du Plessis has already held meetings with a number of shareholders this week and has said he is prepared [...]
MADOFF FUNDS TO BE RETRIEVED May 14, 2009 The trustee given charge of recovering assets from Bernie Madoff’s fraudulent investment scheme said yesterday he expects to reach financial settlements over the coming weeks with a handful of investors who reaped profits from the plan. Irving Picard, the court-appointed trustee, said last night he expected “significant settlements”.
Stanford employee ‘not guilty’ May 14, 2009 The chief investment officer at Allen Stanford’s companies pleaded “not guilty” yesterday to charges stemming from the first indictment in the federal government’s investigation of the troubled financial firm. Laura Pendergest-Holt will remain free on bond after being indicted earlier this week on conspiring to obstruct an SEC investigation.
Fujitsu shuts final salary scheme May 14, 2009 Fujitsu Services, the UK arm of the Japanese technology company, yesterday decided to close its defined benefit pension scheme to existing workers. The closure, which marks the first large employer to close such a scheme in almost two years, is likely to be the start of a trend, say experts, who expect the recession to [...]
Invensys signals dividend return May 14, 2009 Engineering firm Invensys said yesterday it would make its first dividend payment since 2003. Chief executive Ulf Henriksson said the recommendation of 1.5p a share was a “prudent level” that should allow for a progressive dividend policy in future. Revenue in the year to March rose to £2.2bn from £2.1bn, but pre-tax profit fell to [...]
BT SAYS SORRY TO INVESTORS May 14, 2009 BT CHIEF executive Ian Livingston yesterday apologised to shareholders after an “unacceptable performance” by BT Global Services (BTGS) forced the firm to cut its dividend for the first time in eight years. Writedowns of £1.3bn against BTGS, which supplies IT services to multinational companies, drove a loss of £134m in the year ending March 2009 [...]
A CONSERVATORY IS THE BEST WAY TO ENJOY THE SUMMER May 14, 2009 WITH a rare hot summer on the way, making use of your outdoor space this year will be a priority for anyone with a garden and a bit of an itch to renovate. Enter the conservatory. Banish thoughts of hyacinth-filled, musty rooms belonging to ladies with cats or ageing parents. They are an increasingly sleek [...]
20/1 Alexandros looks value for the in-form ‘Boys in Blue’ against Paco Boy May 14, 2009 PACO BOY is as short as 11/10 with Boylesports to win tomorrow’s Juddmonte Lockinge Stakes and will take some beating. Richard Hannon’s four-year-old son of Desert Style is looking to land the second Group One contest of his career having won last year’s Prix De La Foret at Longchamp on Arc weekend. However, that race [...]
WHAT DO YOU THINK OF BT’S RESULTS? May 14, 2009 DAVID MOLONY OVUM“In a sense, it was one of the most important announcements since BT was floated. However, despite a knock to the confidence in their business, there was plenty to be happy about. Broadband is very strong, conferencing and business services are too. And Global Services is still winning business. If a company can [...]
