3i raises money for debt fund February 25, 2013 THE UK’s oldest private equity firm 3i Group yesterday said it had raised a $500m (£331m) collateralised debt obligation (CLO) fund, the latest push by the group into debt management. The company is currently in the midst of a strategic overhaul, led by chief executive Simon Borrows, in a bid to put more emphasis on [...]
Symphony hits the right notes February 25, 2013 EMERGING market money manager Symphony International, which taps into Asia’s growing consumer spending, yesterday said it boosted fund value by almost 12 per cent last quarter due to surging revenues from its companies. Symphony, based in Hong Kong, invests in a vast array of consumer staples across Japan, Singapore, Thailand and Vietnam, including hotels and [...]
Mortgage loan growth hits a new record low February 25, 2013 MORTGAGE lending barely budged in January while businesses continued to pay off their debts instead of borrowing more, despite intense government efforts to push banks to lend more. Meanwhile, bank deposit levels rose sharply despite interest rates plunging over recent months, industry data showed yesterday Mortgage lending increased 0.2 per cent on the year to [...]
New Cyprus leader says he will pass reforms to secure bailout February 25, 2013 CYPRUS’S new conservative leader today told European leaders he would rapidly enact structural reforms if necessary to get hold of bailout funds. Bond yields dived to an 18-month low of 9.45 per cent as the incoming President Nicos Anastasiades made the sharp break with his Communist and anti-reform predecessor Demetric Christofias. “Long term prospects for Cyprus [...]
France warns Cameron on EU exit vote February 25, 2013 DAVID CAMERON will get nowhere with his efforts to renegotiate Britain’s relationship with the EU and should instead try to convince voters of the merits of the union as it currently stands, French finance minister Pierre Moscovici told an audience in the City yesterday. The minister argued that France and other nations are looking to [...]
Chinese factory recovery stalls in February on export order dip February 25, 2013 A TURNAROUND in export orders put the brakes on the Chinese manufacturing recovery during February, according to a prominent business survey released yesterday. The health of China’s manufacturing sector was improving in the second month of 2013, according to Markit and HSBC’s purchasing managers’ index (PMI) for the Asian giant, but at a substantially reduced pace compared [...]
City Views | Are you worried by the UK’s rating downgrade? February 25, 2013 DAVID KING TOKIO MARINE I am personally not worried about the UK’s downgrade as I don’t think it really affects me. I would be more concerned if my company’s credit rating was downgraded. JEREMY STEVENS MGM It was only a matter of time, but I’m not too worried. When America’s credit rating was downgraded, the [...]
Vodafone looks to expand into TV and internet February 25, 2013 VODAFONE is planning to break into offering new services, such as broadband and pay-TV, in a bid to combat declining mobile phone revenues. Vittorio Colao, Vodafone’s chief executive, said the company was planning to introduce “unified services” – contracts that bundle together mobile, broadband, landline telephone and TV – across Europe in coming years. Colao’s [...]
Pearson denies FT sale talk and sets out plans for restructuring February 25, 2013 THE NEW chief executive of publishing group Pearson yesterday insisted that the Financial Times is not for sale, as he revealed a £200m restructuring plan intended to focus the firm on its growing digital education business. Pearson posted a one per cent rise in adjusted 2012 operating profit to £936m yesterday, though one-offs in the [...]
Nokia goes downmarket February 25, 2013 Nokia has expanded its Lumia smartphone range in an attempt to attract customers less willing to fork out for high-end devices. The Finnish company’s chief executive Stephen Elop yesterday unveiled two mid-range handsets – the Lumia 520 and 720 – as he tries to re-establish Nokia as a top handset seller.
