Hedge funds gain in July August 10, 2009 THE HEDGE fund industry made further gains in July but was unable to outperform equities, according to two pieces of research out yesterday. The Hennessee Hedge Fund index (HHF) advanced by 3.37 per cent during the month, compared to a 7.41 per cent gain on the Standard & Poor’s, an 8.58 per cent rise on [...]
TORPEDO CONTRACT LAUNCHED August 10, 2009 BAE SYSTEMS won a £370m 10-year contract yesterday to develop torpedoes for the Royal Navy and Royal Air Force.BAE said the deal will help to secure 120 jobs at its Portsmouth plant. The contract includes heavyweight, submarine-launched Spearfish torpedoes, as well as lightweight Sting Ray anti-submarine torpedoes which are carried on board ships, helicopters and [...]
HEADHUNT IS ON FOR DISGRACED EX-BANKERS August 10, 2009 SOME in the City might be surprised by Sir Fred Goodwin’s decision to re-enter the business world, as revealed on the front page of City A.M. today, but it seems headhunters will be rubbing their hands with glee. Take former HBOS chief Andy Hornby, who was also strung up by the public for his role [...]
Mallett predicts return to prosperity for art market despite widening losses August 10, 2009 MALLETT, the Bond Street antique furniture and art dealership, yesterday said pre-tax losses for the first half of the year widened almost threefold, but said it was poised to benefit as more of its rivals succumbed to the economic turbulence. The group reported a pre-tax loss of £0.82m for the six months to the end [...]
COWDERY WINS HIS FIGHT FOR FRIENDS August 10, 2009 WEEKS of price negotiations, multiple public rejections and fierce criticism of his fee structure and corporate governance finally paid off for Clive Cowdery yesterday, as his buyout vehicle clinched the support of Friends Provident for his £1.85bn bid. Cowdery is now set to gain control of the 177-year old life insurer, after Friends’ board said [...]
Investors unimpressed by downbeat update from care firm Southern Cross August 10, 2009 EARNINGS at care home group Southern Cross fell nine per cent in its third quarter, the firm said yesterday, after room occupancy dipped 2.3 per cent. The group posted adjusted earnings before interest, tax, depreciation and amortisation (ebitda) of £22.4m, against £24.4m a year earlier, on revenue of £254.8m, up 3.7 per cent. The company [...]
GOODWIN DREAMS OF COMEBACK ROLE August 10, 2009 SIR Fred Goodwin will start his hunt for a new business role when he returns to his £3m Edinburgh home later this month, City A.M. can reveal. The disgraced former Royal Bank of Scotland chief executive is looking at re-entering the charity sector, after his six-year tenure as chairman of the Prince’s Trust came to [...]
Mitsubishi takes on its rivals August 10, 2009 Japan’s largest chemical firm Mitsubishi Chemical Holdings is in talks to acquire rival Mitsubishi Rayon through an offer worth up to 200bn yen (£1.2bn). The two companies, which do not have capital ties, are likely to agree on a deal as early as this autumn and plan to complete the acquisition spring next year.
Flu threat outweighs slump August 10, 2009 The chief executive of Air Arabia Adel Ali, the United Arab Emirates budget carrier said yesterday that swine flu was a bigger threat to the industry that the worldwide downturn. The H1N1 virus has infected more than 130,000 people and caused more than 800 deaths since it emerged in April in Mexico.
Defence groups fight over MoD August 10, 2009 Defence companies in the UK are preparing to pitch for one of the biggest contracts to be handed out by the Ministry of Defence (MoD) this week. The MoD outlined its requirements for the next batch of unmanned aerial vehicles (UAVs) at a recent meeting.
