Bramson to meet F&C following surprise £16m share purchase August 17, 2010 ACTIVIST investor Edward Bramson is expected to meet with F&C Asset Management next week after taking a £15.6m stake in the company. Shares in F&C soared 22 per cent to 63p after Bramson’s Sherborne vehicle bought 5.2 per cent of the fund manager’s share capital. Bramson raised £105m for Sherborne in March with a mandate [...]
Surge in food prices keeps inflation high August 17, 2010 RISING food prices offset a drop in the cost of fuel in July but annual inflation remained stubbornly above 3 per cent in July. The strong inflation figures forced Bank of England governor Mervyn King to pen his second letter of explanation to chancellor George Osborne and to admit that the Monetary Policy Committee (MPC) [...]
German investors downbeat August 17, 2010 GERMAN investor morale fell in August to its lowest level since April 2009, pointing to a slowdown in Europe’s largest economy but no risk of it or the broader Eurozone falling back into recession. The ZEW think tank said yesterday that its monthly poll of economic sentiment fell to 14 from 21.2 in July, declining [...]
Japan’s government mulls further policy stimulus August 17, 2010 JAPAN’S government will consider further stimulus steps, potentially making it the first developed country to turn to additional fiscal spending since the global crisis, as a strengthening yen threatens its faltering recovery. But the additional stimulus is expected to be relatively modest and is likely to involve reallocating funds rather than new spending. The government [...]
Gartmore hit by departure of star trader August 17, 2010 GARTMORE’S chief executive yesterday insisted that his firm has put the sticky matter of star manager Guillaume Rambourg’s suspension and subsequent resignation behind it, despite suffering heavy outflows of investor cash over the first half of the year. Gartmore saw its assets under management dip by 10 per cent to £19.9bn over the six months [...]
RBS sells loans worth €1.4bn August 17, 2010 ROYAL Bank of Scotland yesterday announced it has sold around 10 per cent of its leveraged loan book as it continues its asset sale in the wake of its government bailout. The group announced it has sold a portfolio of loans worth €1.4bn (£1.15bn) to Intermediate Capital Group (ICG). The bank did not release the [...]
S&P takes Pru off credit watch after strong results August 17, 2010 RATING agency Standard & Poor’s has rewarded Prudential for its forecast-beating results and better-than-expected costs on the failed AIA deal by removing it from “credit watch”. S&P put the insurance giant on notice in March due to concerns over the balance sheet strains involved in its $35.5bn (£22.8bn) pursuit of AIG’s Far Eastern arm. Yesterday [...]
Barclays could face prosecution after judge derides £190m settlement offer August 17, 2010 BARCLAYS is nervously awaiting the outcome of a legal case in the US today that could leave the banking group facing criminal charges over payments linked to countries barred from trading with the States. A federal judge, who will decide whether to accept Barclays’ $298m (£190m) offer to settle the case, called the bank’s agreement [...]
ANALYST VIEWS: WHAT DOES THE FUTURE HOLD FOR GARTMORE NOW THAT ITS STAR PORTFOLIO MANAGER HAS LEFT? August 17, 2010 KEITH BAIRD | ORIEL SECURITIES In my view, Rambourg wasn’t Gartmore’s star trader – Roger Guy is the real star. With regard to the future, there is still scope for future outflows because of the whole debacle, though they are tapering off somewhat and that’s a good sign. PETER HOWARD | EDISON INVESTMENT RESEARCH It [...]
Melrose reports profits surge August 17, 2010 Scottish oil and gas producer Melrose Resources increased first half pre-tax profit by 32 per cent. The firm posted a $26.2m (£16.7m) profit compared with $19.8m in the first half of 2009. Revenue increased 13 per cent to $110m from $97.5m, largely driven by a steady rise in oil prices. The group, which has operations [...]
