Amex sees its earnings rise on higher fees July 17, 2013 CREDIT card company American Express reported a five per cent increase in quarterly profit as it charged higher fees and earned more commissions on its cards. American Express, which gets the bulk of its US billed business from affluent corporate customers, said cardmember spending increased eight per cent in the quarter, adjusted for foreign currency [...]
KKR in bumper bonus payout to co-founders February 24, 2013 THE FOUNDERS of private equity giant KKR pocketed a $34m (£22.5m) bonus and $100m share award each last year after a bumper 12 months for the New York-based firm, regulatory filings show. Cousins Henry Kravis and George Roberts – who founded the buyout shop with Jerome Kohlberg in 1976 – received a base salary of [...]
Man Utd CEO steps down February 21, 2013 FORMER JP Morgan banker Ed Woodward will take control of Manchester United this summer, replacing long-serving chief executive David Gill. Woodward helped the Glazer family with their purchase of the club in a £790m leveraged takeover in 2005 before joining the club shortly afterwards. Gill piloted the club through a difficult period which saw regular [...]
US startup incubator TechStars moves into Silicon Roundabout February 21, 2013 A COLORADO-BASED firm that nurtures technology startups has made its first move out of the US by launching in London. TechStars will launch a programme designed to help 20 small businesses develop, allowing them €85,000 (£74,000) made up of funding and convertible debt each. The startups will also receive mentoring from successful British technology startups [...]
Wall St drops as Fed minutes spark concern February 21, 2013 US stocks fell the most in three months and a key gauge of market volatility spiked yesterday after minutes from the US Federal Reserve’s most recent meeting suggested the central bank may slow or stop buying bonds sooner than expected. The minutes from the Fed’s January meeting showed many officials voiced concern last month over [...]
New York Report: M&A activity lift shares near record levels February 19, 2013 US STOCKS rose yesterday as this year’s ongoing surge in merger activity suggested investors were still finding value in the market even as indexes closed in on all-time highs. Office Depot Inc surged 9.4 per cent to $5.02 after a person familiar with the matter said the number two US office supply retailer was in [...]
Buffett Dines on Heinz for $28bn February 14, 2013 US BILLIONAIRE investor Warren Buffet and 3G Capital have swooped in to buy Heinz in a $28bn (£18bn) deal that marks one of the food industry’s largest ever acquisitions. Buffett’s investment firm Berkshire Hathaway and the Brazilian-backed private equity firm will pay $72.50 per share for the baked beans and ketchup maker, a 20 per [...]
LSE tries to turn tide on exodus of tech startups February 13, 2013 THE LONDON Stock Exchange is trying to tempt fast-growing tech firms away from Silicon Valley by launching a “high growth segment” with less onerous listing rules. The exchange said yesterday that companies with an annual growth rate of 20 per cent over three years will from next month be able to join the segment of [...]
High-frequency trading firm Getco struggles February 13, 2013 HIGH-FREQUENCY trading business Getco yesterday revealed an 82 per cent drop in profits for the first nine months of 2012 thanks to poor market conditions. The figures – the first time that the company has made its financial performance public – were contained in a filing to the US securities and exchange made as part [...]
Dow heads to highs ahead of key speech February 12, 2013 US STOCKS closed modestly higher yesterday, putting the Dow within striking distance of an all-time high, as investors looked ahead to President Barack Obama’s State of the Union address. Investors will be listening to Obama’s speech for any clues on a deal with Republicans to avert automatic spending cuts due to take effect on 1 [...]