Hedge fund redemptions fall as investors take refuge in turmoil November 10, 2011 CONCERN over the Eurozone debt crisis means investors have cut by nearly four-fifths the amount of money they are pulling from hedge funds. Gross fund outflows, as measured by the GlobeOp Capital Movement Index, which tracks monthly net subscriptions to and redemptions from hedge funds running around $170bn (£106.5bn) of assets, dropped to 0.72 per [...]
High anxiety raises profits for Experian November 10, 2011 EXPERIAN said yesterday that increasing concern among utilities and telecoms firms over the ability of customers to pay their bills helped drive a 20 per cent jump in profits. The credit data firm is benefitting as corporates and public sector bodies carry out more consumer checks and try to cut fraud. It said underlying pre-tax [...]
HomeServe still in talks with FSA over alleged mis-selling November 10, 2011 REPAIR and insurance group HomeServe said outbound telesales calls would not re-start until it had overhauled its sales scripts, as it attempts to reassure customers in the wake of mis-selling allegations. The firm is also still in talks with the Financial Services Authority over several internal reviews. The firm restarted limited inbound telephone sales last [...]
Derivatives trade body warns new rules will add cost and risk November 10, 2011 MOVES to shift the huge market in off-exchange trading of derivatives onto regulated electronic platforms will not make the market safer or more efficient, industry body the International Swaps and Derivatives Association warned yesterday. Regulators in Europe and the US plan to shift the over-the-counter (OTC) method of trading in derivatives such as credit default [...]
Poor markets drag down on Aegon profits November 10, 2011 DUTCH insurance group Aegon will give investors and analysts a clearer picture of the headwinds it faces in Europe next month, it said yesterday, as it unveiled a fall in profits amid the Eurozone turmoil. Aegon’s chief financial officer Jan Nooitgedagt said he would outline its “sensitivities to financial markets” to investors in December, but [...]
Plus Markets chair leaves under investor pressure November 10, 2011 GILES Vardey, chairman of small-cap stock exchange Plus Markets, bowed to pressure from one of its biggest shareholders and stepped down yesterday. Vardey, a former director of the London Stock Exchange, was targeted in October when Gulf investor Amara Dhari, which has a 17 per cent stake, called for him to be replaced with former [...]
Admiral’s FD ups stake after shares plunge November 10, 2011 THE FINANCE director of Admiral and his wife spent nearly £150,000 on shares in the insurer after a gloomy update prompted a slide in its stock market value. Yesterday Kevin Chidwick bought 9,736 shares at £8.36 each and Rowena Chidwick bought 8,000 at £8.29 each in deals worth £147,713 together. Last night shares in Admiral [...]
Vedanta hurt by aluminium and currency November 10, 2011 VEDANTA Resources half-year profits have been hit by its aluminium business and by the weakening Indian rupee, it said yesterday. The company, which focuses on India, said its underlying attributable profit dropped more than 34 per cent to $186.3m (£116.9m), falling below expectations on the back of lower contributions from subsidiaries. Its attributable profit — [...]
Smith Electric to go for IPO November 10, 2011 SMITH Electric Vehicles yesterday filed for a $125m (£78.4m) initial public offering of its common stock. The company makes electrically powered commercial vehicles, used as delivery trucks in several industries. In its filing with the Securities and Exchange Commission, Smith did not say how many shares it would sell, how much it would sell them [...]
EDF price hikes affect six million November 10, 2011 FRENCH energy group EDF’s six million customers will see their energy bills rise from this morning, as price hikes kick in at the last of the big six energy providers. Gas tariffs will rise by an average of 15.4 per cent, while electricity rates will increase by 4.5 per cent, taking the average household energy [...]
