Jupiter assets drop despite new client money October 14, 2011 Jupiter Fund Management bucked the trend of clients exiting high-risk funds to attract around £300m of new money last quarter, though assets still tumbled £2.5bn after slumping stock markets hurt its core equity range. Jupiter, which invests the bulk of its money in equities, said assets under management fell to £22.3bn at September, down from [...]
S&P downgrades Spain by a notch October 14, 2011 Standard and Poor’s cut Spain’s credit rating, sending the euro lower and underlining the challenges facing Europe’s big powers as they prepare to meet G20 counterparts over the euro-zone debt crisis. The rating agency, whose move mirrored last week’s downgrade of Spain by Fitch, cited Spain’s high unemployment, tightening credit and high private-sector debt among [...]
Galleon man gets 11 years October 13, 2011 HEDGE fund boss Raj Rajaratnam was yesterday handed an 11 year jail term for his role in the biggest ever insider dealing case. Despite being one of the longest white collar crime sentences in history, the verdict was seen as a victory for the defence team, with prosecutors pushing for jail time of up to [...]
Euro rescue fund clears final hurdle October 13, 2011 SLOVAKIA finally gave its approval to extend the powers of the Eurozone’s bailout fund yesterday, paving the way for a far-reaching rescue plan to stem the debt crisis engulfing Europe. The vote cleared the final hurdle to overhauling the size and reach of the European Financial Stability Facility (EFSF), but turns the focus back onto [...]
BRICS to fund a larger IMF October 13, 2011 EMERGING market governments are keen to contribute to increase the capital base of the International Monetary Fund to help to rescue struggling states such as Greece. The leaders of the BRICS group of the largest emerging economies – Brazil, Russia, India, China and South Africa – are in favour of adding to the IMF’s capital [...]
Some good news amid all the gloom October 13, 2011 THERE is one major difference between 2008 and today. The corporate news three years ago was utterly dire; today, it is mixed, not uniformly dismal. Plenty of firms are still doing extremely well; some are finding life tough but are still profitable; and some are doing badly or going bust. But the corporate news – [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 13, 2011 FINANCIAL TIMES INSURERS BLAME APPLE AS LEVEL OF FRAUDULENT CLAIMS RISES The readiness of Apple to replace blocked or faulty iPhones with new smartphones is helping to fuel a big rise in fraud, insurers warn. Specialist mobile phone insurers say fraudulent claims have risen sharply amid the recession, especially related to smartphones. They estimate between [...]
Arden culls top analysts October 13, 2011 ONE of the City’s most respected and well-known analysts is amongst five people who are discussing their futures with Arden Partners, as the firm embarks on a cost-cutting exercise in response to a fall-off in revenues. Retail analyst Nick Bubb is on paid leave along with colleague Geoff Allum as their future at the broker [...]
S&P downgrades Spain to AA- October 13, 2011 Ratings agency Standard & Poor’s downgraded Spain’s long-term credit rating one notch to AA- today, following Fitch’s similar downgrade of the Eurozone nation last week. S&P cited Spain’s high unemployment, tightening credit and high level of private-sector debt among the reasons for the downgrade of the nation’s creditworthiness. Both agencies have warned that the country [...]
AIA boasts of soaring growth October 13, 2011 AIA, Asia’s third-biggest insurer, this morning said growth accelerated in the third quarter, with its value of new business (VONB) rising 53 per cent as strong performance in markets such as Malaysia helped boost earnings. The insurer, courted by Prudential last year, said in a stock market filing that its value of new business rose [...]
