£250,000 for a plan to exit the Eurozone October 18, 2011 ECONOMISTS have been challenged to create a plan for the orderly exit of countries from the Eurozone, with a prize sponsored by Next chief executive Lord Wolfson, the peer announced today. “There is a very real possibility of a Eurozone collapse, and a disorderly rout represents the worst possible option which would put at risk [...]
Daimler maintains outlook October 18, 2011 Daimler said yesterday it would keep its 2011 outlook, pouring cold water on market talk it may have to cut its guidance. “We don’t have the intention to lower our outlook,” a Daimler spokesman said. Daimler also said it had dismissed Ernst Lieb, the head of Mercedes-Benz USA, with immediate effect and gave no reasons [...]
EFG plans restructuring October 18, 2011 Private bank EFG International said it will look to cut jobs, sell its financial products unit and close several booking centres and offices as part of a restructuring launched under new chief executive John Williamson. The Switzerland-listed bank will slash 10-15 per cent of jobs in the next 18 months to reduce costs and return [...]
RSM Tenon finance boss quits October 18, 2011 RSM TENON finance director Russell McBurnie has stepped down after three years in the job. He will be replaced by former PA Consulting chief financial officer Adrian Gardner. It is understood McBurnie will remain at the accountancy giant in a lesser role. RSM Tenon chairman Bob Morton said: “Gardner’s experience and insight will help us achieve [...]
Hedgies beat shares but still lose money October 18, 2011 HEDGE funds outperformed equities in September, according to data released yesterday, although most managers still lost money. All strategies managed to post better returns than the S&P 500, which plunged by 7.03 per cent last month, the EDHEC-Risk institute said. However, on average, managers pursuing a short-selling strategy were the only ones to post positive [...]
ITV snaps up Channel TV as it consolidates its brand October 18, 2011 ITV yesterday snapped up Channel Islands broadcaster Channel Television in a further consolidation of its broadcasting franchise. The deal for the small broadcaster means Northern Ireland-based UTV and Scotland’s STV are the only other holders of the 15 licences to broadcast on channel 3. The terms of the deal, which is subject to regulatory approval, [...]
DREAMING OF A PLENTIFUL CHRISTMAS October 18, 2011 TWO thirds of Britons are planning to spend more or the same on Christmas as last year, according to the HSBC Christmas Survey. On average, Brits are planning to spend £378 on the holiday, with £183 of that going on food, drink and entertainment. In a positive sign for retailers, the 22 per cent who plan to spend [...]
CITY MOVES | WHO’S SWITCHING JOBS October 18, 2011 Cushman & Wakefield The global property consultant has appointed Michael Lindsay as a partner and head of its EMEA corporate finance team in London. Lindsay was formerly a partner and UK head of corporate finance at KPMG, and director in Citigroup’s real estate and lodging investment banking team. Signia Wealth Etienne de Merlis has been appointed [...]
BEST OF THE BROKERS October 18, 2011 LAMPRELL Investec said its target price of 393p is “under review” after the engineer firmed up an order to build two jackup oil rigs for Abu Dhabi’s National Drilling Company. Investec believes the deal will renew investor confidence in the stock. SARANTEL Merchant Securities rates the antennae manufacturer as “hold” maintaining its target price of [...]
FTSE down as growth worries hit October 18, 2011 BRITAIN’S leading share index ended lower yesterday as nervous investors retreated from riskier assets, forcing the FTSE 100 below a significant technical level as global growth concerns returned to haunt the market. The blue-chip index fell 26.35 points, or 0.5 per cent, to 5,410.35 — below the 5,450 level it has managed to close above [...]
