Tribunal backs £2m FSA fine for hedgies August 15, 2011 THE UK’s tribunal system has upheld the Financial Services Authority (FSA) decision to ban two hedge fund executives and fine them a total of £2.1m for market abuse and deceiving investors. Michiel Weiger Visser, who was chief executive of Mercurius Capital Management at the time of the abuses, was handed a £2m penalty for breaching [...]
Funds of funds attract cash August 15, 2011 INVESTORS have poured into funds of funds during 2011, new figures show, with the first half of the year seeing the highest sales on record. Net retail sales of funds of funds for the first six months of 2011 hit £3.8bn, according to research by the Investment Management Association (IMA), and the £2bn of sales [...]
RBS hires execs in China August 15, 2011 The Royal Bank of Scotland Group announced yesterday that it has appointed two senior bankers for its team in China, looking to gain ground in the country’s booming capital markets. Qing Cheng Hua has been named as the executive for its local unit in China and Charles Zhuo Xiao as managing director, China origination.
LMAX sees £13.2m annual loss August 15, 2011 LMAX, the retail trading platform owned by Betfair and Goldman Sachs, made a £13.2m loss in the year to the end of April as an £149,000 gross profit was dwarfed by almost £13.5m of costs. LMAX, which launched last October, had revenues of just £271,000. The company has reassessed its target market after chief executive [...]
Shell reveals size of spill in the North Sea August 15, 2011 AROUND 216 tonnes of oil, equivalent to 1,300 barrels, have leaked from a ruptured pipeline at Royal Dutch Shell’s North Sea platform, causing a “significant spill”, the company admitted yesterday. Although the spill is small in comparison to BP’s Macondo Well explosion in the Gulf of Mexico last year, the spill is still “substantial”, according [...]
Rockhopper upgrades its Falkland Islands oil find August 15, 2011 SHARES in Rockhopper Exploration jumped yesterday after the energy explorer upgraded its estimates for how much oil it could produce off the coast of the Falkland Islands. Rockhopper said that new seismic data suggested that its Sea Lion prospect in the North Falkland basin may be bigger than it thought and raised its low case [...]
Transocean buys Aker Drilling for $1.43bn to update its ageing fleet August 15, 2011 DRILLING contractor Transocean is paying double the market price for Norway’s Aker Drilling to refresh its ageing fleet of drilling rigs and boost flagging orders. Transocean, the owner and operator of the Deepwater Horizon rig at the centre of last year’s Gulf of Mexico oil spill disaster, is paying $1.43bn (£870m) or 26.50 crowns per [...]
E.ON looks to sell gas transport business August 15, 2011 E.ON is considering selling its natural gas transport network, a company source said, as Germany’s decision to abandon nuclear power forces the group to shed assets and jobs. The group may decide to sell Open Grid Europe, a subsidiary of E.ON’s Ruhrgas unit, which operates a 12,000km network and employs about 1,800 people. “They’ve been [...]
Max Petroleum starts drilling August 15, 2011 Drilling has begun at the UTS-3 appraisal well at Max Petroleum’s Uytas prospect in Block A in western Kazakhstan, the company said yesterday. The well will be drilled to a total depth of around 800 metres. The company bought the exploration and production rights to the area in the prolific pre-Caspian basin in 2005. The [...]
Coal of Africa to finalise deal August 15, 2011 Coal of Africa, the coal developer, said yesterday it expects its acquisition of the Chapudi coal project to be finalised by the end of April next year. The original fulfilment date was first set at 1 August and earlier this month extended to 12 August. The firm is buying the Chapudi coal project and related [...]
