European Union is close to collapse due to policy cracks September 3, 2012 NERVY investors were alarmed yesterday after news started filtering through that the European Union was on the verge of collapse. Yes, full scale collapse. But before the City was forced to hit the panic button it soon became clear that it was not the decades old political and trading union that was under threat, but [...]
Visitors to the Square Mile get new hotel September 3, 2012 THOSE looking for a place to rest their head within spitting distance of the City’s greatest landmarks have a new option, after The D&D Group opened its first hotel in the Square Mile yesterday between Moorgate and Liverpool Street. The New South Place Hotel is pitching itself as a culinary destination, saying it will place [...]
Phoenix IT hit by accounting irregularities September 3, 2012 CLOUD computing firm Phoenix IT Group’s shares plunged 35 per cent yesterday after a probe into one of its subsidiary firms revealed £14m of “accounting irregularities”. The Northampton based company, listed on the FTSE 250, said a manager from the finance division of its Servo Ltd subsidiary in Leeds had been suspended on the back [...]
Man Group and Nomura team up for fixed income futures fund September 3, 2012 HEDGE fund Man Group yesterday rolled out a new venture with investment bank Nomura to capitalise on the ripe fixed income futures market. The two firms, who have previously worked together, have opened a fixed income futures fund to swoop on a market largely made vacant by banks darting from the environment due to a [...]
BlackRock set for US trust float despite tough market for IPOs September 3, 2012 BLACKROCK, the world’s biggest fund manager, yesterday unveiled plans to float a US-based investment trust in London next month, as investors seek to capitalise on strong S&P 500 performance. The fund manager, which runs $3.35trn (£2.11trn) for clients globally, will seek a premium listing on the London Stock Exchange when the trust has its IPO [...]
Mediterranean rebukes Leni’s legal threat over sale to Genel September 3, 2012 OIL explorer Mediterranean Oil & Gas yesterday refuted the suggestion it misrepresented the productivity of an oil block to fellow explorer Leni Gas & Oil. Leni yesterday said it could launch legal proceedings against its former partner Mediterranean over the sale of an exploration licence off the coast of Malta. Mediterranean sold a majority stake [...]
Murdoch’s son buys stake in DMGT radio September 3, 2012 RUPERT Murdoch’s son Lachlan yesterday acquired the remaining 50 per cent of Daily Mail & General Trust’s (DMGT) Australian radio business that he did not already own. Lachlan Murdoch’s private investment vehicle, Illyria, took full control of the radio firm in a deal worth more than £65m, having initially paid A$112m (£63m) for half of the [...]
Professional services boost profit at Kofax September 3, 2012 SOFTWARE company Kofax reported a higher full-year profit yesterday on strong growth in professional services and forecast mid to high single-digit revenue growth for fiscal 2013. The company, which specialises in software used in scanning and for automating business operations such as processing invoices, also said it expects adjusted Ebitda margin to hold steady in [...]
Fitch flags supersize funds as key to asset manager success September 3, 2012 FITCH Ratings, the influential rating agency, yesterday warned mainland European assets managers they were falling behind their US and UK counterparts in having flagship funds large enough to add value to their businesses. Fitch, which rates funds and asset managers, said houses with high profile funds over €1bn (£793m) were more competitive compared to asset [...]
Blackstone invests in India September 3, 2012 Blackstone has invested 2.43bn rupees (£27.5m) to buy a significant minority stake in unlisted Indian fragrance maker SH Kelkar & Company, the firms said in a joint statement yesterday. The US private equity giant has bought a 34.5 per cent stake in the company, sources said. Keynote Corporate Services was the adviser for the transaction.
