GLG to lose fund star to Soros August 2, 2009 London-based hedge fund GLG Partners is on the brink of losing its star fund manager Robert Donald. Donald, who manages part of the £1.3bn European fund with Pierre Lagrange is mulling quitting GLG after six years, to team up with legendary financier George Soros. Soros, who famously made $1bn betting against sterling in 1992, is [...]
UK recession close to the end August 2, 2009 The UK recession is expected to end within just three months, but the outlook is still bleak for the Eurozone, whose economies can expect to remain in decline until 2010, according to figures from accountants BDO Stoy Hayward. The BDO Output Index, which measures short-run turnover expectations and order book strength, has seen the largest [...]
NO FIGHTING CHANCE August 2, 2009 Around 20,000 jobs are at risk as the UK’s last fighter aircraft factory faces being shut down within five years. The news comes after the government decided to cut its spending on the Eurofighter Typhoon last week. The fighter-building industry is expected to end when the last Typhoon rolls out of Warton, Lancashire, in 2014. [...]
Nat Ex chews over cash call after big fine August 2, 2009 AILING transport group National Express is eyeing a £350m cash call, it emerged yesterday, as the troubled group seeks to rebuff takeover bids. The move, which has received shareholder support, comes after the government last month stripped the company of its East Coast rail franchise when it warned it could no longer afford the £1.4bn [...]
Observer may close after review August 2, 2009 A closure of the Observer, the 218-year old world’s oldest Sunday newspaper, is thought to be a possibility after owner Guardian News and Media (GNM) has kicked off a strategic review of the title. As it fights to adapt following the credit crunch and increasing shift towards online news, GNM is mulling all options for [...]
Virgin Galactic to launch satellites August 2, 2009 Virgin Galactic, the space tourism venture being developed by Sir Richard Branson, is to offer a satellite launcher on its WhiteKnightTwo spacecraft as an extra revenue stream. The company, that plans to offer low-earth orbit excursions for the ultra-rich, is working with UK-based firm Surrey Small Satellites to offer the ability to put a 200kg [...]
Administrations up 18 per cent August 2, 2009 The number of firms in financial trouble rose by 18 per cent in the first half of the year, compared to the first half of 2008, as the financial crisis presented an increasingly hostile environment for business. Research from Deloitte shows more firms collapsed but the rate of collapse is slowing, with the number of [...]
DOME DEAL August 2, 2009 WEALTHY Cambridge College, Trinity, is believed to be in talks with the owners of the O2 entertainment complex over a £20m deal.Quintain and Lend Lease own a 999 year lease for the Greenwich based centre, formerly known as the Millennium Dome, but have appointed investment agents to work on a sale.
RBS nails down its Asian asset sell-off August 2, 2009 ROYAL Bank of Scotland was closing in on a sale of its Asian assets yesterday, as it emerged Australian bank ANZ is likely to pay A$1.1bn (£549m) for its operations in six Asian areas. ANZ said yesterday talks are “progressing well” over an asset purchase, including RBS’ operations in Taiwan. RBS, which is set to [...]
King calls for strict stance on regulation August 2, 2009 BANK of England governor Mervyn King said yesterday that tougher measures on banking regulation were still needed, and added that some bonuses being paid to executives were “absolutely astronomic” and could not be justified. “Executives at the top are earning vast sums, beyond the dreams of ordinary people, for doing a job which it’s very [...]
