BlackRock sees jump in fourth quarter profit January 25, 2011 BlackRock Inc, the world’s largest asset manager, reported a big jump in fourth-quarter profit and revenue, topping analysts’ estimates, aided by the global stock market rally. With markets on an upswing, the $3.6 trillion investment unit for $15bn just over a year ago finally appears to be paying off for investors. BlackRock attracted a net [...]
What the other papers say this morning January 24, 2011 FINANCIAL TIMES FSA CHIEF SEEKS NEW SAFEGUARDS The head of the Financial Services Authority has called for a “radical rethink” of consumer protection in the UK, including the possible imposition of fee caps and bans on some retail financial products. The regulator has historically adopted a “light touch” approach for the regulation of financial products, [...]
China Hongqiao plans HK listing to raise $2.2bn January 24, 2011 CHINA HONGQIAO Group, the largest privately owned aluminium hydroxide producer in China, has launched the roadshow for its Hong Kong initial public offering, hoping to raise up to $2.2bn (£1.38bn). The deal involves 1.74bn primary shares with a guidance price range set at HK$7.10-$9.90 (57p-80p), representing a 2011 price to earnings ratio of 7.23-10.08 times, [...]
Greencore to fight rival bid January 23, 2011 GREENCORE is expected to sweeten its merger deal with Northern Foods this week in an attempt to best Boparan’s £342m cash takeover offer. Dublin-based Greencore is considering adding a cash sweetener on top of its all-share merger with Northern, according to people familiar with the companies. Northern’s board has dropped its support for the Greencore [...]
Barclays may overhaul its remuneration January 23, 2011 BARCLAYS could completely overhaul the way it remunerates its top staff next month. Bob Diamond is considering paying a portion of bonus payments for his top 1,000 staff in contingent convertible bonds – known as Cocos. Cocos are a more politically acceptable form of remuneration as they convert from debt to equity if a bank [...]
Davos ready for a deluge of bankers January 23, 2011 FINANCIAL services firms are set to make a strong reappearance at the World Economic Forum in Davos this week. Guests at the forum will include Barclays’ Bob Diamond, JP Morgan’s Jamie Dimon, Deutsche Bank’s Josef Ackermann, HSBC’s Stuart Gulliver and outgoing Lloyds chief executive Eric Daniels among others. The strong presence of banking executives comes [...]
CITY MOVES | WHO’S SWITCHING JOBS January 23, 2011 Navigant Navigant has announced the appointment of Romek Matyszczyk as a director in its London-based disputes and investigations team. With over 20 years of specialist valuation experience, Romek has advised on all aspects of valuing businesses, companies, listed and unlisted securities, intellectual property and intangible assets. Prior to joining Navigant, he was a partner in [...]
The pensions chief who says that investors are no longer a soft touch January 23, 2011 It is easy to see why the chairman of the National Association of Pension Funds (NAPF) looks more relaxed these days – this coalition government is less keen on beating shareholders over the head. Lindsay Tomlinson is lounging on a sofa in a bright modern office in the NAPF’s headquarters on Cheapside, opposite the recently-opened [...]
United rebuff talk of £2bn takeover by Qatar Holding January 23, 2011 MANCHESTER UNITED insist the club is not for sale and have denied suggestions that the Glazer family, which owns the club, has held talks with a Qatari consortium over a potential £2bn takeover. Qatar Holding, the £40bn investment company owned by the Gulf kingdom’s royal family, is thought to have had a £1.5bn offer for [...]
Inflation peril after factory prices rocket January 20, 2011 BRITAIN’S manufacturing boom looks set to continue – although rising factory gate prices are threatening to stoke inflation even higher, a survey revealed yesterday. Manufacturing output prices rose at the fastest pace since October 2008 in the final months of last year, according to a survey by the Confederation of British Industry. And in the [...]