Hibu warns its shares could be worthless September 19, 2012 THE PUBLISHER of the Yellow Pages said its restructuring programme may dilute the price of its shares to “little or no value”, as the firm attempts to pay off its rising debts. Hibu, which changed its name from Yell earlier in the year, saw its shares fall by more than a third yesterday as it said [...]
Weak euro hits Standard Life private equity September 19, 2012 STANDARD Life’s European private equity trust yesterday reported a small dip in value as the weak euro exchange rate against sterling led to an unrealised loss of £8.7m on its portfolio value. The FTSE listed fund of funds, which is quoted in sterling but invests in European assets, saw its diluted net asset value (NAV) [...]
Aon founder buys insurer from Lloyds September 19, 2012 PAT Ryan, founder and former chief executive of insurance giant Aon Corporation, is set to snap up insurance provider Direct Group from the private equity arm of Lloyds Banking Group. Ryan’s brokerage firm Ryan Specialty Group will buy the Doncaster-based firm from Lloyds’ private equity business LDC for an undisclosed sum, following regulatory approval. Direct [...]
Aviva Investors mulls overhaul of listed real estate business September 19, 2012 AVIVA Investors could close its global listed real estate business divisions in New York and London as it reviews the way it manages its listed real estate securities, it was revealed yesterday. The firm, the asset management division of insurance giant Aviva, has written to advisers informing them its current business has “insufficient scale” to [...]
FTSE 250 entrant Workspace seeks up to £75m with bonds September 19, 2012 LONDON property firm Workspace Group yesterday announced plans to tap the retail bond market for between £50m and £75m with the launch of a seven-year sterling bond for retail investors. The firm, promoted to the FTSE 250 last week, said it would offer the bonds in a bid to help diversify its funding streams. The [...]
Yacht owners threatened by rise of piracy September 19, 2012 THERE’S no escape for the ultra-rich following reports that their superyachts are the new favoured target for pirates off the coast of Africa. While most people’s main holiday concern is remembering to pack the suncream, maritime security firm MAST says the number of enquiries it has received from private individuals has risen by 80 per [...]
Dazzling Shard has inadvertent effect of blinding train drivers September 19, 2012 THE SHARD may be one of the capital’s top landmarks but the decision to erect a 1,016ft tall wall of glass in central London has its downsides. In certain weather conditions the building acts as a giant mirror for the sun and The Capitalist has learned that as a result some train drivers approaching London Bridge [...]
UK labour falls in productivity September 19, 2012 PRODUCTIVITY in the UK slumped between 2007 and 2011, data from the Office for National Statistics (ONS) revealed yesterday. The three per cent fall in output per worker since the onset of the recession has driven an increasingly large productivity wedge between the UK and the rest of the G7 group of developed economies – [...]
US market for housing sees solid recovery September 19, 2012 THE US housing market continued to recover in August, with housing starts, completions and new home sales rising, data revealed yesterday. Building permits slipped one per cent compared to July, Department of Commerce data showed, but this was the only negative piece of data – and still left them nearly a quarter up on August [...]
Webb admits pension reform will hit employee pay packets September 19, 2012 THE cost of rules that will force firms to enrol their employees in pensions schemes is likely to hit wages or be passed on to consumers through price hikes, Steve Webb admitted today. Firms have told the pensions secretary that they will reduce pay and other benefits, increase prices or cut dividends to cover the [...]
