Hendry fund grows amid Euro turmoil October 10, 2011 THE HEDGE fund run by outspoken investor Hugh Hendry achieved stellar returns of nearly five per cent this summer despite the turmoil gripping markets. Hendry’s CF Eclectica Absolute Macro fund returned 4.76 per cent in August and September at a time when the hedge fund industry was struggling to make any gains. Eclectica has gained [...]
EC leaves out OTC derivatives in deal probe October 10, 2011 EUROPE’S competition regulator will exclude a critical derivatives market from their investigation into the $10.2bn (£6.6bn) merger of Deutsche Boerse and NYSE Euronext, sources said yesterday. The European Commission will not examine the market for over-the-counter (OTC) derivatives, which are traded through a dealer instead of publicly on an electronic platform such as an exchange, [...]
CREDIT SUISSE PREDICTS GOLDMAN LOSSES October 10, 2011 Goldman Sachs is expected to reveal its second ever quarterly loss when it reports next week, according to Credit Suisse analysts. They forecast the Wall Street giant will report a loss of $392m (£250m) for the three months to the end of September. Barclays predicts losses in the region of £180m. A quarterly loss for [...]
Michael Page hit by hiring freeze in UK October 10, 2011 RECRUITER Michael Page yesterday revealed that the jobs market was stalling in the UK, with the firm depending on growth in other markets to lift profits. The company said gross profits in the UK rose just 0.3 per cent to £33.1m in its third quarter, against growth of 48 per cent in the Americas and [...]
ANALYST VIEWS: HOW DAMAGING IS THE UK JOBS CLIMATE FOR RECRUITERS? October 10, 2011 GRAHAM BROWN | EVOLUTION The increasingly concerning macroeconomic outlook has placed estimates on a sharp downgrade cycle. Unlike other staffers, though, the shares remain above their 10-year average, in part owing to their faster growth trajectory. ANDY MURPHY | SINGER CAPITAL MARKETS Michael Page has performed weakly. It now trades on an enterprise value/sales ratio [...]
City expects a cut in bonuses October 10, 2011 ALMOST half of city workers are expecting bonuses to fall over the next three years, citing uncertain market conditions, according to a survey by careers website eFinancialCareers.com. Just 15 per cent of 533 professionals interviewed by the jobs website predicted bonuses will get bigger over the next three years, while 29 per cent expect them [...]
Banks trim pay for contractors October 10, 2011 BANKS including Nomura and Royal Bank of Scotland have cut pay rates for IT contractors and other temporary workers by 10 per cent and more as they take an increasingly hard line on costs. In a manoeuvre rarely seen since the height of the financial crisis, Nomura, Japan’s biggest investment bank, cut wages for some [...]
Ferrovial cuts stake in BAA to lower debt October 10, 2011 SPANISH infrastructure firm Ferrovial has cut its stake in UK airport operator BAA to just below 50 per cent after selling a six per cent share, removing BAA’s debts from its balance sheet. Ferrovial said yesterday that it had agreed to sell 5.88 per cent of its BAA investment vehicle, FGP Topco, to US infrastructure [...]
RBS and Lloyds asked to explain cash machine restriction plans October 10, 2011 THE Treasury select committee has called for an explanation from banks planning to restrict which cash machines basic bank account holders have access to. Committee chairman Andrew Tyrie wrote to RBS and Lloyds about their schemes after consumer groups said the they could affect some of the most vulnerable in society. A million RBS customers [...]
Yahoo mulls $20bn sale to private equity October 10, 2011 Yahoo started life as Jerry and Dave’s Guide to the World Wide Web, a directory of websites named after founders Jerry Yang and David Filo. In 2008, when Yang recommended shareholders reject Microsoft’s $44.6bn (£28.5bn) bid for the firm, many investors were wishing he had studied the guide a little more closely. Now sources say [...]
