OPEC members stay the course May 28, 2009 OPEC ministers yesterday decided to “stay the course” and keep output steady as they bet on a strengthening economy and tentative signs of increased demand to boost oil prices. “Stay the course, this is the decision,” Saudi oil minister Ali al-Naimi said following just under two hours of talks, which had been widely expected to [...]
HP slashes 710 Scottish jobs May 28, 2009 Hewlett Packard confirmed yesterday the computer hardware company will cut 710 jobs at its Erskine manufacturing plant over the next two years. The cuts form part of a Europe, Middle East and Africa-wide cull of 5,700 jobs. Of the 710 jobs to be lost, 80 are HP employees and the remainder are temporary or contracting [...]
Fortress to enter retail banking after US deal May 28, 2009 FORTRESS Investment Group, the US listed private equity and hedge fund firm, is to become the latest company from the “shadow” banking system to move into retail banking. The group, which has $26.5bn (£16.6bn) in assets, is to tie-up with private equity houses Crestview Partners and Lightyear Capital to pump $800m into First Southern, a [...]
STICKY SITUATION May 28, 2009 FOOD producer Tate & Lyle said yesterday that it has seen a 38 per cent drop in full year pre-tax profit, adding that it is difficult to predict with confidence the outlook for 2010 given the global recession and its uncertain impact on customer demand. The Golden Syrup maker, which had issued two profit warnings [...]
FTSE 100 stalls as traders nerves fail on banking sector May 28, 2009 RENEWED jitters over the health of the financial sector hit banks and offset gains by heavyweight oils yesterday, sending the FTSE 100 0.7 per cent, or 28.69 points, lower at 4,387.54. Banks were the worst performing large caps, with Barclays, HSBC, Standard Chartered, Lloyds Banking Group and Royal Bank of Scotland down 0.8 per cent [...]
Falling bond yields cheer Wall Street May 28, 2009 US stocks climbed more than 1 per cent yesterday as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery. Energy company shares, including Exxon Mobil, rose as US crude oil settled above $65 a barrel for its highest close since [...]
NOW SHOWING SIX OF THE BEST May 28, 2009 ART: Diane Arbus A fascinating retrospective of the late American photographer’s groundbreaking work, at the Timothy Taylor gallery. ART: Picasso: Challenging the Past The National Gallery’s exhibition of the 20th century’s pre-eminent artist is a landmark blockbuster. THEATRE: The Winslow Boy Veteran actor Timothy West is starring in Terence Rattigan’s classic play about a schoolboy error that became [...]
Moreno exits Man Group May 28, 2009 HEDGE fund giant Man Group yesterday said Glen Moreno, temporary chairman of UK Financial Investments (UKFI) that runs the government’s stakes in bailed-out banks, is stepping down from its board. Moreno, who has served as a non-executive director at the world’s largest listed hedge fund firm for 15 years, is being replaced by Land Securities [...]
Dubens bullish on Oakley asset gains May 28, 2009 PRIVATE equity boutique Oakley Capital Investments, run by serial entrepreneur Peter Dubens, issued a bullish statement yesterday, as it reported healthy growth in its investment portfolio. While most major private equity houses are suffering dire asset falls, Oakley has reported a 9.1 per cent rise in its net asset value in the year to end-2008 [...]
DOES THE PROFIT FALL DERAIL MAN’S HOPES FOR ITS STOCK GROWTH? May 28, 2009 NIC CLARKE CHARLES STANLEYWe still believe that Man should benefit from being one of the leaders in the alternative investment business arena as competitors flounder, it is clear that the environment remains very difficult. Although its major funds outperformed, its fees were down by nearly two thirds in the period. HENK POTTS BARCLAYS WEALTHWe continue [...]
