THE TIPSTER June 14, 2009 AGGRESSIVE DISCOUNTING TO LIFT TESCOTHERE were rumours flying around the markets last week of a profit warning by Carrefour – the world’s second largest supermarket – but this side of the Channel, things in the grocery market are looking a lot rosier. Morrisons has been doing well, as has Sainsbury’s. But size does seem to [...]
Larry Fink’s BlackRock is here to stay June 14, 2009 ANALYSIS: THE WORLD’S LARGEST ASSET MANAGER WILL BE A MAJOR PLAYER IN LONDONBLACKROCK’S acquisition of Barclays Global Investors (BGI) will see it become the world’s largest asset manager with $2.89 trillion (£1.75 trillion) under management, more than twice the funds run by number-two group State Street. The new firm, BlackRock Global Investors, will be one [...]
UK investors prove least likely to shy from taking risks June 14, 2009 INVESTORS in the UK are significantly more likely to increase the level of risk in their portfolios than their foreign counterparts, a new survey has shown. Among British investors, 37 per cent said they were likely to increase the level of risk in their portfolios in the next 12 months, according to the report by [...]
BlackRock on verge of BGI deal June 11, 2009 MONEY manager BlackRock’s $13bn (£7.8bn) bid to take over Barclays Global Investors (BGI) could be wrapped up as early as today, with advisers working around the clock to put the final seal on the tie-up. The US firm will swallow BGI in a cash-plus-shares deal, giving Barclays a 20 per cent stake in what will [...]
Heritage Oil slips as market talk fuels some profit taking June 10, 2009 THE large cap index gained nearly one per cent, or 31.96 points, higher yesterday at 4,436.75, driven by gains in mining and energy stocks, while banks rose on growing investor confidence. Mid cap Heritage Oil lost some of its recent gains, dropping nearly 11 per cent to 540p, amid profit-taking and some speculation that its [...]
Odey and GLG among hedge fund winners June 10, 2009 WINNERS are emerging from the hedge fund sector’s dramatic comeback in May, with groups like Odey and GLG now trumpeting net gains as high as 35 per cent this year so far. Hedge fund managers are saying investments in banks and emerging markets paid off last month, while recent research claimed May saw the vehicles [...]
BGI staff await 360m payout June 10, 2009 Staff at Barclays’ BGI asset management arm are set to receive a £360m windfall from its sale to US asset manager BlackRock. The group’s top four executives could net shares worth £115m.
Treasury hires banks to manage auction of bonds June 9, 2009 THE Treasury has turned to a quartet of banks to manage a sale of 25-year bonds, in its first syndicated gilt sale in four years. The Debt Management Office said Barclays Capital, Goldman Sachs, HSBC and Royal Bank of Scotland had been hired to sell the securities during the week beginning 15 June. The bonds, [...]
BlackRock nears BGI takeover June 9, 2009 BLACKROCK looks set to seal the deal to buy Barclays Global Investors (BGI) as early as today, sources say. The deal would merge the two giant firms to create the world’s biggest money manager. The US bank is expected to pay Barclays up to $13bn (£8.1bn) in a mixture of cash and shares. It is [...]
Guilty plea in banker death June 9, 2009 TWO men have pleaded guilty to the manslaughter of Barclays Wealth chief operating officer Frank McGarahan, who died after trying to break up a street fight in the early hours of 28 September last year in Norwich. Tom Cowles, 22, and his brother Ben, 21, admitted to manslaughter after initially denying a charge of murder. [...]