Investors cheer Man Group cuts to save $100m July 24, 2012 ALTERNATIVE fund manager Man Group said yesterday it would cut more staff in an attempt to resize the business amid falling asset allocations from investors, sending its shares higher. Chief executive Peter Clarke announced a further round of cost cuts totalling $100m (£64.5m), including headcount reductions, on top of a planned $95m squeeze announced in [...]
Spring turns to a summer of love as investors look to sunny side July 24, 2012 MAN Group showed yesterday that the City already has plenty of investors with a long-term outlook, as it announced further outflows and another round of cuts, only to see a significant gain in its share price. Meanwhile Vodafone’s shares fell more than one per cent, in the wake of tough first quarter numbers out on [...]
Provident cards boost earnings July 24, 2012 PROVIDENT Financial, the money lending firm, revealed a 17 per cent increase in pre-tax profits to £72.9m yesterday due to a surge in people using its low-limit credit cards. The jump was led by its Vanquis Bank business, which increased pre-tax profits by 60 per cent to £28.2m. Chief exec Peter Crook told City A.M.: [...]
IPF shares up as profit falls July 24, 2012 CREDIT firm International Personal Finance yesterday announced a drop in profits after an increase in early settlement rebates in the Czech Republic and Slovakia region. The group reported a fall in underlying pre-tax profits to £31.4m, down from £35.7m last year. Profits from the Czech-Slovakia region were down 28 per cent due to a £4.9m [...]
N+1 and Singer merge July 24, 2012 SMALL and mid cap company advisers Singer Capital Markets and N+1 Brewin yesterday announced plans to merge the two companies into a new business called N+1 Singer, in a tie-up first revealed in City A.M. earlier this year. The deal between the two houses will put the company in the top five corporate advisory and [...]
EasyJet to face fresh questions from Stelios alongside update July 24, 2012 EASYJET founder Sir Stelios Haji-Ioannou plans to press the airline’s board on the cost of new planes and its advisers when he meets with the firm today. Fresh from a scuffle over the suitability of EasyJet chairman and Barclays deputy chair Sir Mike Rake, Sir Stelios has voiced concern over an Airbus order. And in [...]
Turner wants to take Bank job July 24, 2012 TOP regulator Lord Turner yesterday said he would consider running for governor at the Bank of England, confirming his position as one of the favourites to take the role when Sir Mervyn King’s term ends at the end of June next year. In a wide ranging speech and interview the Financial Services Authority (FSA) boss [...]
Firms’ demand for credit fell again in June July 24, 2012 BUSINESS borrowing slumped again in June according to industry figures released yesterday, raising more fears that there is little demand for credit and so the government’s “funding for lending” scheme, which starts next month, may not work. Net lending to non-financial businesses fell £3.2bn in June, reversing May’s £1.3bn rise, British Banking Association data showed. [...]
Imperial grows despite drop in cigarette sales July 24, 2012 IMPERIAL Tobacco yesterday announced improved revenues, despite sales volumes falling as recession-hit Europeans reduce their tobacco consumption. Price rises for its premium brands enabled net revenue to increase by three per cent for the nine months to the end of June, even though the amount of tobacco it sold fell by three per cent during [...]
Bookmakers win big as MPs call for gambling laws to be relaxed July 24, 2012 SHARES in leading gambling firms rose yesterday after MPs said strict restrictions on casinos and high-street betting operations should be watered down. Ladbrokes, Rank Group and William Hill all received a boost following the publication of the culture, media and sport select committee’s report, which recommended allowing more high-stakes gambling machines into shops and giving local [...]
