Fund managers voice objections early February 7, 2012 THERE was a time when UK institutional shareholders could be relied upon to back mangements in their takeover aspirations, or at least keep quiet about the whole thing until they had had time to digest all the details. But yesterday both Schroders and Standard Life’s David Cumming (near left), accounting for a total of around [...]
Upbeat Glaxo puts faith in drug pipeline February 7, 2012 A BULLISH GlaxoSmithKline claimed yesterday that it will defy the trend of dwindling pipelines that is plaguing the pharmaceutical industry. GSK announced that financial returns from its laboratories rose to around 12 per cent, up from 11 per cent two years ago and closing in on its target of 14 per cent. Chief executive Andrew [...]
Yahoo chair follows trail of bosses out the door February 7, 2012 YAHOO chairman Roy Bostock and three other directors last night said they would step down as the struggling company ploughs ahead with its overhaul, including a possible disposal of its stakes in Alibaba Group and Yahoo Japan. The group last night said it has appointed IBM veteran Alfred Amoroso and ex-eBay chief operating officer Maynard [...]
Misys chief to leave as part of £2bn merger February 7, 2012 BANKING software groups Misys and Temenos said yesterday they had agreed some of the key terms of a possible £2bn all-share merger between the peers, a deal which would see Mike Lawrie relinquish his position as chief executive of Misys. Guy Dubois, currently chief executive of Temenos, will act as CEO of the combined group [...]
Stelios wins backing from investor body February 7, 2012 EASYJET founder Sir Stelios Haji-Ioannou has won the backing of Glass Lewis, an influential shareholder advisory body, in his latest campaign to curb excessive top-level remuneration packages at the budget airline. The US firm, which advises institutions holding £9.6 trillion worth of investments, has recommended that shareholders vote down the directors’ remuneration report at the [...]
Amlin and Beazley both bullish despite disasters February 7, 2012 A STRING of disasters across the world have dented profits at many insurers – but Beazley and Amlin yesterday looked upbeat about their positions. Amlin, the biggest listed insurer operating in the Lloyd’s of London market, said it was able to increase revenue during January, largely due to strong demand for catastrophe reinsurance. The firm [...]
Pension fund wags finger at Facebook’s governance laws February 7, 2012 ONE of Facebook’s investors intends to make waves about the social network’s corporate governance rules, which will hand shareholders negligible say in the company when it floats later this year. Pension fund the California State Teachers’ Retirement System (CalSTRS) is planning to send a letter to the firm, which outlined its corporate governance structure last [...]
Lloyds bank announces almost 1,000 job losses February 7, 2012 LLOYDS Banking Group announced 990 job cuts yesterday, which the part-nationalised bank said formed part of last year’s broader plans to axe 15,000 jobs across the company. Around 990 positions are set to go as a result of site closures in LTSB Scunthorpe, LTSB Dudley and HBOS Romford and HBOS Newcastle. The roles will come [...]
Mixed results for Royal London February 7, 2012 Royal London has announced a six per cent increase in new business during 2011, despite a dreadful performance from its asset management arm. The UK’s largest mutual life and pensions company bagged £3,291m of new income but income at its RLAM division plummeted by 67 per cent to £379m.
Electra PE is ready to spend February 7, 2012 Electra Private Equity said it expects to take advantage of the gloom in the buyout sector as it reported a rise in net asset value (NAV). Basic NAV per share inched 2.3 per cent up to £23.77 and climbed 2.1 per cent to £22.71 on a diluted level for the quarter to 31 December. The [...]
