Tax rules mean UK lacks headline acts September 26, 2011 WHEN David Cameron launched the Tech City initiative last November, he said he wanted the UK to rival Silicon Valley as a global hub of innovation. A year later and that goal seems as far away as ever. Far from competing with Silicon Valley, Tech City is struggling to keep pace with Ireland and other UK [...]
Byrne aims to revive morale inside Omega September 26, 2011 MARK Byrne, the insurance entrepreneur bidding to take control of Omega Insurance, said yesterday he hoped there would be a quick resolution to the three-way takeover contest that has left the company in a state of flux. “It’s difficult to hire people when there’s a for sale sign on the door,” Byrne told City A.M. [...]
Jellybook struggles to find next Facebook as it loses £1m September 26, 2011 THE dotcom investment firm started by the son of Tory donor David “Spotty” Rowland made an operating loss of more than £1m in its first four months trading. Jonathan Rowland’s Jellybook said the losses were largely down to costs associated with its incorporation in March and its listing on AIM in June. In a gloomy [...]
Europe’s M&A slumps to worst quarter since 2004 September 26, 2011 EUROPEAN mergers and acquisitions activity fell 32 per cent in the third quarter compared with a year ago as volatile markets and plunging confidence put dealmaking on ice, new data yesterday showed. Targeted M&A deal value in Europe fell to $146.6bn (£94.8bn) in the three months to the end of September, the lowest quarterly value [...]
Reed Elsevier buys Accuity for £343m September 26, 2011 Publisher Reed Elsevier is bolstering its financial data business by buying US-based Accuity for £343m. The firm says it will combine Accuity with its Bankers’ Almanac and LexisNexis Risk Solutions businesses. It has agreed to acquire the online subscription data provider from Bahrain-listed investment manager Investcorp. Mark Kelsey, chief executive of Reed’s business information unit, [...]
Goldman invests £130m in Indian renewables start-up September 26, 2011 GOLDMAN Sachs has agreed to invest up to £130m in an Indian renewable energy start-up, as the US bank looks to cash in on the demand for energy in the world’s second-fastest growing major economy. It will be the single largest investment into India’s renewable energy sector, Goldman and ReNew Wind Power said in a [...]
Rio Tinto mulls spin-off of Aussie aluminium unit September 26, 2011 MINING giant Rio Tinto is considering spinning off part of its aluminium assets in Australia. The company is understood to be working with Macquarie Group and PricewaterhouseCoopers on options for its aluminium operations, which could come under pressure if the Australia government’s proposed carbon tax comes into force. The miner said it would not comment [...]
Alere holds firm on Axis September 26, 2011 ALERE, the US medical diagnostics firm involved in a £230m hostile takeover for UK firm Axis-Shield, yesterday maintained its bid price but lowered its acceptance threshold, as it looked unlikely that the US firm will win over enough shareholders for a full takeover. Alere, which had set 90 per cent acceptance as a condition for [...]
Tumblr’s new funds value it at $800m September 26, 2011 BLOGGING site Tumblr said yesterday it has raised $85m (£54.6m) to help fund expansion, in an investment drive that values the firm at $800m. Prominent tech investors such as Sequoia Capital and Greylock Partners were among those named as investors in Tumblr, which provides a free, photo-focused blogging platform. Sir Richard Branson is also thought [...]
Shift in hedge fund management to Asia Pacific gains more pace September 26, 2011 AROUND three-quarters of assets under the management of Asia-focused hedge funds are managed by fund managers based in the region, up from about 60 per cent three years ago, according to a survey by industry tracker AsiaHedge released yesterday. The growth is a big leap from the year 2000, in the early years of the [...]
