Geithner slams EU rules March 10, 2010 THE European Union is on course for a major “falling out” with the US if it goes ahead with new rules for the hedge fund and private equities industries. The Alternative Investment Fund Managers directive, which would impose tighter restrictions on US hedge funds, private equity and other alternative investment funds entering the EU, has [...]
Richest man is telecoms tycoon Slim March 10, 2010 MEXICAN telecoms tycoon Carlos Slim is the world’s richest person, knocking Microsoft founder Bill Gates into second spot, as the wealth of the world’s billionaires grew by 50 per cent over the last year, Forbes magazine said yesterday. It is only the second time since 1995 that Gates has lost the crown, the magazine said, [...]
IG revenue up despite Japan loss March 10, 2010 SPREAD better IG Group has seen quarterly revenue figures jump 11 per cent despite announcing losses in its Japanese business. Revenue for the period ending 28 February climbed to £69m compared to the same period last year when income came in at £62m. The London-based company said the rise in revenue related to a 29 [...]
Investec kicks Resolution out of FTSE 100 March 10, 2010 SOUTH African based investment bank Investec is set to replace insurance focused takeover vehicle Resolution in the FTSE 100 index after the latest quarterly index review yesterday. Resolution was the only blue chip stock below 111th position in a ranking based on market capitalisation, according to index compiler FTSE, setting it up for relegation from [...]
Toyota freezes UK salaries March 10, 2010 TOYOTA yesterday confirmed workers at its two UK plants would see their pay frozen citing the “severe economic climate”. Following a review, the carmaker, which has been rocked by a global recall crisis, said 750 posts will be axed at its two factories in Derbyshire and Flintshire. The announcement, which came after discussions with unions, [...]
Standard Life results trump expectations March 10, 2010 STANDARD Life bettered expectations in its first year under new chief executive David Nish, despite seeing its profit slide by 1.5 per cent last year. Britain’s fifth-largest insurer by market value now looks set to concentrate on its core retirement and wealth management markets as it aims to return to profit growth. Operating profits, at [...]
Poor growth prospects are major problem March 10, 2010 AT FIRST glance, the first set of annual results since David Nish took the helm look good. Operating profit on a European Enterprise Value (EEV) fell just 1.5 per cent to £919m, around 39 per cent ahead of consensus. But profits were boosted by changes in asset allocation and hedging arrangements – not better performance. [...]
Northern Rock pays out bonuses as mulls a sale March 10, 2010 NORTHERN Rock chief executive Gary Hoffman will waive his £700,000 annual bonus and in turn hand staff £15m in bonuses as the bank dramatically cut its losses for the year. Hoffman will instead be placed on a long-term incentive scheme that will see his bonus linked to performance objectives for the bank. Management at Northern [...]
CHINA CLOSE TO VOLVO DEAL March 10, 2010 GEELY, the Chinese carmaker, has secured funds for its planned purchase of Volvo Cars from US rival Ford from Chinese financial institutes and regional authorities, according to reports yesterday. Ford said late last year it had agreed terms to sell its Swedish unit Volvo to Geely for around $2bn (£1.3bn). Volvo employs 22,000 workers worldwide, [...]
CAUGHT IN THE THROES OF A NIGHT OF PASSION March 10, 2010 AS AN elite bunch of the City’s most successful ladies and gentlemen left the Mansion House last night after a fundraising “Passion and Performance” evening hosted by Lord Mayor Nick Anstee, they should have been justifiably proud. For between just 320 guests from blue-blooded institutions such as Barclays, Accenture, Linklaters, HSBC, RBS, Lloyds Banking Group, [...]
