Nuclear renaissance could create £10bn for UK says top scientist March 29, 2011 THE UK should stick with nuclear power to fuel the country cleanly and create around 40,000 jobs, the government’s former chief scientist said yesterday. Sir David King said the UK can generate £10bn over the next 50 years by working on a “nuclear renaissance”, through recycling nuclear materials and storing waste more safely. “We are [...]
Rambourg is cleared after probe by FSA March 29, 2011 A YEAR ago today Guillaume Rambourg was sitting pretty in Gartmore’s Fenchurch Street offices. He was among the firm’s standout performers and one of the brightest stars in the City’s glittering constellation. Alongside Roger Guy, co-head of European hedge funds, he was responsible for more than 20 per cent of Gartmore’s £21bn investment portfolio. By [...]
Clarke plans no win no fee legal reform March 29, 2011 JUSTICE minister Ken Clarke yesterday announced plans to reform the UK’s no-win-no-fee system, lifting the ban on contingency fees that lawyers can claim for the work. Instead of taking a so-called success fee solely from the losing side, lawyers will now be able to claim an agreed percentage of any damages won – sharing the [...]
Barclays Capital hires Morgan Stanley’s Connor to boost team March 29, 2011 BARCLAYS Capital yesterday hired Josh Connor from Morgan Stanley to lead its global transportation banking group within the firm’s Global Industrials Investment Banking Group. Connor will be based in New York and will join the firm in July. The hire follows a series of moves by the bank over the past few months to bolster [...]
DO YOU THINK THAT THE GOVERNMENT IS RIGHT TO CLAMP DOWN ON THE “NO WIN, NO FEE” SYSTEM? March 29, 2011 HANNI ALI | MONTPELIER GROUP “No-win-no -ee encourages an immoral approach to claims that may not usually trigger large fees.” ZEESHAN CHOUDREY | XCHANGING “Yes – the no-win-no-fee policy is encouraging dodgy claims and causing a blame culture.” JOHN PAUL CROCKER | JP MORGAN “Yes, there are often stories about unfairly treated clients so people [...]
RONSON BLAMES TOXIC IRISH BANKING ASSETS March 29, 2011 TO the Dorchester for the annual get-together of the great and the good in the property world, hosted by Gerald Ronson, Heron International’s remarkable boss. The 71-year old property sage and philanthropist, who briefly spent time in jail in the 1990s as a result of the Guinness share scandal, before staging a spectacular personal recovery, [...]
Man Group sees positive fund inflows March 29, 2011 HEDGE fund manager Man Group surprised the market with a mixed results update yesterday, meeting some targets but missing others and writing off $375m (£234m) in impairments. Man will hold $69bn in funds under management at the end of March, above forecasts of $68bn, but has attracted just $700m (£437m) in net fund inflows in [...]
BATS Global Markets to offer primary listing service in the US March 29, 2011 EQUITY trading platform BATS Global Markets is to launch its own primary listings business to bring it directly into competition with national stock exchanges, it said yesterday. The new platform will be called BATS Listings and launch in the last quarter of this year to compete directly with exchanges such as the Nasdaq and New [...]
Decision to diversify has already paid off March 29, 2011 WHEN Man Group announced its intention to snap up GLG back in May 2010, it was nothing less than a very public act of renunciation. It was essentially saying that there was more to fund management than quant funds, which use computer algorithms to make investment decisions. Diversification was the future, Peter Clarke told shareholders [...]
Phoenix ups cash targets as profit rises March 29, 2011 LIFE insurance and pensions consolidator Phoenix Group posted a 16 per cent rise in underlying operating profit yesterday and set ambitious targets for cash generation in 2011. Phoenix made £373m operating profit in 2010, up from £318m in 2009 on a like-for-like International Financial Reporting Standards (IFRS) basis and generated £734m cash, beating its internally-set [...]
