Serious Fraud Office to widen Weavering probe September 21, 2010 THE Serious Fraud Office (SFO) has widened its long-running investigation into hedge fund Weavering Capital, drawing in Swedish investigators and overseas creditors, said a source familiar with the matter. The SFO, which launched its probe last year into Weavering’s use of interest rate swaps and last May made two arrests, has met with Sweden’s economic [...]
Asda unveils £100m brand make-over September 21, 2010 THE unveiling of Asda’s Chosen By You range saw chief executive Andy Clarke take centre stage as he claimed the £100m project would be “game changing” because it was the first time a supermarket had put so much time and money into updating its mid-range products. More than 40,000 consumers across the UK took part [...]
Biggest bank in Japan eyes overseas buys September 21, 2010 Mitsubishi UFJ Financial Group (MUFG), Japan’s biggest bank by assets, is looking to buy a 15 to 20 per cent stake in a bank in South Korea, Australia or Indonesia to tap the region’s growing economy, a senior executive has revealed. Tatsuo Tanaka, chief executive of global banking at Bank of Tokyo-Mitsubishi UFJ, the firm’s [...]
Ed Miliband just beating David in Labour race September 21, 2010 Our latest YouGov/Sunday Times poll of Labour’s leadership election college shows the race is neck and neck. Six weeks ago David Miliband was leading his brother by eight points. Our poll on 7-9 September shows the two brothers are within two points of each other, with Ed Miliband narrowly ahead. YouGov asked people their first [...]
UBS forming global family office group September 21, 2010 UBS is forming a new global group for super-rich clients that will draw on expertise from its wealth management and investment banking arms, Switzerland’s biggest bank said in a memo yesterday. The new Global Family Office Group (GFO) will give the wealthiest private banking clients direct access to investment banking services, the world’s second-largest wealth [...]
CITY MOVES | WHO’S SWITCHING JOBS September 21, 2010 Advent International The private equity firm has appointed Marcello Bottoli, the ex-chief executive of Samsonite, as an adviser focusing on opportunities in the retail and consumer sectors, especially branded consumer products, fashion and luxury goods. Bottoli led Samsonite for five years up until January 2009, during which time he turned around the firm and oversaw [...]
BEST OF THE BROKERS September 21, 2010 BARCLAYS Royal Bank of Scotland (RBS) expects that negative operating trends will reverse and a ‘new world’ Barclays is set to deliver. The broker reiterates a “buy” rating for the bank with a 410p price target. Gradual profit and loss momentum, fluidity and execution of group strategy are key to a sustained re-rating, according to [...]
Future growth needs freedom now September 21, 2010 RICHARD WELLINGS DEPUTY EDITORIAL DIRECTOR, IEA WHEN the Soviet Union collapsed it seemed obvious that economic freedom was essential if individuals and societies were to thrive. But in the 20 years since, the enemies of liberty have fought back. The vested interests and bureaucracies that rely on big government have increasingly used environmental objectives and [...]
Global indexes offer the UK cold comfort September 21, 2010 MARC SIDWELL BUSINESS FEATURES EDITOR IN FEBRUARY this year, George Osborne gave a speech in which he vowed “to improve Britain’s global rankings for tax competitiveness and business regulation”. At least the Chancellor understands the problem. As discussed above, the latest Economic Freedom of the World report show Britain’s economic freedom declining from 2007 to [...]
The carry trade evolves September 21, 2010 IN A world where quantitative easing remains firmly on the agenda and investors are going after any yield available, the carry trade remains alive and well. Further accommodative monetary policy in Japan has driven the resurgence of the yen carry trade – whereby investors fund higher-yielding asset purchases with low-yielding yen. Furthermore, the latest weakening [...]
