Equistone closes €1.5bn fund January 21, 2013 Equistone, the private equity shop spun out of Barclays last year, yesterday said it had defied a tough fundraising environment to entice €1.5bn (£1.3bn) from investors for a new fund. The group’s fourth European buyout fund will target investments of up to €300m. The firm has already completed eight investments from the fund, including the [...]
City of London Investment Group profit falls January 21, 2013 Money manager City of London Investment Group yesterday reported declining revenues and profits for the six months ending November 2012. Chairman David Cardale said the period was “not an easy one” for the asset manager, as funds under management dropped £500,000 to £2.4bn, with revenues down 12 per cent and pre-tax profits falling 18 per [...]
787 Dreamliner probe spreads to Meggitt unit January 21, 2013 FTSE 100 engineer Meggitt’s shares dropped almost two per cent yesterday as the international probe into the 787 Dreamliner widened to include one of its subsidiaries. Securaplane Technologies, a US firm owned by Meggitt, makes chargers for the lithium ion batteries used on Boeing’s new Dreamliner planes, which have been grounded worldwide amid safety worries. [...]
Portmeirion pre-tax profits on target after bumper revenues January 21, 2013 PORTMEIRION Group, the china-maker best known for its Botanic Garden pattern and collection by Sophie Conran, said full-year profits are likely to be in-line with forecasts after enjoying a strong Christmas trading period. The Aim-listed manufacturer said it expects to report revenues for the year to 31 December 2012 of over £55m, around three per [...]
RIM chief Heins says BlackBerry could feature on rival devices January 21, 2013 BLACKBERRY software could be licensed to other phone manufacturers, the chief executive of owner Research in Motion (RIM) has said. Thorsten Heins, who was made RIM’s chief executive 12 months ago, said offering the BlackBerry operating system to other parties, such as Samsung and HTC, was a possibility, and that the Canadian company could even [...]
Richemont slumps after sales growth slows in Asia Pacific January 21, 2013 CARTIER watch maker Richemont said yesterday sales growth had ground to a halt in the Asia-Pacific region, rekindling fears about a market which has been the driving force of luxury sales in recent years. Shares in the world’s second-biggest luxury goods company fell up to six per cent in trading after it posted a smaller-than-expected [...]
Huawei posts a 33pc surge in its earnings January 21, 2013 CHINESE telecoms giant Huawei saw profits rise by a third in 2012, as it was buoyed by strong growth in Europe and Japan despite facing a US security investigation. The company said it anticipates further growth in 2013, as it expands its smartphone business into more developed markets. Huawei’s main presence outside of east Asia is [...]
HR Owen shares accelerate as the car seller beats its forecasts January 21, 2013 SHARES in upmarket car seller HR Owen roared nearly four per cent ahead yesterday after it revealed that it was set to beat profit forecasts for the year. The FTSE-listed firm said a particularly good sales run at its Rolls-Royce and Bentley franchises had driven its performance in the second half of the year. HR [...]
Afren hails top year as output and revenue hit record levels January 21, 2013 OIL explorer Afren reported record production for 2012 yesterday, as it said full-year revenues were up 151 per cent. The FTSE 250 oil and gas company – which made three “significant” exploration discoveries last year: the Okoro Field Extension and Ebok North Fault Block in Nigeria and a Kurdistan block – said full-year production was [...]
City Moves for 22 January 2013 | Who’s switching jobs January 21, 2013 Mayer Brown The law firm has appointed Alistair Graham as a litigation partner in its London office. He joins from White & Case, where he was a partner in its London commercial litigation practice. Graham has previously worked as enforcement counsel to the FSA, where he assisted in the run up to the introduction of [...]
