BT to tackle record £9bn pension fund deficit February 11, 2010 STRONGER third quarter profits at telecoms giant BT were today overshadowed by concerns over its record £9bn pension deficit as it published the results of its long awaited evaluation. The FTSE 100 group said it had agreed a 17-year recovery plan for the scheme under which it will pay £525M a year for the first [...]
Infineon faces battle over chair February 10, 2010 Infineon could see its chairman-designate blocked today by shareholders in what would be a milestone for corporate governance in Germany. Shareholders in the German chipmaker – led by Hermes, the UK fund manager owned by the BT pension scheme – have led a month-long campaign to bar Klaus Wucherer, a long-time Infineon non-executive director, as [...]
BT boosts competition in cables February 8, 2010 BT is poised to open up its underground cable ducts so that competitors can run their own high-speed broadband networks through the telecoms company’s infrastructure. This would allow them to lay their optical fibre cables without the cost of digging up pavements. The move marks an important policy shift by BT.
BT pension firm Hermes sets up a credit boutique February 3, 2010 HERMES, the fund firm owned by the BT pension fund, has set up a new credit boutique with a £400m investment from its parent as it seeks to drive third-party business. The launch is part of a wider effort to grow Hermes’ third-party business, which chief investment officer Saker Nusseibeh, said would aim to bring [...]
BEST OF THE BROKERS February 3, 2010 BSKYB ING advises investors to “buy” BSkyB shares citing its “decent financials” and strong operating metrics despite the consumer recession. Believes its recent results indicate it’s a company for “BT to worry about”. Says the shares are “too cheap by far,” and that the market is underestimating its growth plans. Expects it to grow more [...]
Retail bonds launch online February 1, 2010 A NEW online trading platform will open up the corporate bond and gilt market to the retail sector. The launch of a new order book by the London Stock Exchange (LSE) yesterday will allow far greater access to private investors. Of an estimated 10,000 bond packages available, only 200 were readily available to retail investors. [...]
Tories in fast broadband plan January 31, 2010 A CONSERVATIVE government could use part of the BBC licence fee to fund the rollout of superfast broadband to the majority of homes by 2017. And the Tories pledged to end BT’s dominance of broadband by forcing it to give rivals access to its ducts, sewers, telephone poles and unused cables. Shadow culture secretary Jeremy [...]
Hermes green fund launches January 26, 2010 HERMES Private Equity yesterday launched its new Environmental Investment Fund (EIF) with £125m of capital at first close, as part of a government programme to underpin the economic recovery by supporting investment in UK growth businesses. Hermes, along with the European Investment Fund, was last month appointed as one of two fund of funds managers [...]
FOOD & BOOZE NEWS January 25, 2010 MASTER OF MACAROONS COMES TO LONDON Parisian pâtissière to the stars Pierre Hermé is to come to London. Naturally he’ll have a Knightsbridge boutique – but that’s scheduled for summer. In the meantime, his gilded macaroons and bonbons will be on sale at Selfridges, from 5 February. Hermé is credited with creating the modern macaroon, [...]
INVESTMENT BANK WANNABE LAYS HIS SOUL BARE AT GOLDMAN ALTAR January 24, 2010 DEPLETED bonus pool or not, it appears university graduates are still tripping over themselves to land a coveted internship position at Wall Street giant Goldman Sachs. In swoops an email doing the rounds in the City, alerting The Capitalist to a copy of a Goldman internship application form recently sent by an aspiring master of [...]