Yuan could rank with dollar and euro July 4, 2010 CHINA’S yuan could rank with the dollar and euro as a pillar of the global monetary system, Hong Kong’s former monetary authority chief Joseph Yam said. Yam, now vice-president of the China Society for Finance and Banking, a think-tank under the People’s Bank of China, said that the international monetary system needed a “third leg,” [...]
Standard reports loss of £28.3m July 4, 2010 THE firm created by billionaire businessman Alexander Lebedev to acquire the Evening Standard racked up losses of £28.3m in its first 10 months. The losses include £9.9m in one-off fees relating to the restructuring of the business from a paid-for to a free newspaper. The paper also needs to pay back £8.3m of debts this [...]
Nokia aims to regain top spot July 4, 2010 Nokia is committed to get back the topposition in smartphones and plans to use no other software than Symbian and Linux MeeGo, head of its mobile solutions unit has said. “It’s my aim to ensure Nokia stays as the market and intellectual leader in creating the digital world,” Anssi Vanjoki wrote in a blog on [...]
James Grant acquires Addis July 4, 2010 Gresham Private Equity yesterday announced OJK, part of Gresham backed James Grant Group (JGG), has acquired Addis, a Stockport based accountancy practice. Terms of the deal have not been disclosed. OJK provides accountancy, tax and consultancy services to clients within the music, entertainment and sports sectors. Clients include Bryan Adams, Davina McCall and Sir Bob [...]
Advent in £800m bid July 4, 2010 ADVENT International has launched an £800m bid for struggling care-home operator Four Seasons Healthcare. The move comes after weeks of speculation surrounding the firm, which was forced to beg bondholders to extend the maturity of a £600m loan for an extra two years to avoid defaulting on its debt. The firm, which provides respite care [...]
Equitable Life appoints BlackRock to manage risk July 4, 2010 LIFE insurer Equitable Life said yesterday it has appointed US investment house BlackRock to provide investment and risk management services for its 400,000 policyholders. Customer-owned Equitable Life said BlackRock’s objective would be to maximise returns on £5.7bn of assets while satisfying Equitable Life’s regulatory solvency ratios. Chris Wiscarson, Equitable Life’s chief executive said: “Maximising returns [...]
BEST OF THE BROKERS July 4, 2010 AMLIN Shares in blue-chip London market insurer Amlin have been treading water of late, according to Citigroup, which said while this represents a strong performance relative to the broader market, it fails to capture the group’s strategic progress and continued value creation. Citi upgrades its rating of Amlin to “buy” from “hold”. AEGON JP Morgan [...]
CITY MOVES | WHO’S SWITCHING JOBS July 4, 2010 Grant Thornton The business advisory firm has appointed Craig Kemsley as tax partner and head of its London private client department. Kemsley has over 20 years of experience advising private and entrepreneur clients for Deloitte in the UK and Australia. While working at the firm, he particularly focused on developing tax-efficient structures to maximise current [...]
Apple admits software error July 4, 2010 Apple has come clean about an embarrassing software glitch that overstates network signal strength in its hot-selling iPhone, as complaints mounted about the phone’s wraparound antenna. It admitted its signal strength miscalculation dates back to its original 2007 iPhone. It promised to fix the glitch in a few weeks, but did not directly address concerns [...]
Roma faces UniCredit ownership July 4, 2010 Roma football club could find itself under the ownership of UniCredit as its majority stakeholder faces the prospect of bankruptcy. Rosella Sensi, whose family bought the stake in Roma in 1993, could lose her Italpetroli oil firm after running up debts of €400m (£330m). If the firm, which is 49 per cent owned by UniCredit, [...]
