UK wary on EU plan for derivatives

first_img Show Comments ▼ KCS-content Tuesday 21 September 2010 8:18 pm Tags: NULL whatsapp UK wary on EU plan for derivatives Share whatsapp BRITAIN gave only a partial thumbs-up yesterday to a draft European Union law aimed at cracking down on the opaque $600 trillion derivatives sector, warning against rushing to push all trading onto exchanges.The draft law was unveiled last week and implements pledges the bloc made on the Group of 20 leading nations level to standardise contracts where possible so trades can be centrally cleared and reported by the end of 2012.The G20 would like transactions to be made via exchanges where appropriate. “The UK welcomes much of the (European) Commission’s proposal,” Jonathan Taylor, managing director for financial services and stability at the Treasury said yesterday. He backed the G20 goals for derivatives but said some flexibility would be needed in dealing with an obligation to centrally clear transactions.“We are also aware that forcing derivatives onto exchanges is not always appropriate and could, for example damage liquidity,” Taylor told a meeting of the International Swaps and Derivatives Association.“So we need to think through what the policy options are for achieving these policy ambitions for standardisation without risking these downsides,” Taylor added.The law needs approval from the bloc’s governments and European Parliament to take effect, and changes are likely.It makes no mention of exchange trading but this will be addressed in a separate review of EU trading rules now under way. The United States has already approved a reform of Wall Street that will require exchange trading of some contracts. More From Our Partners Bill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orglast_img read more

DO-GOODING HEDGE FUND AUTHORS STRIP MEAT OFF MERVYN’S BONES

first_img whatsapp Tags: NULL DO-GOODING HEDGE FUND AUTHORS STRIP MEAT OFF MERVYN’S BONES KCS-content Thursday 14 October 2010 9:25 pm More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Show Comments ▼center_img FOLLOWING on from The Capitalist’s coverage of the launch of The Gathering Storm – a compilation of essays by hedgies, with all proceeds going to charities chosen by the writers – the book’s august authors gathered yesterday for cucumber sandwiches and wine at the Centre for the Study of Financial Innovation.As the discussion galloped through topics including protectionism, Mongolia and how to extract shale gas, it couldn’t be long before the hedgies and bankers turned to regulator-bashing. Arbuthnot Securities’ James Ferguson was the first to take a stand: “My chapter,” he said, “is about how the regulator was an arse.”But it was when Societe Generale’s über-bear strategist Albert Edwards took the floor that the floodgates opened. “The idiots at the central banks!” he snorted. “It makes me sick when I read what Mervyn King writes. He blames surplus savings from Asia. But we had excessively low interest rates. At least Portugal, Ireland and Spain were given the wrong interest rates – the US and the UK chose them.” And the tirade continued: “Central banks are meant to take away the punch bowl. What Greenspan did at midnight when everyone wanted to go home is shove their heads in the punchbowl. It’s disgusting what we’ve seen.”Edwards’ SocGen colleague Dylan Grice was also keen to join the Mervyn-flaying, adding: “The only people who don’t understand that they don’t understand what’s going on are the central bankers.”Well, quite. If that’s not enough to whet your appetite for QE2, I don’t know what is.RAIN MAKINGWhispers in the small to mid-cap broking sector suggest that a deal between Evolution and Panmure Gordon is just a whisker away from being done. Evo’s chief executive Alex Snow – who has just over two weeks left to launch a bid after Panmure last week demanded that the Takeover Panel set a put-up-or-shut-up deadline – is said to be dead set on closing a deal with his rival…LANDED GENTRYThe biggest names from the property industry are pulling together today for one of the largest ever charity days ever seen in the City – LandAid day, which hopes to raise £100,000 for the industry’s own charity, run by Grainger boss Robin Broadhurst and Helical Bar chief executive Mike Slade.The property bigwigs are always keen to get into the spirit for a good cause – remember that fundraiser at Old Billingsgate Market a few months ago where they all dressed up as their favourite bands for a cabaret? – but they have excelled themselves this time. British Land, Hammerson, Land Securities, CBRE, Knight Frank, the Canary Wharf Group, and Prupim are embarking on a round of poker tournaments, home-baked cake sales, amateur band performances, an 18-storey abseil, dressing up and sporting competitions to raise money for the cause.SPORTING SPIRITOld rivalries die hard in the City – and it was no different at this week’s tussle on the field between two rugby sides from the London Stock Exchange and the “Wine Trade”, which kicked off the annual tournament between warring factions of the financial community. LSE chief Xavier Rolet will be pleased to know that his side – boosted by brokers and traders from a range of firms like Icap, Tullett Prebon, JP Morgan Cazenove, Bank of America Merrill Lynch, Deutsche Bank and Credit Suisse – came up trumps in the game, winning 35 to 23 against the Berry Bros & Rudd-sponsored opposition.After a lager-fuelled celebration, it’s back to training for the team, headed by new captain Mike Goodall. They’ve still got property experts from the RICS team, insurance workers from the Lloyd’s market and a team of lawyers to beat to the eventual trophy.DOUBLE OR QUITSEx-chancellor Alistair Darling was in mischievous spirits earlier this week at a Spectator Business City breakfast.“So what’s the difference between the Big Society and the Third Way?” barked one lady from the Chinese embassy, referring to the respective overreaching policy concepts coined by PM David Cameron and former Labour PM Tony Blair.“There’s no difference at all,” quipped Darling, quick as a flash. “I don’t understand either of them.”SOUND OF MUSICFinally, a tale to put us all to shame, courtesy of Slaughter & May’s multi-talented head of M&A Stephen Cooke. I hear Cooke has a rather unusual extra-curricular interest – namely, that he’s a bit of a whiz at composing music, and his scores have featured in several films, including award-winning documentaries produced by his wife. Quite how he manages to find the time to pursue his passion when working on some of the biggest deals in the City (Kraft/Cadbury, British Airways/Iberia and Cazenove/JP Morgan, to name but a few) is anyone’s guess. whatsapp Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndolast_img read more

