BUSINESS GRANDEES RUB SHOULDERS WITH CELEBS AT ARK EXTRAVAGANZA May 13, 2010 HEDGE fund millionaires, business hotshots and celebrities alike flocked in their droves last night to the financial world’s most extravagant charity bash of the year – Arpad Busson’s annual ARK gala dinner. Busson himself is renowned in equal part for his stewardship of the EIM hedge fund, his phenomenal philanthropic efforts at the helm of [...]
Government may spilt up large banks May 12, 2010 BANKS may be forced to split their retail and trading operations in a bid by the new coalition government to water down risk in the City. The Conservatives and Liberal Democrats yesterday announced a one-year inquiry into the sector that could see the so-called “Volcker rule” imposed on the UK’s institutions. The rule, named after [...]
FTSE falls on uncertainty over Greek debt, government and Chinese inflation May 11, 2010 BRITAIN’S top share index fell yesterday as concerns over the Eurozone’s rescue package, monetary tightening in China and political uncertainty in the UK hit investor sentiment. The FTSE 100 index closed down 53.21 points, or 1 per cent, at 5,334.21, having gained 5.2 per cent on Monday after an emergency rescue package from the European [...]
Young entrepreneurs are hope for the future May 10, 2010 LAST Friday night, I spent the evening in Hatfield House – one of my favourite UK historical sites as Queen Elizabeth I is my hero – with the top entrepreneurs of the University of Hertfordshire, which was shortlisted for the Times Higher Education “Entrepreneurial University of 2009” award. The university, whose chancellor is the Tory [...]
Banks boost FTSE after Euro bailout May 10, 2010 BRITAIN’S leading share index scored its biggest one-day per cent rise in nearly 18 months yesterday as the $1 trillion (£645bn) Eurozone rescue package doused concerns of EU debt defaults and further economic dislocation. Bank stocks, which plunged last week on their exposure to debts of Greece and other EU states, led the advance as [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 9, 2010 FINANCIAL TIMES GARDNER TO TAKE CONNAUGHT ROLE Connaught will today announce Sir Roy Gardner as its new non-executive chairman in a move the social housing maintainance group hopes will stabilise the business after a turbulent six months. The group, which mends leaky pipes in council houses and sweeps roads, was hit by the sudden resignation [...]
LDC close to Antler acquisition May 9, 2010 Lloyds Development Capital (LDC) , the private equity arm of the Lloyds Banking Group, is on the cusp of snapping up long-established luggage firm Antler after a lengthy auction process for the business. Antler has been owned by Barclays Private Equity since 2004 and has been on the market since last September. Turnaround specialists Endless [...]
MTG sees profits during first year May 9, 2010 PRIVATE client law firm Maurice Turnor Gardner (MTG) is the first City legal practice to give an indication of the 2009 financial year after the firm reported profits of roughly £2m. MTG, which spun off from “magic circle” firm Allen & Overy (A&O) last year during a restructuring, said that it had emerged as “comfortably [...]
BEST OF THE BROKERS May 9, 2010 BARCLAYS UBS maintains a “buy” rating on Barclays and says revenues in the investment bank are set to grow as newer businesses start to deliver. The sharp negative reaction to Barclays’ trading update last month was on a weaker revenue performance than expected but UBS says the lower revenue was counterbalanced by lower costs. It [...]
Interest rates set to remain in a deadlock May 9, 2010 MONETARY policy should remain on hold this month to provide some certainty to the markets and to give the Bank of England time to fully assess the political situation, a majority of City A.M.’s Shadow MPC say ahead of the Monetary Policy Committee decision that is due at midday today. Only Henderson’s Simon Ward thinks [...]