A&O bullish as profit up 10pc despite slump June 30, 2010 ALLEN & OVERY (A&O) is the first of the UK’s largest law firms to reveal financial results, posting a four per cent decline in turnover and a 10 per cent hike in profits. The “magic circle” law firm saw revenue for the year ending 30 April fall to £1.05bn from £1.09bn it posted the previous [...]
China’s stock index is getting oversolda June 30, 2010 INVESTORS barely had time to digest the news that the Conference Board had downgraded its leading indicator for China before stock markets tumbled across the world earlier this week. And although the markets’ sensitivity to the powerhouse of the east remains as strong as ever, the equity market in Shanghai has suffered more than its [...]
Johnson cleans up Jarvis PFI deals June 30, 2010 THE PARENT company of Johnsons Dry Cleaning has bought eight contracts from defunct rail maintenance firm Jarvis, including three Public Finance Initiative jobs. Johnson Services took over the three PFI deals, and agreed with Jarvis’ administrators to manage another five facilities management contracts under licence. The deal will cost Johnson a total of £3m. The [...]
Still no deal for miners on Aussie tax bill June 30, 2010 A SECOND day of intense negotiations has stopped short of producing a deal between mining companies and the new Australian administration for a resources super profit tax. The country’s new deputy Prime Minister Wayne Swan said he and finance minister Martin Ferguson were preparing to continue into a third day of talks with mining companies. [...]
Corporate events are valuable if chosen well June 30, 2010 DURING these dark times of austerity and bank bashing, those halcyon days of lavish corporate hospitality have come to seem like a long time ago. It has been noticeable watching the Word Cup in South Africa that the stadiums often fall short of filling their capacity. The lack of interest for corporate hospitality packages is [...]
Threadneedle Communications merges with fellow public relations firm Icis June 30, 2010 TWO major City PR firms yesterday announced they will merge their operations. Threadneedle Communications, a small companies consultancy and Icis, a specialist technology PR firm, will now both operate under the Threadneedle umbrella. Threadneedle provides investor and media relations services to growing companies and has a strong presence in business and support services, financial services [...]
IT’S THE HALF YEAR BLUES, AND THERE IS PLENTY OF RED INK June 30, 2010 GEOFF WILKINSON HEAD OF RESEARCH, MINT EQUITIES AND so another quarter wends its way to a weary end. The simple fact is that the S&P 500 is currently down 10 per cent on the quarter, which is woeful enough, but supposedly buoyant China has fallen twice as much. Our money is safely tucked away in [...]
RWC ramps up senior hiring spree June 30, 2010 fund boutique RWC Partners has continued its high profile push into more mainstream business with two senior fund manager hires from larger rival Threadneedle. The London-based firm yesterday said it had hired Peter Allwright and Stuart Frost to take over the $70m (£46.8m) RWC Strategic Reserve fund and launch two new funds later in the [...]
Polo goes it alone as it sells its Mongolian unit June 30, 2010 AIM-LISTED miner Polo Resources has finalised the sale of its coal and uranium joint venture in Mongolia, just days after pulling out of a merger with Australian peer Caledon citing volatile market conditions. Polo has sold its stake in the venture to China-based miner Winsway for $35m (£23.4m), after buying in May 2009 for $25.8m [...]
MARKET NEWS June 30, 2010 ETF SECURITIES’ AUM SOAR Exchange-traded funds (ETFs) provider ETF Securities has seen its assets under management (AUM) soar to $20bn as of 17 June, up 70 per cent on July 2009. Its holdings in Europe for its gold exchange-traded products have now surpassed a record $10bn, which is the largest in Europe. Its physical gold [...]
