What the other papers say this morning January 22, 2013 FINANCIAL TIMES New hedge fund cuts fees One of the UK’s fastest-growing hedge funds is slashing fees, hoping it will spark a rethink of the industry’s high charges. The Core Macro fund from Cambridge-based Cantab Capital will employ similar trading strategies as funds from Man Group, Winton Capital and BlueCrest, three of the world’s biggest [...]
Google profits break records as ads recover January 22, 2013 GOOGLE saw record profits in the final quarter of last year, as its business grew internationally and average advertising rates stabilised. The technology giant beat expectations to report revenues of $14.4bn (£9bn) for the period, a 36 per cent year-on-year increase. Profits rose to $2.89bn, relieving investors who were spooked three months earlier when Google [...]
City jobs rising as legal hiring counters bank staff bloodbath January 22, 2013 LEGAL services jobs in the City increased rapidly last year, outweighing even the dramatic fall in bank employment and pushing total headcount in the square mile up through 2012, new figures revealed yesterday. A total of 117,800 people are now employed in legal services, TheCityUK found, an increase of 2.5 per cent on the year. [...]
Microsoft joins race to take Dell private January 22, 2013 MICROSOFT has waded into moves to buy out US computer maker Dell, offering a multi-billion dollar investment in the deal. Although the company is not believed to have committed to a contribution, it has held talks over joining a group of investors led by Silver Lake Partners. An investment in Dell could signal a further [...]
Sir Stuart Rose takes the hot seat at Ocado January 22, 2013 SIR STUART Rose, the former boss of Marks & Spencer, is to become chairman of Ocado, in a major coup for the online retailer. The company said Sir Stuart is to replace Sir Michael Grade after its annual general meeting in May. Grade, best known for his roles at ITV and Channel Four, will be [...]
Hilco snaps up HMV debt pile to take control January 22, 2013 HMV was given a potential lifeline yesterday after restructuring firm Hilco bought the crisis-hit music retailer’s debt for about £40m, effectively giving it control of the group. Hilco – which already owns HMV Canada – confirmed yesterday it had acquired HMV’s debt from the group’s consortium of lenders led by the Royal Bank of Scotland [...]
British chiefs anticipate M&A shopping spree January 22, 2013 BRITISH bosses are expecting a wave of big deals in 2013, planning to expand their companies through mergers and acquisitions rather than via organic growth, research from PwC has revealed. An international survey of chief executives found that 43 per cent of British business leaders plan to complete a domestic M&A deal this year, the [...]
FSA arrests five including trader at Schroders January 22, 2013 A TRADER at Schroders was among five people arrested yesterday as part of an investigation into insider dealing and market abuse. Schroders confirmed that an employee was arrested by the Financial Services Authority (FSA) and City of London police yesterday, and has been suspended from the firm with immediate effect. The FTSE 100 asset management [...]
Rose will keep up Ocado’s appearances – but little else January 22, 2013 WHEN Sir Stuart Rose dipped his toe back in the retail waters by becoming chairman of Blue Inc and backing The Hut last year, it should have been obvious he had his eye on bigger things. But why Ocado? This column – not to mention several high-profile City analysts – have long taken a dim [...]
Middle class tax evaders face new crackdown by prosecutors January 22, 2013 MIDDLE CLASS tax evaders are more likely to be prosecuted under plans unveiled last night by the boss of the Crown Prosecution Service (CPS). “Tax evasion has to be dealt with robustly all the time,” said Keir Starmer, director of public prosecutions. “But in a recession, when ordinary law abiding taxpayers are suffering real hardship, the [...]
