Ashmore assets hit $65.8bn July 14, 2011 ASHMORE Group, the emerging markets fund manager, posted an impressive $4.6bn (£2.8bn) of new client money in its fourth quarter, beating forecasts amid strong investor appetite for local currency and debt products. The London-listed funds house said its assets under management (AUM) had jumped to $65.8bn in the three months to 30 June, boosted by [...]
Swedish regulators raid Nasdaq over competition July 14, 2011 SWEDISH regulators have raided leading local bourse operator Nasdaq OMX Group in a competition probe sparked by a complaint from a small local rival, officials said yesterday. The raid was carried out last month and was prompted by a complaint filed by new marketplace Burgundy about the actions of US telecoms company Verizon. The row [...]
TMX Group in talks over Maple deal July 14, 2011 TORONTO bourse operator TMX Group is said to have entered into talks with Maple, the consortium that derailed an agreed merger between TMX and the London Stock Exchange. Ontario finance minister Dwight Duncan told Canada’s Financial Post newspaper that discussions between TMX and Maple Group Acquisition Corp were underway. Duncan had been a vocal critic of [...]
Hermes Real Estate to make move into US property market July 14, 2011 HERMES Real Estate, one of the largest real estate managers in the UK with over $9.3bn (£5.8bn) assets under management, has entered the US property market for the first time, in a move to diversify its real estate investments. Hermes has teamed up with Hampshire Real Estate, a private US investment company and United Overseas, [...]
Car dealer Pendragon to raise £75.2m through deeply discounted rights issue July 14, 2011 LISTED car dealer Pendragon yesterday said it plans to raise about £75.2m through a rights issue to reduce its debt. The nine-for-eight issue is to be priced at 10p per new ordinary share, representing an eye-watering 54 per cent discount to the stock’s Wednesday close. Shares in Pendragon had closed at 21.75p per unit on [...]
Production up at Rio Tinto’s Oz operations July 14, 2011 GLOBAL resources giant Rio Tinto has revealed a quarter-on-quarter production rise in its Australian operations, bouncing back from several cyclones, widespread flooding and a train derailment which impeded its March performance. Rio’s global iron-ore production increased by 49m tonnes during the second quarter of this year, up 12 per cent on the previous quarter. However, [...]
Fresnillo says silver output hits record July 14, 2011 PRECIOUS metals miner Fresnillo posted record silver and gold production in the second quarter yesterday, boosted by its Saucito and Soledad-Dipolos mines in Mexico, at a time when the gold price is at a record high. Total silver production, including silver sold from the Sabinas mine under its Silverstream agreement, rose 7.2 per cent to [...]
Peabody to develop surface coal mine in China’s Xinjiang Region July 14, 2011 US COAL firm Peabody Energy said yesterday it had entered into an agreement with the Xinjiang government to pursue development of a 50m tonne-per-year surface coal mine in Xinjiang, China. As per the agreement, Peabody said it would construct, manage and operate the mine. The company will also conduct geologic, engineering and environmental reviews of [...]
CITY MOVES | WHO’S SWITCHING JOBS July 14, 2011 Towry The wealth adviser has appointed Gerald Corbett as a non-executive director, adding to his chairmanships of Britvic and Moneysupermarket.com and his non-executive directorship of Numis Securities. Corbett’s previous non-exec roles include Greencore Group, Burmah Castrol and MEPC; he is also a former chairman of SSL International and the Woolworth Group. During his executive career, [...]
BEST OF THE BROKERS July 14, 2011 MORGAN CRUCIBLE Citi reiterates its “buy” rating on the engineering group and raises its target price from £3.70 to £4.10, following an unscheduled trading update reflecting a strong finish to first half trading. Sales for the period are now set to be around £560m, with pre-restructuring earnings before tax at £70m. Compared to previous forecasts, [...]
