Summer of love for Symphony sends portfolio values soaring October 24, 2012 INVESTMENT firm Symphony International, which owns firms that sell lifestyle goods to people in Asia, yesterday reported a jump in fund value on the back of a stellar summer for its business investments. The London listed company, which backs a host of companies owning beach resorts, fast food restaurants and television stations, said the net [...]
Student housing attracts £2bn worth of investment says CBRE October 24, 2012 INVESTMENT in student accommodation in the UK has soared to a record £2bn since the start of the year, despite the sector seeing a decline in student numbers following the hike in tuition fees. New research from property consultants CBRE published yesterday showed that investment into student accommodation jumped 145 per cent in the first [...]
IMA criticises FSA compensation October 24, 2012 Fund manager lobby group the Investment Management Association (IMA) yesterday slammed the Financial Services Authority financial services compensation scheme as “wholly unacceptable”. The group said the funding model for the scheme absolves banks and insurance providers from contributing to the scheme. The IMA said its own plan would provide greater clarity on levies.
Hargreaves boss gets £1.2m bonus October 24, 2012 Hargreaves Lansdown chief executive Ian Gorham upped his total remuneration package by 34 per cent last year after an “excellent” year of performance for the firm. Gorham added a £1.22m bonus to take his total pay to £1.64m, up from the £1m paid out in 2011. The firm’s co-founder, Peter Hargreaves, received a salary of [...]
RBS pays $42m fine in Nevada October 24, 2012 RBS yesterday agreed to pay $42m (£26m) to the state of Nevada to settle an investigation into deceptive sales practices involving subprime mortgages. Nevada’s attorney general said that a US unit of the Scottish bank purchased loans made by Countrywide Financial and Option One Mortgage that many borrowers could not afford. RBS securitised the loans [...]
Reckitt profits from emerging markets boost October 24, 2012 SHARES in Reckitt Benckiser climbed higher yesterday after the maker of Finish dishwasher tablets and Nurofen painkillers said strong emerging markets growth helped push third quarter like-for-like sales up by five per cent. Chief executive Rakesh Kapoor said the group had seen an “excellent” performance from emerging markets, and an improved performance in Europe and [...]
Cameron seeks action on firms that avoid UK corporation tax October 24, 2012 DAVID Cameron yesterday told the House of Commons that he was “not happy” with the level of corporate tax avoidance in the UK and urged HMRC to re-examine the current situation. His comments follow a spate of reports that high-profile firms – such as eBay, Facebook and Google – pay little UK corporation tax. “This [...]
North Sea oil plan approved October 24, 2012 A £1.6bn project to develop mature North Sea oil fields has been approved by the Department for Energy and Climate Change. The Talisman Energy project is the first to be implemented as a result of HM Treasury’s brownfield tax allowance. The Montrose Area Redevelopment project will integrate established fields with two under developed oil fields. [...]
Nike sells Umbro for $225m October 24, 2012 Iconix Brand will buy the Umbro sneaker brand from Nike for $225m, the companies said yesterday. Nike, the world’s largest athletic footwear company, said in May that it planned to sell Umbro and Cole Haan to sharpen its focus on its Nike, Jordan, Converse and Hurley brands. The sale of Umbro, which is expected to [...]
BG Group switches audit firm October 24, 2012 FTSE 100 gas company BG Group yesterday announced it had ditched PwC as its auditor, replacing it with Ernst & Young. PwC had spent 12 years auditing the books of the firm following its float in 2000. PwC UK head of assurance James Chalmers said: “We operate in a fiercely competitive market where all participants [...]
