CITY MOVES | WHO’S SWITCHING JOBS January 6, 2011 Syndicate Asset Management The fund management group has promoted Jeremy Rance to the role of chief operating officer for the group. He will now be in charge of organising operational performance across all of the group’s subsidiaries. He joined the company in June last year at its subsidiary Ashcourt Rowan, having previously worked at Barclays, [...]
ENRC advised by PwC on UK tax move January 6, 2011 ENRC, the mining group partly-owned by the Kazakh government and listed on the FTSE, has been advised that by relocating to Switzerland it could save itself £20m a year in tax. According to SkyNews, the group was given the advice by its auditors PricewaterhouseCoopers several months ago but the matter has not been considered at [...]
Here come the Oscar contenders January 6, 2011 Film THE KING’S SPEECH Cert: 12A RECENTLY missed out on the Best Actor gong? Check. Playing a monarch? You bet. With a disability? Hell yes. Colin Firth’s turn as tongue-tied stammerer George VI ticks so many Oscar boxes that it’s barely worth other contenders turning up at next month’s ceremony, whether he or the film [...]
Bafin probes role of ACS and Hochtief shareholder January 6, 2011 GERMANY’S financial watchdog is investigating the role of a key ACS and Hochtief shareholder in the latest twist to the Spanish builder’s unconventional takeover bid. Southeastern, the US fund manager, holds stakes in both the German and Spanish construction groups. Its decision to tender half its five per cent Hochtief stake to ACS’s all-stock offer [...]
BEST OF THE BROKERS January 6, 2011 TRAVIS PERKINS RBS rates the building materials firm “buy” with a raised target price of £12.95. The broker sees the firm’s purchase of BSS Group last month as an attractive earnings driver over the next two years until the underlying market recovery takes over in 2013. It adds that the acquisition gives the company significant [...]
National Grid agrees £8m Ofgem penalty January 6, 2011 BRITAIN’S energy regulator Ofgem yesterday imposed an £8m fine on National Grid for misreporting information during a gas mains replacement programme between 2005 and 2008. Ofgem will hold a 21-day consultation period on the fine to consider comments from the public. If the consultation concludes in favour of the penalty, National Grid will be expected [...]
Expansion pays off for Hays as foreign fees drive revenue January 6, 2011 BRITISH recruitment group Hays reported a 21 per cent rise in second-quarter net fees yesterday, as its overseas expansion strategy was vindicated by a recovery to pre-recession levels in many international markets. “We have now got several countries both in Asia and Europe approaching above pre-downturn levels,” said finance director Paul Venables, noting an improved [...]
OUT THIS WEEKEND January 6, 2011 FILM SEASON OF THE WITCH Nicolas Cage goes witch hunting in this dark medieval hokum. IT’S KIND OF A FUNNY STORY It kind of is – a tale of teenage depression and redemption – but only a bit. ABEL A quirky, enjoyable comedy directed by Mexican actor Diego Luna. DVD SOULBOY Drama set amid the [...]
F&C board fights back as Sherborne showdown looms January 6, 2011 EMBATTLED F&C Asset Management has set a date for its showdown with Sherborne Investors over its bid to replace chairman Nick MacAndrew and take control of the board. F&C shareholders will meet on 3 February at Sherborne’s request to vote on whether to oust MacAndrew and director Brian Larcombe and appoint Sherborne’s founder Edward Bramson, [...]
HK’s richest 40 worth $163bn January 6, 2011 The combined wealth of Hong Kong’s top 40 billionaires now totals $163bn, adding $28bn to last year’s figure. The latest Forbes rich list sees Chung Kong and Hutchison Whampoa controller Li Ka-shing stay on top, with a personal fortune valued at $24bn ($105.3bn). A third of the top 40 make their money in real estate [...]
