Barnett’s Ridley Park Paragon fund closes November 29, 2012 HEDGE fund manager Julian Barnett is shutting down his Ridley Park Paragon long/short equity fund, after two years in a torrid market, a source said yesterday. Barnett, who could not be contacted for comment, set up the $350m (£218m) fund in May 2010 after leaving his role as star fund manager at Aim-listed Polar Capital. [...]
Direct Line to cut 236 more jobs to save cash November 29, 2012 MOTOR insurer Direct Line yesterday said it was exploring plans to slash a further 236 jobs in a bid to reach its £100m cost cutting target announced in September. The firm, which recently revealed pricing for its public float, said the job losses would come across its commercial, risk and compliance and chief customer office [...]
Takeover approved for Metal Exchange November 29, 2012 REGULATORS yesterday approved the planned takeover of the London Metal Exchange (LME) by Hong Kong Exchanges and Clearing (HKEx). This means the deal to buy one of the City’s oldest – and certainly its most unusual – trading venues could complete as early as 6 December, bringing to an end 135 years of member-ownership. LME is [...]
Rio Tinto plans cost cuts and assets sell-off November 29, 2012 RIO Tinto said yesterday that it aims to axe $7bn (£4.4bn) in costs over the next two years and sell more assets to cushion itself against weaker commodity prices, while at the same time beefing up output in its lucrative iron ore business. The firm is the only global iron ore producer that has not [...]
BHP assures it is looking inside and out for chief exec successor November 29, 2012 BHP BILLITON said yesterday it is looking inside and outside the company as well as using external advisers to help with succession plans for its chief executive, following reports the world’s biggest miner was preparing for changes at the top. Chairman Jac Nasser told BHP’s Australian annual general meeting that planning for a successor to [...]
AstraZeneca wins China approval November 29, 2012 AstraZeneca has won approval for its new heart drug Brilinta in China, an increasingly important market for the pharmaceuticals group. China’s state food and drug administration has issued a drug import licence for the product, meaning it will now be available for treating patients with acute coronary syndrome in the country, the company said yesterday. [...]
Aviva eyes 120 job losses November 29, 2012 Insurer Aviva said yesterday it would shed about 120 jobs as it merges its dedicated property claims service into its existing claims centres. The staff affected are based in Sheffield, where Aviva’s Asprea property claims management service is headquartered, the insurer said in an emailed statement yesterday. Aviva is cutting costs and selling under-performing businesses [...]
Shell expects Chesapeake boost November 29, 2012 Royal Dutch Shell expects “years and years” of production from oil and natural gas acreage it recently bought from Chesapeake Energy and plans to add more drilling rigs, the head of Shell’s Americas operations said yesterday. Shell paid $1.94bn last September for 618,000 acres in the Permian Basin, a vast source of oil and natural [...]
Popular West End lifts profits at Shaftesbury November 29, 2012 SHAFTESBURY’s fortress of West End properties helped the landlord post a glowing set of full year results yesterday, in what it called an “exceptionally” busy year for London. The FTSE 250 company’s net asset value rose by 7.6 per cent to 498p a share in the year to 30 September, driven by a boost in [...]
Waste management business weighs on Pennon’s first-half November 29, 2012 UTILITIES company Pennon Group yesterday reported a drop in profits at its recession-hit waste management unit, as warned earlier this month, and said it did not see a recovery in prices for recycled materials in the near future. Pre-tax profit at waste management business Viridor fell over 30 per cent in the six months to [...]
