CITY MOVES | WHO’S SWITCHING JOBS September 5, 2010 Hermes Fund Managers The fund management group has appointed Chris Taylor as chief executive of its real estate investment management business. Taylor joins from Australian fund manager QIC, where he has been head of European property for the past four years. Prior to that, he was at HSBC Specialist Investments as head of European property, [...]
First Quantum pulls DRC workers September 5, 2010 First Quantum Minerals has pulled nearly all its expat workers out of the Democratic Republic of Congo (DRC) since the government seized its Frontier copper mine at the end of August. The London-listed miner is in discussions over whether to sue the African state and ENRC, the FTSE 100-listed new owner. It is already in [...]
Wagamama gears up for auction September 5, 2010 Wagamama owner Lion Capital is expected to contact potential bidders this week before auctioning the restaurant chain for as much as £250m. Rothschild, which is advising Lion, will send a memorandum with further information to interested parties this week. Lion cancelled a public flotation and turned down a £210m bid in 2007, after it felt [...]
Kabul Bank clients fear collapse September 5, 2010 Customers of Kabul Bank spent hours queueing to withdraw their saving yesterday amid talk that the Afghan bank was close to collapse. Armed police and barbed wire were brought in to hold back the crowds. The US Treasury denied yesterday it is preparing to bail out the bank, and Afghan officials insisted the bank will [...]
Chinese funds in talks with LS September 5, 2010 A Chinese sovereign wealth fund has approached Land Securities about taking a 25 per cent stake in the Walkie Talkie skyscraper development on Fenchurch Street, according to the Independent on Sunday. The China Investment Corporation already owns a 19 per cent stake in Songbird, the property firm that owns 60 per cent of Canary Wharf.
BORIS LEADS LONDON PEDAL POWER September 5, 2010 KELLY Brook, London Mayor Boris Johnson and Olympic cyclist Sir Chris Hoy led the bike brigade yesterday as the annual SkyRide cycling event was held over a 15km course in London. Before the event Brook said she loves cycling and it is an ideal way to keep fit. Nevertheless she had a wobbly start – [...]
MPC poised to keep interest rates on hold September 5, 2010 THE Bank of England’s Monetary Policy Committee (MPC) is expected to hold interest rates at 0.5 per cent when it meets later this week, as fears of a slowdown intensify following weaker-than-expected surveys. Data published last week showed further falls in house prices and a marked slowdown in economic activity across the manufacturing, construction and [...]
ECONOMIST VIEWS: HOW SOON WILL THE BANK OF ENGLAND BE ABLE TO NORMALISE MONETARY POLICY? September 5, 2010 PETER DIXON | COMMERZBANK “The tightness of the fiscal stance planned for 2011 suggests the Bank cannot afford to ignore it when setting rates. Global conditions are likely to remain difficult, with consequences for the UK. We think the Bank will be forced to follow the trend by holding rates to the end of next [...]
How AirAsia boss Tony Fernandes shrugged off the global recession September 5, 2010 IF Tony Fernandes, the chief executive of pioneering low-cost carrier AirAsia, ever suffered from shyness as child, he is certainly cured of it now. The UK-educated Malaysian entrepreneur, who founded the short haul airline in 2001 and its longhaul sister AirAsia X six years later, dominates the meeting room of his West End PR agency [...]
BANK BOSS DIMON HIT BY HOUSE PRICE WOES September 5, 2010 LIFE sucks if you’re the boss of one of the world’s largest banks in the wake of the crisis – not only are you required to defend your dwindling pay package and parry stinging verbal attacks from politicians on an almost daily basis, but you’re also cursed with ill luck in the real estate arena. [...]
