City gets New Year jitters as outlook dims January 10, 2010 BANKS and securities traders expect profits to flatten in the coming quarter, indicating weak short-term expectations among City players. Sentiment across the Square Mile is downbeat as the New Year gets underway, according to a survey by the CBI and PricewaterhouseCoopers. The report found the majority of financial services firms were concerned the booming business [...]
Oleg Deripaska cancels 2007 deal to acquire Russneft firm January 10, 2010 Russian tycoon Oleg Deripaska has pulled out of a deal struck in 2007 to acquire oil firm Russneft from its founder, Mikhail Gutseriyev. The deal was reversed because Deripaska failed to win permission from the Russian government’s commission on foreign investment in strategic industries. Approval from the commission, chaired by Russian prime minister Vladimir Putin, [...]
Ex-Lupus man in bid to rejoin January 10, 2010 The ousted boss of industrial investor Lupus Capital has launched a second attempt to be reinstated to the board. Greg Hutchings was ejected as executive chairman last July after the company breached part of a lending agreement. He then made a failed effort to rejoin in October. He has requested another extraordinary meeting with an [...]
Bolland to start crunch talks January 10, 2010 MARC Bolland will jet back early from holiday to have crunch talks with Wm Morrison about his departure date. Soon-to-be new employer Marks & Spencer wants him to start as chief executive as soon as possible but under the terms of his contract the Dutchman still has nine months notice to work. Morrison’s is believed [...]
FTSE profits overseas January 10, 2010 Almost all profits made by blue chip FTSE 100 companies are generated outside the UK, according to a report from financial website, The Motley Fool, which says the sluggish recovery of the UK economy will not affect the performance of blue chip shares. The research shows 83 per cent of FTSE profits are from overseas, [...]
UK spending could spark bond crisis January 10, 2010 THE UK faces a currency and bond crisis by 2016 if government expenditure is not drastically cut, according to new findings by the Centre for Economics and Business Research (CEBR). The current level of public spending will fuel a slight acceleration in economic growth of around 0.25 per cent for the next five years but [...]
Winterhill set to raise £6m in Aim float January 10, 2010 INSOLVENCY services specialist Winterhill will today announce its intention to raise £6m through an initial public offering (IPO) on London’s Aim market, as it seeks to capitalise on the spate of corporate bankruptcies coming out of the recession. Directors Andrew and Neil Duckworth, who founded asset valuation and disposal firm Winterhill Asset in 1998, intend [...]
3i to raise £1bn for small caps January 10, 2010 PRIVATE equity giant 3i has spotted a raft of investment opportunities in international growth companies as the world economy improves. The firm is planning to raise £1bn for a growth capital fund that would take minority stakes in small caps. The venture, first mentioned during 3i’s half-year results in November, marks a move by chief [...]
JPMorgan set for bonus haul January 10, 2010 JP Morgan Chase is set to defy calls for restraint and pay out record bonuses this week thanks to bumper investment banking profits. The US investment firm is expected to pay compensation of $29bn (£18bn) to its executives when it kicks off the annual banking results season on Friday. The pay-out is expected to be [...]
Taxpayer will be rewarded for Northern Rock support January 10, 2010 THE taxpayer will be fully rewarded for rescuing Northern Rock from the brink of collapse, according to chairman Ron Sandler. But he claimed it was “highly unlikely” the bank would be sold prior to the general election. The government injected more than £1.4bn restructuring the bank earlier this month but now looks set to reap [...]
