Heathrow eyes £3bn boost for infrastructure February 3, 2013 HEATHROW is set to unveil a £3bn expansion plan later this month which will see it invest in terminal facilities, despite continued uncertainty over the future of airport expansion. However, Heathrow is also expected to unveil a substantial hike to the amount it charges airlines to use its facilities, up from the existing £17 per [...]
BlackRock in US iShares row February 3, 2013 TWO US pension funds have filed a lawsuit against BlackRock, alleging that the world’s biggest asset manager had “looted” securities-lending revenues from iShares exchange-traded funds investors, and breached its fiduciary duties. In the suit, filed in Tennessee, the pension funds allege that several iShares ETFs spent funds on “grossly excessive compensation” to agents affiliated with [...]
MF Global cash to be returned February 3, 2013 FORMER customers of Jon Corzine’s collapsed brokerage MF Global would recover most, and probably all, of their money under the latest projections by the trustee liquidating its bankrupt parent company. In a court filing late on Friday, trustee Louis Freeh, the former FBI chief, outlined an amended version of a plan for how to divvy [...]
City Moves for 4 February 2013 | Who’s switching jobs February 3, 2013 Ultra Electronics The security, defence and energy company has appointed Mary Waldner as its group finance director. She is currently director, group finance at QinetiQ Group, and has previously served as group finance controller at 3i. Waldner additionally spent 10 years in senior roles at British Airways. Linklaters William Kirschner has been elected partner in [...]
Best of the Brokers February 3, 2013 TUI TRAVEL Panmure Gordon’s Simon French has reiterated his “sell” rating on TUI Travel ahead of Thursday’s interim results statement. Issuing a target price of 245p, he believes the aborted bid from TUI AG “highlighted that the parent company does not want to pay a premium for control of this minority”. Despite this he expects [...]
Ocado to reveal its progress on road to profits February 3, 2013 OCADO will be in the spotlight this week as the online grocer reveals whether it is edging closer to making a profit. The firm has recently hired Sir Stuart Rose as chairman and is also gearing up to open a second distribution warehouse in Warwickshire. Ocado, which was founded in 2000, is yet to go [...]
Great rotation may be just a bullish January February 3, 2013 WALL Street’s current jubilant narrative is that a rush into stocks by small investors has sparked a “great rotation” out of bonds and into equities that will power the bull market to new heights. That sounds good, but there is a snag: The evidence for this is a few weeks of bullish fund flows that [...]
Crisis in the Eurozone is brewing up security problems for years ahead February 3, 2013 IN HIS speech on Britain’s relationship with the EU, David Cameron reminded us that European politics is still characterised by a competition for influence in pursuit of the national interest. There is, of course, no longer a military dimension to that contest. A common European market and common institutions have weakened the link between economics, [...]
Britain needs action on visa restrictions to stay open to international business February 3, 2013 THE defining characteristic of London’s success in recent times is its international outlook. New census data vividly demonstrates this fact, by showing that more than 100 different languages are now spoken in virtually every London borough. Skilled individuals from across the globe choose to call the capital home. This pool of talent is, in turn, [...]
A late night Tube is simple way to keep London competitive February 3, 2013 TRANSPORT for London has raised the prospect of the Underground running until 2am at weekends. Starting in 2015, this could deliver a signifciant boost to London’s £8bn a year dining, drinking and entertainment industry, and would provide a boon to the thousands of Londoners who flock to the West End for a night out. This [...]
