Hays profits up but tough times ahead September 3, 2008 UK recruitment firm Hays posted a 25 per cent increase in annual profits yesterday on the back of international growth, but warned that the market would get tougher this year. The company reported pre-tax profits for the year ending 30 June of £264.4m, up from £211.7m, as it enjoyed a 19 per cent rise in [...]
Job appointments tumble September 3, 2008 The rate of permanent employment appointments fell in August at the sharpest rate for almost seven years according to a report from KPMG published today. Shrinking demand for staff has led to the lowest number of permanent places since November 2001; the fifth consecutive month of employment cutbacks. Kevin Green, chief executive, of the Recruitment [...]
Alcatel calls former BT CEO to the rescue September 3, 2008 Alcatel-Lucent named its new management team yesterday, handing the task of turning round the ailing French-US telecoms equipment group to former BT chief executive Ben Verwaayen and French business grandee Philippe Camus. The world’s biggest provider of fixed-line telecoms networks has seen its market value drop more than 60 per cent in the 21 months [...]
Lehman and KDB ready for lengthy talks September 3, 2008 Speculation surrounding Lehman Brothers reached fever pitch yesterday as Korea Development Bank (KDB) confirmed it was in talks to buy a stake in America’s fourth-largest securities firm. The CEO of KDB, Min Euoo-Sung, formerly head of Lehman’s Seoul branch, confirmed yesterday that the state-run bank was in talks with Lehman, led by CEO Dick Fuld. [...]
Branson eyes possible £2bn Gatwick deal September 2, 2008 Richard Branson, the billionaire owner of airline Virgin Atlantic, said yesterday he is eyeing a £2bn bid for airports group BAA’s London Gatwick airport if it were put up for sale. A Virgin Atlantic spokesman said: “This is something we have given a lot of serious thought to.” He added: “We have talked to other [...]
Going short is not necessarily the answer September 2, 2008 A medium or long term approach may be wisest just now, says Katie Hope Its’ like a grim version of “when I were a lad…” working in the City at the moment. Everyone’s trying to out-do themselves in describing just how bad things have got. Going to school barefoot barely makes the grade in terms [...]
Atticus sees £2.7bn losses as downturn hits it hard September 2, 2008 Atticus, the high-profile New York hedge fund involved in the failed Barclays bid for ABN-Amro, has lost more than $5bn (£2.8bn) this year after its funds were battered by steep falls in financial stocks. The activist fund saw assets under management fall to around $14bn at the end of July, down from $20m last year [...]
Bumper profits at GDF-Suez September 2, 2008 The newly-formed French energy giant GDF Suez yesterday heralded the start of a “beautiful industrial adventure”, announcing that net profit had soared by 14 per cent. Rising energy demand and rocketing oil prices helped the powerhouse report bumper first-half profits of €3.4bn (£2.76bn), after it was created following the merger of France’s state owned Gaz [...]
Demand for UK equities is at its lowest for six years September 2, 2008 Demand for UK equities is set to fall to just £17bn this year, down from £68bn last year, its lowest level in six years a leading investment bank warned yesterday. Morgan Stanley. Morgan Stanley blamed plunging merger and acquisition activity levels, and a dwindling number of dividend pay outs and share buybacks for its prediction [...]
KPMG set to run Caliber liquidation September 2, 2008 Caliber Global Investment, the LSE listed mortgage-bond fund run by the hedge fund group Cambridge Place Investment Management, is seeking shareholder approval to appoint KPMG, the accountancy firm, to oversee its liquidation. Caliber is unwinding holdings of US and European mortgage-backed debt, which totalled $908m in March 2007, after taking losses on subprime mortgages. The [...]
