Spencer sells Origin stake to US group July 7, 2011 ORIGIN Asset Management, a boutique fund manager backed by Icap’s Michael Spencer (pictured), was snapped up by US asset manager Principal Financial Group for $66m (£41m) yesterday. Iowa-based Principal has agreed to buy a 74 per cent stake in Origin, which manages £2bn of equity portfolios out of London for institutional clients, while Origin’s partners [...]
STRICTLY BUSINESS BRIEF ENDS VINCE CABLE’S DANCING DREAM June 28, 2011 THERE is something bothering business secretary Vince Cable – and it’s not the separation of retail and investment banking, the Greek debt crisis or even waging war on Rupert Murdoch. No – Cable is concerned his demanding day job could mean he never fulfils his dream of returning to Strictly Come Dancing for a full [...]
BEST OF THE BROKERS June 20, 2011 PREMIER FARNELL UBS raises the electronic components distributor to “neutral” after weak first quarter results now leave less room for valuation downside. US slowdown and company-specific problems in Asia Pacific, where organic sales growth slowed from 11 per cent in the fourth quarter to fivr per cent, lead the broker to think growth will struggle [...]
Leahy invests in tech firm June 12, 2011 FORMER Tesco boss Sir Terry Leahy has invested £2m of his personal wealth into a British software startup. He has bought a ten per cent stake in MetaPack, a small technology firm that co-ordinates customer deliveries for several big retailers. The company counts Sir Terry’s former employer, from which he stood down as chief executive [...]
Sir Stuart Rose got an £8.1m golden goodbye June 9, 2011 SIR Stuart Rose was handed an £8.1m golden goodbye when he left Marks & Spencer last year, according to the retailer’s annual report. The former chief executive and executive chairman received a pay packet worth £2.77m in 2010-11, compared to £2.6m a year earlier, plus over £5m in shares. Marc Bolland, who became chief executive [...]
Mining shares rebound and oil stocks rise on supply fears June 9, 2011 MINERS rebounded from the previous day’s sharp sell-off to help push Britain’s top share index higher yesterday, while oil stocks tracked crude higher on supply fears. The FTSE 100 closed up 47.45 points, or 0.8 per cent, at 5,856.34, having bounced well clear of the session low of 5,795.00, although thin volumes exaggerated the index’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2011 FINANCIAL TIMES SPAIN TO SEEK REDRESS OVER E. COLI CLAIM Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs [...]
Banks bolster FTSE at the close May 25, 2011 London stocks struggled to gain ground today as poor economic data on both sides of the Atlantic dismayed investors. A rally led by banking stocks late in the afternoon helped push the FTSE back into the black, with the FTSE 100 just 0.2 per cent higher at 5,870.14 at the close. Miners made muted gains [...]
M&S in store revamps as profit climbs May 24, 2011 MARKS and Spencer (M&S) yesterday unveiled a far reaching shake-up of its stores which will see branches in richer areas being stocked with more expensive lines. Chief executive Marc Bolland said the move – based on the spending power and demography of a local area – would see products better reflect the requirements of shoppers. [...]
FTSE rallys on commodities but Eurozone doubts linger May 24, 2011 BRITAIN’S top shares rose yesterday as rallying commodity stocks helped the index recover some of its poise, but the advance may be short-lived as investors find themselves hemmed in by Eurozone debt concerns. The FTSE 100 closed up 22.52 points or 0.4 per cent at 5,858.41, having hit a two-month closing low on Monday after [...]