The fund manager who swallowed New Star and is looking for more March 28, 2010 We are at the beginning of the end of the financial crisis, according to the chief executive of Henderson Global Investors. “It will be a very slow recovery throughout 2010,” says Andrew Formica, the 38-year-old boss of the UK’s third-largest listed fund manager, which boasts assets under management of £58.1bn. The confident Australian is sat [...]
Starbucks set to pay its first dividend as its overhaul succeeds March 24, 2010 STARBUCKS announced its first dividend yesterday joining companies like McDonald’s and Coca-Cola in making payouts to shareholders. Starbucks set a quarterly dividend of 10 cents per share to be paid on 23 April to shareholders at the close of business on 7 April. The payout is part of a new plan to return 35 to [...]
Regus profits fall but bright outlook ahead March 22, 2010 SERVICED office provider Regus yesterday said full-year pre-tax profits fell 42 per cent as the recession took its toll on small business, and warned its outlook remained unclear. Regus said the UK workspace picture remains hazy as it posted a fall in turnover from £1.077bn to £1.055bn with pre-tax profits of £86.9m compared with £149.2m [...]
Why the Tories should try talking to voters with a Canadian accent March 22, 2010 As the general election draws near, voters appear to be pondering the previously unthinkable: granting Gordon Brown another term in office. The Conservatives’ lacklustre standing in the polls reflects the cloud of doubt swirling around David Cameron, what he stands for – or does not stand for. Tax cuts? Entitlement cuts? Spending cuts? Voters want [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 17, 2010 FINANCIAL TIMES ITV SET TO ESCAPE RULES BUGBEAR ITV may be close to losing one of its most burdensome regulations after the government said it had powers to intervene in a long-running competition saga under a loophole in the law. City analysts believed the contract rights renewal (CRR) rules were certain to be a drag [...]
Derwent plots new property projects as market recovers March 17, 2010 PROPERTY company Derwent London plans to spend more than £260m on new projects in the capital after an improvement in the rental market. The FTSE 250 firm, which specialises in revamping offices in West End locations, unveiled its plans yesterday as it reported a narrowing in annual pre-tax losses for 2009. The company expects capital [...]
Portsmouth 17 points from safety after penalty imposed March 17, 2010 PORTSMOUTH administrator Andrew Andronikou has pointed the finger at former chief executive Peter Storrie for the financial crisis that has doomed the club to relegation to the Championship. The Premier League yesterday confirmed that Pompey have been docked nine points – the standard penalty for going into administration – leaving them 17 points from safety [...]
CITY BIDS FAREWELL TO ANCIENT BROKER March 17, 2010 AFTER over 200 years providing services to the City of London, it was a sad farewell yesterday to the oldest stockbroking name in the Square Mile. The origins of Hichens Harrison can be traced back to at least 1803, when it was in business shortly following the formation of the Stock Exchange, though the exact [...]
Why the City’s shipping supremo is battling an old rival for members March 16, 2010 THE CHIEF executive of the Baltic Exchange Jeremy Penn looks remarkably unruffled for a man who has just seen a rival come back for a second time in a concerted attempt to muscle in on his business. The head of the exchange that sets the prices for the majority of the world’s $200bn (£182bn) shipping [...]
End our smoke and mirrors economy March 15, 2010 AMERICANS are great at producing lengthy, blow-by-blow investigations into crises, debacles and disasters. Last week’s 2,200 pager into the Lehman Brothers collapse from US examiner Anton Valukas is a case in point. His revelations about how Lehman was able to downplay the size of its balance sheet are especially riveting. It is clear that the [...]