Morgan Stan sells Invesco stake November 9, 2010 Morgan Stanley yesterday filed to sell the 30.9m shares of money manager Invesco, which it acquired in June as part of the sale of its retail fund unit. The bank said in a statement it will sell the shares, worth over $717m (£448m) at yesterday’s prices, in a public offering. Executives from both firms said [...]
Complacent culture at BP led to oil spill November 9, 2010 A CULTURE of complacency at BP, Transocean and Halliburton contributed to the Gulf of Mexico oil spill in April, an investigation into the disaster heard yesterday. William K Reilly, co-chairman of the US government’s probe into the explosion on the Deepwater Horizon rig, said yesterday investigators had uncovered “a suite of bad decisions” that showed [...]
NATIONAL BUSINESS AWARDS CELEBRATE VERY BEST OF BRITISH November 9, 2010 “CELEBRATING” the Best of British was how Prime Minister David Cameron described the National Business Awards last night, speaking via a video link recorded before his trip to China this week. And a fine celebration the ceremony was too, honouring companies of all sectors and sizes across the UK economy, from niche tiddlers such as [...]
Collins Stewart to enter big league November 9, 2010 BROKER and financial services group Collins Stewart has picked up its first FTSE 100 client. Randgold Resources, an Africa-focused gold mining and exploration company with a market capitalisation of £5.5bn, has hired Collins Stewart as its joint corporate broker, along with Bank of America Merrill Lynch. HSBC, which has advised Randgold since before it listed [...]
Income jumps at Norton Rose… November 9, 2010 CITY law firm Norton Rose announced a nine per cent increase in revenues for the first half of the financial year yesterday. Fee income for the six months to November was around £155m, compared with £142m last year. Norton Rose, which took over Australian law firm Deacons in June last year, recently revealed revenue for [...]
…while Nabarro posts slight rise November 9, 2010 COMMERCIAL law group Nabarro reported a three per cent rise in revenue for the six months to November yesterday. The London and Sheffield-based firm generated £53.5m turnover in the period, compared to a stark 18 per cent income drop at the same point last year. Nabarro, whose client list includes Land Securities and Nationwide Building [...]
Barclays sees profits tumble November 9, 2010 INVESTORS reacted positively yesterday despite Barclays unveiling quarterly pre-tax profits of £1.27bn (excluding own credit), a 28 per cent drop on last year. Including own credit losses – the effect of mark-to-market write-downs – profit plunged 76 per cent to £327m. Barclays stock climbed by over three per cent throughout the day in part due [...]
£1bn That’s how much property experts say Chelsea will have to fork out if they want to leave Stamford Bridge and move to Earls Court November 9, 2010 CHELSEA would have to pay around £1bn to buy up the land around the Earls Court exhibition centre and build a new 60,000 seater stadium, City A.M. has learnt, if they decided to press ahead with a proposal to move from Stamford Bridge. The west London club’s chief executive Ron Gourlay and company secretary Alan [...]
Barclays November 9, 2010 DESPITE Barclays having avoided a taxpayer bailout, there’s plenty of fodder for populist banker-bashing in its third-quarter results. Pre-tax profits were down 76 per cent and £1.6bn has been set aside for bonuses. These headline figures ignore the impact of mark-to-market fluctuations in value and the fact that investment bank staff numbers are up 2,000. [...]
Lloyds sheds 420 jobs and has cut 22,500 since buying HBOS November 9, 2010 BAILED-OUT lender Lloyds Banking Group yesterday announced it would shed a further 420 jobs, taking the total number of job cuts since it bought rival HBOS two years ago to 22,500. The latest round of redundancies come as Lloyds, 41 per cent government-owned after accepting taxpayer-funded support during the financial crisis, closes personal loans unit [...]
