Lord Rothschild slams central banking policy November 28, 2012 LORD Rothschild yesterday said government monetary policy was failing to fix the financial system as he revealed a near-£80m drop in value for his investment fund RIT Capital in the past six months. “Their actions prevent systemic collapse but the deeper underlying problems remain,” he said in a statement to shareholders. The City grandee and [...]
Electra waits for prices to fall as it builds up war chest to £400m November 28, 2012 UK listed private equity firm Electra Partners yesterday said expensive price tags on companies being sold had stopped it buying more firms this year after revealing solid numbers in its full year results. The firm, which has holdings in motor car insurer esure and caravan park operator Park Resorts, said the chasm between buyer and [...]
Albion Venture reveals trust merger impact November 28, 2012 ALBION Venture Capital Trust, one of the largest listed venture capital firms in the UK, yesterday posted a drop in its net asset value (NAV) following its internal merger with Albion Prime Venture Capital Trust. The trust, which is one of six under the Albion Ventures umbrella and invests in smaller unquoted companies, reported a [...]
Canaccord Genuity recruits ex-UBS banker as new boss November 28, 2012 CANACCORD Genuity yesterday said it planned to add to its roster of recent executive hires by recruiting former UBS banker Adrian Haxby to lead its European investment banking division. Haxby, 54, was a long standing figure at the Swiss bank, having started working for the firm in the mid-1980s. He went on to become the [...]
Rio to slash costs by $5bn November 28, 2012 GLOBAL miner Rio Tinto said last night it will slash costs by $5bn over the next two years as commodity prices tumble, but said it was cautiously optimistic on China’s outlook and was sticking with plans to expand its lucrative Australian iron ore operations. Rio said it is aiming to cut more than $5bn of [...]
Great Scot! It’s Aberdeen Asset’s Caledonian awards November 28, 2012 TO Ranald MacDonald’s Boisdale restaurant for the Aberdeen Asset Management Great Scot Awards 2012. Bagpipes were blaring to welcome tartan–clad guests to the patriotic dinner, held in association with City A.M. and Johnnie Walker Blue Label. Winners included Lord Steel of Aikwood, fashion designer Pam Hogg, actor Jamie Sives and Olympic gold medallist Tim Baillie [...]
Valere Capital backs our appeal November 28, 2012 THE CAPITALIST asks Mark Preston, principal of Valere Capital, why the firm is supporting the City A.M. Christmas Appeal this year. Why are Valere Capital supporting Opportunity International? The relationship between us came about due to my involvement with Opportunity when I was co-head of Corporate Markets at Lloyds TSB. With the support of my [...]
How to give November 28, 2012 online at: www.cityam.com/appeal by text CITY13 and amount (£5 or £10 only) to 70070 Text donations may not work from company mobile phones as these often block premium messages. credit or debit card by phone to Opportunity International (01865 725 304) If donations exceed our programme needs in Africa, they will be deployed elsewhere. TWEET [...]
Nokia looks for BlackBerry ban after court win November 28, 2012 NOKIA has won a significant victory over the company that makes BlackBerry smartphones, the Finnish firm revealed yesterday, with a court deciding that its patented Wi-Fi technology was being used without permission. Research in Motion (RIM) now faces the prospect of having to change the technology used in its devices or pay fees to Nokia. [...]
CGI Group posts fourth-quarter loss after Logica acquisition November 28, 2012 CANADIAN IT services company CGI Group yesterday reported a fourth-quarter loss due to costs associated with its acquisition of Logica. The Montreal-based company completed the $2.64bn (£1.65bn) acquisition of its larger Anglo-Dutch rival Logica in August and recorded a related charge of C$248m in the quarter. CGI posted a loss of C$168m, or 58 Canadian [...]
