Banks feel squeeze after fixed income trading revenues drop August 22, 2011 INVESTMENT banks have experienced radical declines in their fixed income trading divisions in the past three months, figures show. The biggest investment banking names in Europe and the US have witnessed double-digit falls in their fixed income, commodities and currencies (FICC) trading arms, once the heart of their investment banking operations. A combination of weak [...]
Britain’s growth slower than other G7 nations August 22, 2011 BRITAIN’S economy grew more slowly than any other country in the G7 over the past year, with the sole exception of tsunami-stricken Japan, according to the Office for Economic Co-operation and Development (OECD). The UK’s economy grew by just 0.7 per cent over last twelve months, largely because output fell unexpectedly by 0.5 per cent [...]
Costain buys up contractor August 22, 2011 Engineering group Costain has agreed to buy support services contractor Promanex for £16.4m as it expands its infrastructure division. Promanex offers services like water treatment, maintenance and industrial cleaning to blue chip utility and energy groups. The firm turned over £56.2m last year, generating operatings profit of £1.8m. Costain is funding the deal through its [...]
Parseq boss mulls takeover bid August 22, 2011 A group led by online banking software firm Parseq’s own chief executive has approached the firm about a possible takeover. Chief exec Rami Cassis and others are in early stage bid discussions, the firm said in a statement. Parseq’s AIM-listed shares, which have trundled lower since May’s contract win with O2, closed up almost 30 [...]
RESTAURATEURS FLOCK TO RENT 1 BISHOPSGATE IN CITY’S DINING BOOM August 22, 2011 IT IS not big enough for the new headquarters of the Bank of England’s Prudential Regulation Authority, which requires a capacious 100,000 square feet. But the four vacant office units at 1 Bishopsgate have attracted a “healthy level of interest” from insurance, finance, shipping, software and law firms – even a handful of hedge funds [...]
HP rallies after its share price collapse last week August 22, 2011 HEWLETT Packard shares rallied yesterday after a respected analyst upgraded the stock in the wake of a brutal restructuring mooted last week. Shares in the US computer giant, which is to buy Autonomy in an eye-watering $10.2bn (£6.2bn) deal, gained four per cent, recouping some of Friday’s 23 per cent drop. As well as announcing [...]
£50m bill for ITV as staff live longer August 22, 2011 ITV has moved to offload the risk associated with its huge pension fund deficit in a £1.7bn deal with Credit Suisse. The complex transaction will add £50m to ITV’s pension-deficit, last valued at £312m. It has been designed so ITV can protect itself against current and former workers living longer than expected. The broadcaster has [...]
African Barrick appoints RBC August 22, 2011 AFRICAN Barrick Gold, the FTSE 250 Tanzanian gold miner, has appointed RBC Capital Markets as joint corporate broker and ended its relationship with Morgan Stanley. Sources said the firm made the decision following an internal review, which concluded the miner should ditch Morgan Stanley, its joint corporate broker alongside JP Morgan Cazenove since March 2010. [...]
Micro Focus shares drop after it ends takeover talks with Bain and Advent August 22, 2011 SHARES in IT firm Micro Focus International slumped more than six per cent yesterday after it ended four months of takeover talks. The firm, which supports mainframe computer applications for companies like Tesco, saw its stock close down 15.82p at 247.18p. The deadline for takeover offers passed on Friday and Micro Focus said bids had [...]
City cheers plan to punish slower road repair firms August 22, 2011 THE City of London Corporation yesterday welcomed government plans for a scheme to charge contractors doing road repairs in the City, providing a financial incentive for works to be completed quickly. The lane rental plans, which Transport for London will consult on over the next 12 weeks, would charge firms for digging up roads during [...]
