City watching MPC for clues on rate hikes September 6, 2009 WHILE the outcome of this week’s monetary policy meeting is, bar any major shocks, a done deal, there is no doubt that the City will closely watch the Monetary Policy Committee’s (MPC) decision on Thursday. After surprising the markets last month with an extension of quantitative easing (QE), the Bank intimated in both the accompanying [...]
Ariadne gets backing for VC fund September 6, 2009 Ariadne Capital, the investment and advisory firm founded by City A.M. columnist Julie Meyer in 2000, today announced that ten entrepreneurs have agreed to back its debut venture capital fund, Ariadne Capital Entrepreneurs (the ACE fund). The ACE fund, which will be £20m when closed later this year, will invest in internet and mobile internet [...]
Bonus windfall tax boffin to set up NGO for City September 6, 2009 PROFESSOR Stefano Harney, the academic who recently led a call for a windfall tax on City bonuses, has founded a new non-governmental organisation (NGO) dedicated to keeping tabs on the City. The organisation, called “Finance Watch”, will produce research on transparency, accountability and ethics in the City, as well as suggestions for reform in these [...]
City academy can boost prospects of those most in need September 6, 2009 THE City Academy Hackney, sponsored by the City Corporation and KPMG, opened its doors to 220 pupils last week. The opening took place just two days after a City report presented a scenario that suggested a further 35,000 financial services jobs could be lost by the end of 2009. This begs the question of what [...]
Banks get an M&A boost September 6, 2009 US merger and acquisition activity totalled $13.9bn (£8.5bn) last week, further fuelling hopes that an appetite for deals is returning. A flurry of deal announcements came ahead of Labor Day, including Walt Disney’s $4bn acquisition of Spiderman parent Marvel Entertainment and eBay’s $2bn sale of 65 per cent of Skype to a consortium of private [...]
Phoenix Four await the verdict of 16m inquiry September 6, 2009 A REPORT into the collapse of MG Rover which has cost £16m and lasted four years will finally be published this week, with the activities of the so-called “Phoenix Four” set to be the focus of attention. Former Rover directors John Towers, John Edwards, Nick Stephenson and Peter Beale took over the carmaker for £10 [...]
CITY MOVES WHO’S SWITCHING JOBS September 6, 2009 PricewaterhouseCoopersThe accountancy firm has appointed Marco Amitrano to lead its UK risk assurance business.Amitrano, 39, joined the firm in 1992, and worked first in Newcastle and then for three years in the Chicago office. Most recently, he has had responsibility for all of the firm’s audit and related services to the UK subsidiaries of global [...]
LSE cash calls boosted by rising market September 6, 2009 LEVELS of secondary fundraising on the London Stock Exchange have soared by 80 per cent over the year so far as companies scramble to take advantage of the upturn in market sentiment to raise cash. Cash calls on the LSE’s main market raised £56.2bn between January and August this year, a substantial increase on the [...]
BEST OF THE BROKERS September 6, 2009 AGA RANGEMASTER GROUPNoble initiated coverage of Aga with a “positive” rating, and a target price of 162p, corresponding to a 19 per cent upside. The broker said that, as Aga’s brands find deeper and broader resonance amongst the well-heeled in the UK, Europe and North America, its current commodity-like rating will appear increasingly undeserved. Noble [...]
Merlin spells out future IPO on FTSE100 September 6, 2009 MADAME Tussauds owner Merlin Entertainment Group is in the last stages of planning a £2bn main market listing. JP Morgan Cazenove, Deutsche Bank, BNP Parabis, Citi and Merrill Lynch are all believed to be vying for the position of bookrunner. The string of banks are now just waiting for a decision by Merlin and its [...]
