Rathbone raises £25m to power more takeovers November 7, 2012 RATHBONE Brothers, one of the oldest wealth managers in the City, yesterday snapped up boutique equity manager Taylor Young Investment Management (TYIM) and raised £24.7m from investors to give it additional firepower for more acquisitions. FTSE 250 listed Rathbones, which traces its trading roots back to 1742, will pay up to £15m for the Cannon [...]
Carlyle Group terminates plan to snap up troubled Chemring November 7, 2012 JUMBO US based alternative asset manager Carlyle Group yesterday pulled out of plans to buy British defence firm Chemring following months of talks between the two firms. Carlyle, which owns Dunkin’ Donuts and Hertz car rental, had already sought two extensions from the Takeover Panel to try and strike a deal with the FTSE 250 [...]
Old Mutual sharpens focus on emerging market investments November 7, 2012 SAVINGS and investment group Old Mutual yesterday revealed a surge in its emerging markets focus after growing sales of its fund management products by nearly a fifth in the sector in just three months. The Anglo-African company, which merged its UK asset management arm Old Mutual Asset Managers with Skandia Investment Group in April, increased [...]
Investors fall out of love with equities November 7, 2012 UK institutional pension funds further cut their exposure to equity markets while boosting holdings of fixed income and hedge funds last year, official data out yesterday reveal. Pension schemes, which invest billions of pounds of workers’ money in markets, cut average equity holdings to 38.5 per cent in 2012, a drop from a figure of [...]
Vedanta profits surge as firm rejig nears end November 7, 2012 INDIA-focused Vedanta reported an almost 50 per cent jump in first-half profit yesterday, boosted by record output from subsidiary Cairn India. Earnings before interest, tax, depreciation and amortisation for the six months to September came in at $2.6bn (£1.62bn), driven by record production at Cairn India, which was acquired last year. Vedanta said earlier this [...]
Global economic woe is testing even the biggest firms November 7, 2012 VEDANTA shares have been on quite a ride this year. Over the last three months, the shares have outperformed the FTSE 100, up some 10 per cent, but within that timeframe they also spent late August and early September down more than 10 per cent. Over the year to date, a massive rise of 40 [...]
Randgold warns over output for 2012 as production issues weigh November 7, 2012 GOLD miner Randgold Resources said profit sank 15 per cent over the third quarter, as it warned output for the full year would come in at the lower end of expectations. Profit for the FTSE 100 miner came in at $121.3m, down 15 per cent from the previous quarter. Gold output fell three per cent [...]
Clarksons sees choppy waters for ship broking November 7, 2012 SHIP broker Clarksons warned yesterday that the gloomy economic outlook and arid debt markets have dried up business, sending its shares down 8.7 per cent to £11.87. The 150-year-old company said freight rates and sales volumes have continued to fall since July, prompting it to lower expectations for its full-year results. “Clarksons has consistently highlighted [...]
Prime Minister gives backing to Microsoft work programme November 7, 2012 DAVID Cameron yesterday welcomed an initiative from Microsoft that aims to help 300,000 young people gain work skills over the next three years. The Prime Minister met with the Microsoft chief executive Steve Ballmer and said the “Get On” scheme is “the kind of support we need from business to inspire, provide skills, and create [...]
Merkel attempts to make peace with Cameron over EU spending November 7, 2012 GERMAN Chancellor Angela Merkel last night met with David Cameron in the hope of brokering a deal on the EU budget – as the Prime Minister promised to take “a very tough approach” to the negotiations. Cameron said yesterday that attempts to push through a budget increase at the meeting of EU leaders on 22-23 [...]
