IOD: One L of a recovery lies ahead for British economy July 5, 2010 WEAK growth over the coming quarters will produce an L-shaped recovery in Britain, according the latest economic forecasts from the Institute of Directors (IOD). The IOD estimates that the British economy will only manage to grow by 0.9 per cent in 2010 and then by 1.8 per cent in 2011. This is weaker than the [...]
Top economic forecaster Martin Weale to join Bank’s rate-setting committee July 5, 2010 LEADING economist Martin Weale has been appointed as an external member of the?Bank of England’s Monetary Policy Committee (MPC) by chancellor George Osborne. The director of the National Institute for Economic and Social Research (Niesr) will join the MPC in time for the August rate-setting meeting and the forecast round leading up to it, the [...]
Hedge funds face a glut of competition July 5, 2010 HEDGE fund managers are buckling down for a trying year, as regulatory oversight and competition lead to a glut of market dogfights. A report out today by accounting and audit firm Rothstein Kass shows seven out of 10 expect a “trying” year as the extra competition leads to more funds chasing investment dollars. “It is [...]
London commuters face huge rise in tube fares, warns RMT July 5, 2010 TRANSPORT FOR LONDON (TfL) could hike passenger tube fares to “eye-watering” levels making the “travelling public pay through the nose”, RMT has warned. The trade union has said that TfL has not given it enough information over Olympic transport plans. London commuters will have to shoulder fare increases as TfL tries to “plug a £5bn [...]
BBC Worldwide cashes in on hit shows to net over £1bn in sales July 5, 2010 BBC Worldwide cashed in on top titles including Top Gear and Doctor Who, boosting its full-year sales seven per cent to over £1bn. It is the second consecutive year the commercial wing of the BBC has topped £1bn in sales. Operating profits increased 36.5 per cent to £145.2m. Chief executive John Smith said the figures [...]
Belgium begs London to OK EU watchdogs July 5, 2010 EU presidency holder Belgium has intervened in a row about new European financial watchdogs in an attempt to avert a breakdown in talks to set up new supervisors by the start of next year, a senior diplomat said. Last weekend the country’s finance minister Didier Reynders contacted his British, German and French counterparts, asking them [...]
KKR set to float on the New York Stock Exchange in a $9bn debut July 5, 2010 KKR is hoping to buck the trend with an ambitious flotation on the New York Stock Exchange, expected to value the buy-out fund at $9bn (£5.9bn). The firm, best known for its £11bn takeover of Alliance Boots in 2007, has planned to float for three years, but market volatility has thwarted them, reports the Daily [...]
Coller sweeps up Lloyds unit in £480m deal July 5, 2010 BUYOUT house Coller Capital plans to inject £100m fresh capital into Lloyds Banking Group’s private equity portfolio after buying a controlling share in the assets, valuing them at £480m. Coller yesterday paid £332m in cash for a 70 per cent share in Lloyds’ Integrated Finance unit, which comprises equity and debt stakes in 40 companies. [...]
Daiwa to pay $1bn for KBC’s key divisions July 5, 2010 DAIWA Capital Markets is to purchase KBC Group’s Global Convertible Bond and Asian Equity Derivative businesses for approximately $1bn (£660m). Daiwa’s investment banking arm announced plans last November to significantly grow its global markets, and at the same time KBC announced its updated strategy of focusing on its core bancassurance expertise in home markets in [...]
Brit asks Apollo for £865m July 5, 2010 BRIT Insurance boss Dane Douetil has demanded a takeover offer of at least £11 per share from US buyout player Apollo before he will grant access for due diligence, according to sources. The FTSE 250 insurer raised the stakes in a game of brinksmanship with Apollo on Friday, rejecting an indicative approach of £10.50 per [...]