Next warns of 8pc hike in clothing prices

first_img whatsapp Next has warned customers that clothes prices could rise by as much as eight per cent in the new year as the cost of cotton continues to rise.Chief executive of the retailer Lord Wolfson said: “While there has been a 45 per cent rise in the price of cotton it accounts for only something like seven per cent or eight per cent of garment costs. But we have also seen some pressure on capacity and rising wages in the Far East.“Add those together with the rise in VAT in January and retail prices rises are likely to be at the top end of our earlier five per cent or eight per cent forecast.” Show Comments ▼ John Dunne Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img Wednesday 3 November 2010 4:47 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com whatsapp Next warns of 8pc hike in clothing prices Tags: NULLlast_img read more

Alliance Boots predicts strong Xmas as acquisitions boost half year figures

first_img Alliance Boots predicts strong Xmas as acquisitions boost half year figures Show Comments ▼ KCS-content whatsapp Wednesday 3 November 2010 9:30 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsappcenter_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com ALLIANCE Boots said it was expecting a Christmas trade boost from its new ranges while acquisitions had ensured solid half-year figures. The company’s same-store revenues for its health and beauty division grew by two per cent to £3.4bn, it reported yesterday.Revenues for the whole group rose by six per cent to £8.9bn.Finance director George Fairweather said he was confident that Alliance Boots could fend off cut-price competition from supermarkets, thanks to innovative products such as its No7 Protect & Perfect skincare range, and to higher levels of customer service.He added: “We have had successful acquisitions in Germany and Turkey and are confident in our ranges.”The company is hoping a range using branding from TV’s strictly Come Dancing will be a big hit.Meanwhile, a trial link up with Waitrose which sees the two sell each others products in some stores, seems to be a success and will be expanded.Alliance Boots was bought by private equity group Kohlberg Kravis Roberts for £11bn in 2007. Tags: NULLlast_img read more

