Vertu in 30m share placing May 28, 2009 VERTU, the car retailer, announced yesterday it would raise £30m through a share placing, as it sought to raise its number of dealerships from 45 to over 60. It added that its sales at the company were beating market averages, as it posted pre-tax profit of £70,000 for the year to end-February. Last year, 14 [...]
Cayzer-backed Caledonia ups dividend despite asset falls May 28, 2009 CALEDONIA Investments, the fund backed by the millionaire Cayzer family, has boosted its annual dividend despite reporting a fall in the value of its assets by almost a third. Group chairman James Loudon said a 27.7 per cent decrease in diluted net asset value per share over the full year to the end of March [...]
City supports Tory charge May 28, 2009 THE Conservative party has received a ringing endorsement by the City, as the publication of donations to political parties revealed a host of business figures have contributed to Tory coffers in the first quarter of the year. The largest single donor was hedge fund owner and former Man Group chief executive Stanley Fink, who announced [...]
SCRAPPAGE SCHEME REVVS UP CAR SALES May 28, 2009 35,000 new cars have been sold under the £300m car scrappage scheme since its launch. the government will announce today. Buyers are given a £2,000 discount on a new car if they scrap one that is more than 10 years old. Some retailers have said the scheme has resulted in a “staggering” amount of enquiries.
DOES THE PROFIT FALL DERAIL MAN’S HOPES FOR ITS STOCK GROWTH? May 28, 2009 NIC CLARKE CHARLES STANLEYWe still believe that Man should benefit from being one of the leaders in the alternative investment business arena as competitors flounder, it is clear that the environment remains very difficult. Although its major funds outperformed, its fees were down by nearly two thirds in the period. HENK POTTS BARCLAYS WEALTHWe continue [...]
Dubens bullish on Oakley asset gains May 28, 2009 PRIVATE equity boutique Oakley Capital Investments, run by serial entrepreneur Peter Dubens, issued a bullish statement yesterday, as it reported healthy growth in its investment portfolio. While most major private equity houses are suffering dire asset falls, Oakley has reported a 9.1 per cent rise in its net asset value in the year to end-2008 [...]
Moreno exits Man Group May 28, 2009 HEDGE fund giant Man Group yesterday said Glen Moreno, temporary chairman of UK Financial Investments (UKFI) that runs the government’s stakes in bailed-out banks, is stepping down from its board. Moreno, who has served as a non-executive director at the world’s largest listed hedge fund firm for 15 years, is being replaced by Land Securities [...]
NOW SHOWING SIX OF THE BEST May 28, 2009 ART: Diane Arbus A fascinating retrospective of the late American photographer’s groundbreaking work, at the Timothy Taylor gallery. ART: Picasso: Challenging the Past The National Gallery’s exhibition of the 20th century’s pre-eminent artist is a landmark blockbuster. THEATRE: The Winslow Boy Veteran actor Timothy West is starring in Terence Rattigan’s classic play about a schoolboy error that became [...]
Falling bond yields cheer Wall Street May 28, 2009 US stocks climbed more than 1 per cent yesterday as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery. Energy company shares, including Exxon Mobil, rose as US crude oil settled above $65 a barrel for its highest close since [...]
FTSE 100 stalls as traders nerves fail on banking sector May 28, 2009 RENEWED jitters over the health of the financial sector hit banks and offset gains by heavyweight oils yesterday, sending the FTSE 100 0.7 per cent, or 28.69 points, lower at 4,387.54. Banks were the worst performing large caps, with Barclays, HSBC, Standard Chartered, Lloyds Banking Group and Royal Bank of Scotland down 0.8 per cent [...]
