LSE axing 120 in restructure June 25, 2009 THE LONDON Stock Exchange Group (LSE) is negotiating the redundancy of up to 120 staff, with at least 60 London-based employees to be affected, as the new chief executive Xavier Rolet acts on his promise to make the group operate more cost effectively. The cuts, which began on Wednesday, will mostly involve marketing and customer [...]
The world’s biggest hotelier won’t let the downturn stop expansion September 20, 2009 At 6’3”, the chief executive of InterContinental Hotels Group (IHG) Andrew Cosslett has broad shoulders – and with the battering the travel sector has taken over the last year it is just as well. Not surprisingly, the economic downturn has hurt the world’s largest hotel group, which boasts 630,000 rooms across more than 4,300 hotels [...]
In troubled times, traders look to flexible tools to maximise profits August 5, 2009 MARKET volatility during the financial crisis has meant that many investors have dived for cover and taken their money out of the markets. But that’s not the case for everybody. What is stormy weather for some is exciting for others, and those who like to plunge into volatility have been looking at the wide range [...]
BEST OF THE BROKERS June 9, 2009 LONDON STOCK EXCHANGE (LSE)Analysts at Bernstein upgraded the LSE to “outperform” with a target price of 950p, based on the potential for cost-savings, a low interest rate environment and a strong post-trade environment to drive stock outperformance. The broker believes that consensus earnings for the group are understated and forecasts four per cent above average [...]
GAS LEAK CLOSES L&G OFFICE FOR THE DAY July 13, 2009 LEGAL & General had the opportunity to test its contingency plans yesterday, after a gas leak forced the firm to close its Moorgate mother-ship. City types said that the road outside L&G’s Coleman Street corporate headquarters was in a state of disarray in the morning as workers frantically fought to deal with the leak, which [...]
Castle in LSE listing amid liquidity hunt May 26, 2009 SWISS fund of hedge funds Castle Alternative Invest is launching a second share listing on the London Stock Exchange (LSE), in a bid to access the high levels of liquidity on the main UK stock market. The fund, run by LGT Capital Partners, is currently trading at a 27 per cent discount to its £315m [...]
Final Lloyd’s of London firm set to leave the FTSE 100 June 9, 2009 FTSE INTERNATIONAL is expected to confirm tonight that Amlin will be demoted from the FTSE 100, the last Lloyd’s of London insurers to leave the index. Based on last night’s share prices, pub company Whitbread and power station operator Drax Group are likely to join the insurer on the FTSE 250. Predicted to move back [...]
DOOMSAYING ECONOMIST ENJOYS HIS NEWFOUND CELEBRITY STATUS January 7, 2010 MY, HOW the world has changed. While most of us have been going around assuming that brainy economists are dismissed by the popular, hedonistic masses as nothing more than dreary nerds, it appears the best of them have been snagging invites to the most glamorous parties in town. Actually, town doesn’t begin to cover it [...]
ORIEL SECURITIES AND KBC PEEL HUNT JOINT BROKER, UNDERWRITER AND BOOKRUNNER May 28, 2009 Speedy Hire’s rights issue is fully underwritten by Oriel Securities and KBC Peel Hunt, with Rothschild as the financial adviser. The Oriel Securities team comprises members of its corporate, sales and research divisions, led by Oriel’s head of corporate Richard Crawley, who joined the firm two years ago from Credit Suisse. This month, the team [...]
Nick Leslau’s Max Property wins early success as floats at 200m May 21, 2009 AIM-quoted Max Property Group, the vehicle set up by tycoon Nick Leslau to take advantage of rock bottom property prices, saw its shares trading 30 per cent above their IPO price as they debuted yesterday, after the firm raised £200m in its share offer. The offer price was set at 100p, but the shares were [...]