FUND MANAGEMENT NEWS November 23, 2010 IMA ANNOUNCES NEW CHINA SECTORS The Investment Management Association (IMA) yesterday announced the creation of the China/Greater China sector and the new definition of the Global sector. Both changes will come into effect from 1 January 2011. The former will be defined as funds investing at least 80 per cent of their assets in equities [...]
HomeServe’s boss in £70m share sell-off November 23, 2010 THE chief executive of British insurance group HomeServe yesterday said he was selling almost £70m of his shares – around a third of his stake – denting the company’s share price despite a rise in first-half profits. Richard Harpin, chief executive since 2004, intends to sell 16m shares worth some £68m based on yesterday’s opening [...]
Profit flow slows at Severn November 23, 2010 PRICE cuts and higher costs stemmed the flow of profits at Severn Trent, but the water firm said an inflation-busting dividend rise in the next four years showed its confidence. Severn, which supplies water and sewage services to about 3.7m homes in the Midlands and mid-Wales, said profits fell 16 per cent to £158m on [...]
Delays may hit Sterling Energy’s Kurdistan well November 23, 2010 INVESTORS yesterday pulled out of Sterling Energy after the oil and gas explorer revealed potential delays in drilling a well in Kurdistan. Shares in Sterling dropped 11.9 per cent to 53.75p after the group, which focuses on the Middle East and Africa, said gas had accidentally escaped into a well it was drilling in its [...]
After-the-event insurance is an option for City litigants November 23, 2010 TROUBLED economic times are typically marked by a surge in litigation, even as companies’ budgets and their ability to fund litigation remain constrained. Given the imperative to continue delivering shareholder value in the face of uncertain market conditions and an increasingly litigious environment, it is hardly unexpected that litigation costs are fast rising to the [...]
Biggest IPO in Norway since 2001 November 23, 2010 NORWEGIAN non-life insurer Gjensidige launched its long-awaited initial public offering (IPO) yesterday, likely to be the biggest float in Norway since oil company Statoil floated in 2001. Gjensidige said the indicative price range was 54-64 Norwegian crowns per share. That would value it at 27-32bn Norwegian crowns (£2.79bn-£3.3bn). Up to 200m shares will be sold, [...]
BEST OF THE BROKERS November 23, 2010 MITIE Group RBS says Mitie’s interim results were four per cent higher than expectations, but that the next six months are critical, since new contracts would justify a substantial step up in Mitie’s bid costs. RBS’ reduced forecast and target price assumes that these contracts are not secured. Wins would catalyse upgrades and a rerating, [...]
Get ready for changes in bank sector November 23, 2010 CUSTOMER confidence in the banks is low. You would therefore think that the time was ripe for new entrants to the banking market. There was a time when scarcely a week went by without somebody saying they were about to become a bank. Tesco, Virgin and Metro Bank are lining up to offer the full [...]
CITY MOVES | WHO’S SWITCHING JOBS November 23, 2010 iShares The exchange-traded funds platform of BlackRock, iShares, has promoted David Gardner to the newly created role of head of sales for Europe, the Middle East and Africa (EMEA). He will be based in London and report to EMEA managing director Joe Linhares. Gardner has worked at iShares for a decade in locations across Asia [...]
BRIEFS | LEGAL NEWS November 23, 2010 CAMERONS OUTSOURCING DEAL CMS Cameron McKenna is to become the first major law firm to outsource its entire backroom operation, Legal Week has reported. Outsourcing company Integreon promises that it can save the top 20 firm 10-15 per cent on its backroom costs. Camerons has been in talks with Integreon since May, but a partner [...]
