Winters sets up with Rothschild February 17, 2011 FORMER JP Morgan banker Bill Winters is teaming up with Lord Jacob Rothschild. Winters is setting up the venture, to be called Renshaw Bay, with Rothschild’s London-listed RIT Capital and Reinet Investments, chaired by entrepreneur Johann Rupert. The banker, who also sits on the government’s independent commission on banking panel, will initially own 50 per [...]
Naguib Kheraj leaves Lazard February 17, 2011 HIGH-flying banker Naguib Kheraj yesterday walked away from his chief executive role at Lazard after just six weeks in the post. Kheraj, a former JPMorgan Cazenove chief executive and Barclays finance director, resigned as chief executive of Lazard International to focus on philanthropic work. His departure surprised many in the City as much as his [...]
Danish provider of UK public services plots £1.5bn listing February 17, 2011 DANISH outsourcer ISS, one of Britain’s largest providers of public sector services, said yesterday it expected to raise $2.4bn (£1.5bn) with an initial public offering (IPO). The firm, which counts hospital catering staff and cleaners amongst the 41,000 people it employs in Britain, is considering a Copenhagen listing in one of the biggest stock market [...]
Rathbone Brothers’ bumper results hurt by £3.6m FSCS levy February 17, 2011 WEALTH manager Rathbone Brothers netted £1.24bn in inflows last year to take funds under management over £15bn for the first time, it said yesterday. Total funds jumped by almost a fifth to £2.53bn while underlying profit before tax rose 18.8 per cent to £38.5m in 2009. But a £3.6m Financial Services Compensation Scheme levy to [...]
The five tech trends set to change your world in 2011 February 17, 2011 MOBILE World Congress (MWC), the world’s biggest mobile phone show, ended yesterday. Here City A.M., looks at the biggest trends to emerge from the show and looks at how they could affect your life over the next year. THE SHADOW OF NOKIA/MICROSOFT THE bombshell dropped by Nokia the weekend before MWC kicked off, when the [...]
CWW contract wins reassure February 17, 2011 TELECOMS group Cable & Wireless Worldwide (CWW) said contract wins from UK businesses and the government were keeping it on track for the year. The company, which focuses on large enterprise customers, said yesterday it was continuing to make progress in the second half of its financial year. CWW was one of a number of [...]
Capgemini sees profits surge February 17, 2011 CAPGEMINI, Europe’s largest computer consultancy, yesterday beat earnings forecasts and reported accelerating growth in the fourth quarter. The French company said its operating margin rose to 7.5 per cent in the second half of 2010, from 5.8 per cent in the first half of the year. For 2011, Capgemini predicted revenues would grow 9-10 per [...]
Ladbrokes in lift as online games boom February 17, 2011 LADBROKES yesterday reported a 20 per cent jump in annual profit as online gaming helped it overcome a seven per cent fall in bets staked at its shop counters. In its digital operation the UK’s largest betting firm saw profit rise by 36 per cent to £62.7m. Revenues from online sports betting grew 16.9 per [...]
PPR beats forecasts as Gucci and Yves Saint Lauren shine February 17, 2011 FRENCH luxury and retail group PPR posted a forecast-beating current operating profit for 2010, boosted by a recovery in the luxury market and solid growth at its Puma sportswear brand. The owner of fashion brands Balenciaga and Gucci and retailer Fnac posted a full-year current operating profit of €1.53bn (£1.28bn) – above expectations of €1.487bn based [...]
Kingfisher in profit boost February 17, 2011 B&Q owner Kingfisher yesterday forecast a 20 per cent rise in annual profits after strong overseas growth offset weak trading in the UK. The group said it expects adjusted pre-tax profits for the year ending last month to be at the top end of City expectations at £672m. Strong sales in countries such as Poland [...]
