TPG triumphs in £500m fight for GlobeOp February 1, 2012 SHARES in hedge fund administrator GlobeOp leapt by more than a fifth yesterday after it agreed its £508m sale to US private equity house TPG Capital. The stock closed up 21.27 per cent at 430.5p after TPG set out to build a presence in the market serving the $2 trillion (£1.26 trillion) hedge fund sector. [...]
UK tech sector is positioned for a global challenge January 30, 2012 BY THE end of this year, the US technology company Apple could see its cash reserves outstrip those of the US government. While the UK hasn’t yet produced an equivalent, there are signs that technology might be the key sector in Britain’s future. Last year, the sector outperformed the broader equity markets, with investors being [...]
Politicians are slaughtering UK finance – the goose that is still laying the golden egg February 5, 2012 OVER recent years British business has withstood many onslaughts with quiet stoicism, but the latest politically inspired witch-hunts against financial leaders seems to have finally broken the camel’s back. The unpalatable truth is that politicians of all parties, in their selfish efforts to bolster their personal election prospects, have delivered a savage wound to business [...]
Build for the future to keep the City running February 26, 2012 THE recent Court of Appeal hearing regarding the St Paul’s protest will be welcome news to many working in the City. Although peaceful protest is a democratic right and often sparks important debate, it is equally important that the rights of people working in the City are also respected. The mess and nuisance generated by [...]
Duke Street takes stake in legal market February 6, 2012 PRIVATE EQUITY firm Duke Street has become the first investment house to take a stake in the UK’s legal sector, buying a majority stake in Parabis Group – the parent company of two insurance litigation firms. Duke Street’s investment, which means it owns just over 50 per cent of Parabis, values the company at £150m-£200m. [...]
UK manufacturing does not need favours – but it deserves a better press March 11, 2012 BRITAIN’S greatness was built upon the brains and brawn of our industrial revolution. Excepting sporadic flourishes of genius, we hit our stride when great minds turned their energies to the tasks of extracting, designing, building and moving the world’s wants. Machines replaced the labour of men, so those born poor could work their family out [...]
Protests spread against Monti’s economic plans January 23, 2012 ANTI-REFORM protesters blocked roads across Italy and taxi drivers went on strike yesterday, with more groups set to rally against Prime Minister Mario Monti’s economic reforms in coming weeks. Rising fuel taxes were the immediate cause of the disruption, but railway workers, pharmacists and lawyers are expected to go on strike soon in reaction to [...]
Shard could signal crisis, claims BarCap January 11, 2012 THE DEVELOPERS of the Shard skyscraper could be forgiven for having pre-completion nerves yesterday, after a pair of gloomy research papers cast a pall over the tower. The Shard will be entering a rough rental market when it completes in May, according to research by BNP Paribas Real Estate. Last year, take-up of office space [...]
The week ahead: Oil, gas, defence and UK interest March 4, 2012 Today Petrofac, a solutions provider to the oil and gas industry, announces full year results today. The first set of results after a restructuring exercise in 2011 could see a hike in profits. Petrofac has recently been awarded an Iraqi oilfield project, building on its presence in the region. Glencore is announcing its full-year numbers [...]
Moody’s UK warning hits FTSE 100 February 14, 2012 The FTSE dipped this morning after debt rating agency Moody’s warned it could downgrade top-rated sovereigns including Britain. Moody’s grim assessment sapped some of the confidence of investors who had been encouraged by Greece finally agreeing a package of austerity measures to steer it away from a default. The move put the UK’s rating in [...]