THE TIPSTER May 16, 2010 SHARES in Tullett Prebon plunged 12 per cent last Thursday following the announcement that the discussions with a third party about a possible takeover had been terminated. The shares have fallen well below their 200, 100 and 50-day moving averages and currently trade just above their Fibonacci support, around 306p. A break through 300p could [...]
Portugal joins Eurozone’s push into era of austerity May 13, 2010 PORTUGUESE leaders agreed tough new austerity measures yesterday, joining a coordinated Eurozone push that has so far calmed the markets’ worst fears of a Greek-style debt crisis spreading. Portuguese Prime Minister Jose Socrates and opposition leader Pedro Passos Coelho drew up steps to reduce the budget deficit by about €2bn (£1.4bn), half from spending cuts [...]
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 [...]