HSBC PLAYS MUSICAL CHAIRS IN M&A ROLES July 6, 2011 CHANGE at the top at HSBC. The Capitalist has learned that rising star Maged Latif, who joined the bank from Goldman Sachs two years ago, has been fast-tracked from deputy head of M&A to co-head of global financial institutions group (FIG) advisory. Latif, who made his mark advising the government on taking Northern Rock into [...]
Allen & Overy posts rises in its profits and revenues July 6, 2011 ALLEN & Overy was the latest magic circle law firm to release its financial results yesterday, posting a seven per cent rise in revenues alongside a six per cent hike in profits. Turnover at the firm, which has 487 equity partners across 37 offices, rose to £1.12bn in the year to 30 April, climbing from £1.05bn [...]
Banks in retreat after Portugal downgrade July 6, 2011 The FTSE 100 lost ground on opening today after Moody’s cut Portugal’s credit rating to “junk” sending banking shares down. As the Eurozone crisis deepened investors abandoned risky equities as banks’ exposure to the crisis in the eurozone came under the spotlight. The euro fell sharply after the Moody’s four-notch downgrade to Ba2, with the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 5, 2011 FINANCIAL TIMES RWE CONSIDERS PULLING THE PLUG ON NPOWER On the banks of the River Trent, a new gas-fired power station at Staythorpe represents a £650m investment by Npower, the UK subsidiary of the German utility RWE, in Britain’s energy future. Yet RWE has been reviewing its strategic options, advised by Goldman Sachs, as it grapples [...]
Africa helps boost Tullow Oil revenue July 5, 2011 TULLOW OIL said it expected to post record revenues of $1.05bn (£0.65bn) for the first half of the year as it ramps up output in Africa. Higher oil prices and steady production at its Jubilee Field in Ghana will help boost the firm’s first-half revenues, the FTSE 100 oil and gas explorer said in a [...]
Cenkos chief Simon Melling steps down July 4, 2011 SIMON Melling, chief executive of mid-market stockbroker Cenkos, resigned after two years at the helm yesterday. The 50-year-old is believed to be leaving for personal reasons after a City career spanning 23 years. Melling became Cenkos’ chief executive two years ago after serving as its chief operating officer and finance director since its listing on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 30, 2011 FINANCIAL TIMES MAD MEN PARENT EYES STARDOM The dapper, hard-drinking, advertising executives of Mad Men made the show one of the big television hits of recent years. Now Mad Men’s parent company is vying to be a star on the stock market. Shares in AMC Networks will begin regular trading on the Nasdaq today, following [...]
BARRED: MOBILE BOSS TALKS HIS WAY INTO HIS OWN GLASTO PARTY June 30, 2011 IF YOUR name’s not down, you’re coming in – not even if your name is Tom Alexander, chief executive of Everything Everywhere, and you are trying to get in to your own party at Glastonbury. As the other partygoers got stuck in to the free drinks inside the VIP farmhouse rented by the mobile phone [...]
Daisy Group is meeting forecasts June 28, 2011 Telecoms firm Daisy Group forecast trading for the current financial year at the upper end of current expectations after posting a near-flat full-year loss. The firm also said chief financial officer Anthony Riley had stepped down to pursue other interests. Steve Smith will take over from Riley. The firm’s pre-tax loss was £19.7m on revenue [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 27, 2011 FINANCIAL TIMES MICROSOFT LAUNCHES CLOUD OFFICE Microsoft is set to place one of its biggest bets yet on cloud computing with the launch of Office 365, an online version of its most widely used business software. The software company’s belated push online with one of its core businesses comes more than four years after Google [...]