Bank fees drive Evercore profit January 30, 2013 EVERCORE Partners quarterly profit more than doubled as the boutique investment bank earned more fees from its investment banking business. Evercore, founded as a merger and asset management firm in 1996 by former US deputy treasury secretary Roger Altman, has been aggressively hiring senior bankers as it looks to grab a bigger slice of the [...]
Cobbetts nears administration January 30, 2013 LAW firm Cobbetts, head quartered in Manchester, is set to enter administration, blaming “difficult trading conditions” for the move. The firm, which also has offices in London, Birmingham and Leeds, said it would sell off its business and assets as soon as possible. Cobbetts attempt to merge with rival law firm DWF failed last year.
Booz Allen profits drop January 30, 2013 TECHNOLOGY consultants Booz Allen yesterday reported a fall in net income to $56.2m (£35.6m) for the final three months of 2013, down from $62.9m for the same period last year. Revenue at the US business was $1.39bn, a decrease of 3.5 per cent. The company blamed “challenging market conditions for government contractors” for the fall.
PM urged to drop student immigration cap January 30, 2013 THE HEADS of five influential parliamentary committees have called on the government to remove foreign students from the target immigration level to help the economy. The group argues incomers boost trade and jobs immediately, and build good global relations over time.
HSBC on hiring spree to beef up crime team January 30, 2013 HSBC yesterday hired more ex-regulators to set up a new unit to fight crime in a drive to show it is striving to clean up its tarnished image. The bank paid fines totalling $1.9bn (£1.2bn) to settle accusations lax money laundering controls allowed drugs gangs and terrorists to funnel money through the institution. Its new [...]
Illicit cigarettes stunt Imperial Tobacco growth January 30, 2013 THE RISING black market for cigarettes in Europe has hit profits at Imperial Tobacco, the FTSE 100 giant said yesterday. Imperial said that sales of cigarettes in the EU are currently around five per cent lower than last year, as rising prices and squeezed budgets meant more people buying illegal cigarettes. “Given our ongoing investment [...]
Analyst Views | What do you think of F&C’s results? January 30, 2013 STUART DUNCAN PEEL HUNT F&C has made progress in improving flows, albeit that the headline number continues to reflect the larger strategic partner outflows. We continue to expect that earnings growth will be driven by the delivery of planned cost savings, and this is likely to drive our 2013 forecasts higher. ARUN MELMANE CANACCORD GENUITY [...]
F&C funds lose £5bn after key contract pulled January 30, 2013 F&C ASSET Management yesterday posted a £4.9bn fall in the amount of money it manages after losing a contract with insurer Friends Life. The money manager, which is in the midst of a radical turnover led by activist owner Ed Bramson, saw £2.4bn of fixed income cash pulled out by the insurer, which will now [...]
Taxing times for tobacco as smokers count the change January 30, 2013 THERE were more bleak economic figures out of Spain yesterday, with its output in the last quarter of 2012 down 1.8 per cent year-on-year. That won’t have been much of a surprise for Imperial Tobacco, which produced an interim management statement for the last quarter of 2012 that announced its six month adjusted operating profit [...]
Tax change pushes Safestore to loss January 30, 2013 Self storage firm Safestore swung into a loss in 2012, as the government extended VAT to the industry. The UK’s largest self storage operator lost £19.5m before tax in the year ending 31st October 2012, compared to the £8.5m before tax profit it enjoyed in the same period a year before. The firm also announced [...]
