Paulson plans to launch retail version of flagship hedge fund July 22, 2010 JOHN Paulson, the hedge fund tycoon who made millions betting against British banks during the financial crisis, is planning to launch a retail version of his flagship portfolio. New York-based Paulson & Co is marketing a mirror of its Advantage fund which would be based in Europe and open to high street investors and institutions. [...]
Future of MF Global fuel oil swap desk in question as brokers resign July 22, 2010 MF GLOBAL, the futures broker, suffered a hammer blow to its London-based fuel oil swaps operations after the majority of the team resigned earlier this month. Eight out of nine brokers on the fuel oil desk have left the firm, it emerged yesterday, with sources suggesting that the one remaining member is also due to [...]
55 PER CENT BEER BREWER GETS HAMMERED BY ANIMAL ACTIVISTS July 22, 2010 A DOLLOP of mirth for the City yesterday as it emerged that independent brewery BrewDog is up to its record-breaking tricks again. BrewDog, which has twice before held the record for the strongest beer in the world, yesterday unveiled its latest offering, a 55 per cent proof blond ale retailing at £500 a bottle, which [...]
Bank and industry stocks up as FTSE 100 breaks 5,300 July 22, 2010 The FTSE 100 index jumped 1.9 per cent yesterday, boosted by strong banks ahead of today’s European stress test results, and by firmer miners and oils as US stocks rallied on earnings and data. Britain’s top share index closed up 99.17 points at 5,313.81, ending above 5,300 for the first time since 18 May, the [...]
Wall St rallies on corporate outlook July 22, 2010 Upbeat outlooks from economic bellwethers 3M, UPS and Caterpillar catapulted US stocks yesterday as investors shed some of their fears about the strength of the recovery. The parade of prominent names reporting earnings continued after the market’s close with Microsoft, whose shares rose 2.9 per cent in regular trading. The software company reported quarterly results [...]
Airbus signs over $28bn in deals at show July 22, 2010 AIRBUS, which has already signed $28bn (£18.3bn) in deals, topped the last days of the Farnborough show after announcing a bumper order from Virgin America for 60 planes. The EADS-owned manufacturer said yesterday that its total commitments, signed at the show, had reached 255 aircraft valued at $28bn. Airbus has seen firm orders for 133 [...]
Continental figures fly as traffic surges July 22, 2010 CONTINENTAL AIRLINES saw a double digit growth in revenue after the carrier experienced an increase in passenger traffic and reduced its capacity. The airline reported an 18 per cent hike in revenue to $3.7bn (£2.42bn) during the last three months, while passenger revenue rose 19.7 per cent to $544m. Continental, which is set to merge [...]
Daniel Stewart denies cash call July 22, 2010 STOCKBROKER Daniel Stewart yesterday insisted that it had no need to raise more funds for the business, adding that April and May are expected to have been profitable months for the company. Daniel Stewart, which has suffered during the financial crisis as liquidity on the junior stock market all but dried up, said its balance [...]
Merchant back to profitability July 22, 2010 FINANCIAL services group Merchant Securities saw its business surge back to profitability over the last year, helped along by improved trading conditions and the acquisition of wealth manager Cavendish Young. Merchant turned last year’s pre-tax loss of £4.58m into a £0.64m profit for the year to end of March. Revenue increased by 40 per cent [...]
Commodities staff slashed at JPMorgan July 22, 2010 JPMORGAN has made around 50 commodities traders around the world redundant as a result of its takeover of Royal Bank of Scotland’s Sempra Commodities, a source said yesterday. The American bank closed the $1.6bn (£1bn) purchase of RBS Sempra earlier this month. It inherited the Scottish institution’s share of a joint venture (JV) with US-based [...]
