Hedge funds do not create a systemic risk, concludes FSA February 23, 2010 FEARS over the systemic risk posed by the UK’s largest hedge funds are overblown, a Financial Services Authority (FSA) report suggested yesterday. Widespread concerns over the borrowing used by fund managers were dampened by figures showing the likes of Brevan Howard Asset Management and GLG Partners use 200 per cent gearing on average, a relatively [...]
Abbey Road future guaranteed after it is granted listed status February 23, 2010 Abbey Road, the recording studios made famous by the Beatles, was designated a historic site by the government yesterday to protect the pop music shrine against any plans to radically alter it. Reports last week that owners EMI were to sell the studios attracted worldwide interest and sparked fears the site might be converted into [...]
Greece nears bond issue February 23, 2010 THE bond markets were full of talk yesterday that Greece was close to issuing a 10-year bond, possibly within the next few days. The issue, which would be the second for Greece this year – and the first since European Union leaders declared their political support for Greece’s borrowing programme – is widely seen as [...]
King: More QE may be necessary February 23, 2010 BANK of England governor Mervyn King warned yesterday that the current troubles in the Eurozone could derail Britain’s economic recovery and an extension of the Bank’s emergency £200bn quantitative easing programme may be needed if the economy deteriorates further. Speaking in front of the Treasury Select Committee, King said that recovery in the Eurozone appeared [...]
SRG signs deal to fend off demise February 23, 2010 SPECIALITY Retail Group (SRG), the owner of Suits You and Racing Green, has secured a deal from its creditors to save it from collapse. Around 98 per cent of SRG’s landlords voted for the company voluntary arrangement (CVA), which will see them cut rents by 40 per cent at the group’s loss-making sites. However, SRG [...]
Toyota apologises for its focus on growth February 23, 2010 TOYOTA chief executive Akio Toyoda will admit today to US lawmakers that the car manufacturer’s lack of priorities and focus on growth resulted in the recall of 8.5m vehicles worldwide. Toyoda said in his written testimony released yesterday that Toyota had “pursued growth over the speed at which we were able to develop our people [...]
Squarestone in AIM float February 23, 2010 PROPERTY group Squarestone Brasil is planning to raise up to £250m in what would be the largest float on London’s Alternative Investment Market in a year. Squarestone plans to invest the cash in new Brazilian shopping-mall developments and future acquisitions. The company will be chaired by Asda veteran Tony Campbell with Liberum Capital acting as [...]
Reckitt hit by OFT report into market dominance February 23, 2010 THE Office of Fair Trading yesterday said Reckitt Benckiser may be deliberately abusing its dominance in the supply of heartburn medicines, adding to the National Health Service’s (NHS) vast drugs bill. The watchdog alleged Reckitt sought to limit choice during the prescription process and said it would await the company’s response before determining whether the [...]
Insurance head quits HSBC role February 23, 2010 HSBC head of insurance, Clive Bannister, plans to step down at the end of March and will be replaced by Asia boss David Fried, in fresh evidence the bank’s focus is increasingly shifting to the east. Bannister, who took the helm of the insurance business in November 2006, was previously chief executive of HSBC’s private [...]
Intel leads tech investment push February 23, 2010 US technology giant Intel is working with a range of venture capital firms to organise $3.5bn (£2.3bn) in investment in promising technology, the firm’s president Paul Otellini said yesterday. Some $200m of the funding will come from Intel itself. The firm has organised a group of 24 venture capital firms to invest in technologies to [...]
