FTSE falls on worries of China and copper losing momentum September 29, 2011 BRITAIN’S leading share index fell back yesterday, bucking firmer trends from both US and European equity markets and under pressure from big falls by heavyweight miners on lower copper prices amid concerns over future demand. Traders highlighted some anxiety over growth from major metals consumer China ahead of official September PMI numbers, due out on [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2011 BNY Mellon Michael Cole-Fontayn has been appointed as the new chairman of EMEA at BNY Mellon, retaining his existing responsibilities as chief executive of the depositary receipts division. Cole-Fontayn succeeds Tim Keaney, chief executive of BNY Mellon Asset Servicing, who is relocating to New York. Cole-Fontayn joined BNY Mellon in 1984 and has worked in [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2011 BNY Mellon Michael Cole-Fontayn has been appointed as the new chairman of EMEA at BNY Mellon, retaining his existing responsibilities as chief executive of the depositary receipts division. Cole-Fontayn succeeds Tim Keaney, chief executive of BNY Mellon Asset Servicing, who is relocating to New York. Cole-Fontayn joined BNY Mellon in 1984 and has worked in [...]
G4S shares plunge after £5.2bn offer October 17, 2011 INVESTORS took fright yesterday after security firm G4S revealed plans to buy ISS from its private equity owners in a £5.2bn deal. Shares in G4S plunged more than a fifth after it said it would pay £1.53bn in an even split of cash and shares for the Danish facilities management group. It will raise £2bn [...]
Paragon eyes Northern Rock July 3, 2011 MORTGAGE lender Paragon has emerged as a surprise contender to buy Northern Rock. It is understood Paragon has requested documentation relating to the sale with a view to making an offer. The sale is expected to return around £1bn of the £1.4bn invested in the failed institution by the taxpayer. Paragon joins Coventry building society, [...]
Mitchells & Butlers turns down new bid September 13, 2011 MITCHELLS & Butlers shareholder Standard Life Investments yesterday branded Piedmont’s 230p per share possible offer “insulting” and accused it of destabilising the company, as the firm rejected the approach. David Cummings, SLI’s head of UK equities, lashed out at Piedmont owner Joe Lewis, claiming his attempt to buy the pub group outright was “wholly unsatisfactory”. [...]
New takeover rules set to test the City September 18, 2011 ALMOST two years after Kraft’s unsolicited bid for Cadbury, changes are being introduced today designed to strengthen the hand of companies that find themselves the subject of unwanted advances. But critics fear the changes will further damage the UK’s stalled M&A market, proving onerous for bidders and diverting investment away from the UK economy. Shortly [...]
Asset based finance sector outperforms wider economy September 15, 2011 CHIEF EXECUTIVE, ABFA WE are all too aware that the UK economy has struggled to recover and grow following the recession, with GDP growth dropping to just 0.2 per cent and with rising inflation and taxes, as well as low productivity, this trend looks set to continue – at least for the near future. The [...]
American housing market slumps June 21, 2011 Sales of previously owned US homes fell to a six-month low in May and prices dropped 4.6 per cent from a year ago, pointing to a housing market still struggling to regain its footing. The National Association of Realtors said yesterday that sales slipped 3.8 per cent month-on-month to an annual rate of 4.81m units, [...]
Investment banks face bleak future August 30, 2011 INVESTMENT banks face a fight for survival as returns and revenues shrink, according to two reports released today. A study by McKinsey & Co claims that investment banks are heading for a “day of reckoning” that will see many firms fall by the wayside. And figures compiled by data provider Dealogic show that European revenues from [...]