Aberdeen rules out bid for Gartmore November 30, 2010 ABERDEEN Asset Management yesterday said it was “extremely unlikely” that it would make a bid for stricken fund manager Gartmore as it announced pre-tax profits rose 147 per cent in the year to £210m. Martin Gilbert, chief executive of Aberdeen Asset Management, ruled out a purchase of Gartmore, saying that it would not be the [...]
St Ives says sales starting to improve November 30, 2010 NICHOLAS BURGESS | ROYAL BANK OF SCOTLAND Aberdeen’s full-year result has beaten consensus forecasts, yet remains at a 15 per cent discount to the broader sector. Reporting pre-tax profit of £210m took the firm eight per cent ahead of consensus of £195m. The outperformance looks evenly spread between performance fees and management fees. JAMES HAMILTON [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF ABERDEEN’S RESULTS? November 30, 2010 NICHOLAS BURGESS | ROYAL BANK OF SCOTLAND Aberdeen’s full-year result has beaten consensus forecasts, yet remains at a 15 per cent discount to the broader sector. Reporting pre-tax profit of £210m took the firm eight per cent ahead of consensus of £195m. The outperformance looks evenly spread between performance fees and management fees. JAMES HAMILTON [...]
ABB secures Baldor for $3.1bn cash November 30, 2010 HIGH-TECH engineering manufacturer ABB has agreed a $3.1bn (£2bn) bid for US industrial electric motor maker, Baldor Electric Company. ABB will pay $63.50 per share in cash for NYSE-listed Baldor, a 41 per cent premium to Baldor’s closing price on 29 November. The deal values the company at $4.2bn, including $1.1bn of net debt. The [...]
CITY MOVES | WHO’S SWITCHING JOBS November 30, 2010 Livebookings Livebookings today announces the appointment of Colin Tenwick as chief executive and Ian Cole as chief financial officer. Tenwick and Cole previously took Stepstone, an Oslo listed job board and HR software provider, and built its revenues from €17m to over €120m before selling the business in 2009. They have joined to oversee the [...]
Disasters cost world £168bn November 30, 2010 DISASTERS worldwide caused economic losses of more than $200bn (£128bn) in 2010, reinsurer Swiss Re reported yesterday. Natural catastrophes and man-made disasters, including earthquakes in Haiti and New Zealand and the Deepwater Horizon oil spill, caused economic losses of $220bn (£168bn), more than triple 2009’s $63bn level. The events caused about 260,000 deaths over the [...]
EC tells ING not to pay $1.5bn debt November 30, 2010 THE European Commission has rejected a request by Dutch bank ING to repay a $1.5bn (£960m) debt instrument because the financial group has not yet repaid its state aid. ING had wanted to repay the instrument on 31 December as the hybrid will not qualify as Tier I capital under Basel III solvency rules. “ING [...]
FRAZIER PROMOTED TO MERCK CHIEF November 30, 2010 MERCK president Kenneth Frazier, whose legal strategy helped solve the drugmaker’s Vioxx crisis, will succeed Richard Clark as chief executive officer, it was announced yesterday. Frazier, 55, made his name at Merck as general counsel by steering the company safely through daunting litigation over Vioxx, its widely used painkiller that was withdrawn in 2004 after [...]
Oils and financials weigh on FTSE offsetting miners’ rally November 30, 2010 BRITAIN’S leading share index retreated yesterday with a rally by miners more than offset by falls in oils and financials as investors fretted over Eurozone debt problems during a choppy session. The FTSE 100 closed down 22.68 points, or 0.4 per cent, at 5,528.27, a level not seen since the middle of September. The blue [...]
Wall St tumbles as Eurozone fears hit November 30, 2010 US stocks fell in a choppy session yesterday but showed resilience in the face of Europe’s debt crisis, recovering some of their losses on more encouraging signs from the US economy. The Eurozone’s troubles showed no signs of abating as news that Portugal could be downgraded reignited selling in a high-volume flurry at the close. [...]