Cameron appeals to China over exchange rate

first_img John Dunne Wednesday 10 November 2010 4:03 am Share whatsapp Cameron appeals to China over exchange rate center_img Prime Minister David Cameron pledged to fight trade protectionism ahead of the G20 meeting, but urged China to move towards greater exchange rate flexibility to safeguard the global recovery.In a meeting with China’s President Hu Jintao in the Great Hall of the People, the two leaders stressed again the importance of developing Britain’s relationship with China and pledged to oppose trade barriers, soon before a G20 leaders summit in Seoul.“Britain will go on arguing that in Europe we should be open to trade from China and not putting up trade walls, and we need you to help us to make that argument about why protectionism is wrong,” Cameron told Hu.Cameron, leading Britain’s biggest-ever trade delegation to China on his first visit as prime minister, also welcomed the launch of a $500 million (£313m) Britain-China investment fund by private equity house First Eastern Group.With Britain angling to double bilateral trade with China by 2015, he said the world’s second-largest economy offered prospects for British firms in a raft of sectors including retail, banking, insurance, high-tech and pharmaceuticals.Cameron later told students at the elite Peking University that China had to move on its exchange rate.The United States and others have cajoled China to allow its yuan currency to rise faster, and accuse Beijing of keeping it undervalued to gain a trade advantage.“China is already talking about moving towards increased domestic consumption, better healthcare and welfare, more consumer goods as its middle class grows, and in time introducing greater market flexibility into its exchange rate,” he said.“This cannot be completed overnight, but it must happen,” Cameron said.The prime minister added that China played a vital role in tackling Iran’s nuclear ambitions, and called on Beijing to exert more pressure on Myanmar, formerly known as Burma, whose election last weekend has been condemned in the West as a farce.“I believe China can work with us to improve the situation for the Burmese people,” Cameron said. China is one of the few countries that Burma will listen to on this point.” whatsapp Tags: NULL Show Comments ▼last_img read more

CITY VIEWS: SHOULD THE UK HELP BAIL OUT IRELAND

first_img whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tags: NULL RICHARD YOUNG | CONTROLCIRCLE“I’m not sure why we are trying to support an independent country when we have got mountains of debt of our own. There needs to be an underlying trade or political reason to do so.”CHRISTOPHER MILLER | INVESTMENT QUOTIENT“It’s not ideal, but it would be far worse if companies with links to Irish financial health such as the UK Post Office bank collapsed.”KEVIN CLARK | RK HARRISON“The money would be better spent on our own country right now, helping to make our own economy stronger – though I can see how Irish trade benefits us.” Show Comments ▼ whatsappcenter_img Monday 22 November 2010 8:09 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius CITY VIEWS: SHOULD THE UK HELP BAIL OUT IRELAND Share KCS-content last_img read more

MP anger over UK contribution to aid

first_img whatsapp whatsapp Monday 22 November 2010 8:10 pm KCS-content Tags: NULL CRITICS from across the political spectrum yesterday voiced their opposition to chancellor George Osborne’s decision that the UK should contribute several billion to the Irish bailout. Labour MP John Mann said that he would vote against the contribution, saying: “What George Osborne has chosen to do is use money from the average taxpayer to bail out the bankers – including British bankers – yet again.”Tory Douglas Carswell MP also voiced his discontent, highlighting that the mooted figure of £7bn for a UK contribution was “more than we struggled to reduce public expenditure by when we first came to office.”John Redwood MP, also a Conservative, said: “We’ve just gone through quite a big exercise making cuts so we’re not looking for ways to spend several billion more outside the UK.”However, Osborne is likely to win any vote on the matter, with all the three main parties supporting his decision. Share MP anger over UK contribution to aid More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Show Comments ▼last_img read more

TIME LINE | BP’S LAWSUITS

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Share Thursday 16 December 2010 8:53 pm TIME LINE | BP’S LAWSUITS KCS-content Tags: NULLcenter_img whatsapp US Justice Department: $21bnThe US government announced on Wednesday that it will sue nine firms involved in the blast for breaching environmental laws, in order to recoup costs and damages.Compensation fund: $2.3bnBP’s compensation fund has made $2bn in emergency payments to 125,000 claimants, said fund administrator Kenneth Feinberg at the end of November. The final amount is likely to reach $2.3bn and compensate 175,000 individuals and businesses, though around 400,000 claims have been filed.Class actions in the Gulf: $billionsHundreds of people and businesses who have lost out due to the oil spill have filed class action lawsuits in the US. Class action in Texas: $10bnLawyer Tony Buzbee has filed a lawsuit on behalf of 2,000 people who claim their health has been jeopardised by the chemical leak at BP’s Texan oil refinery, separate from the Gulf of Mexico spill.Future cases: $unknownThe Justice Department said on Wednesday its criminal and civil investigations are ongoing, while analysts expect more lawsuits to emerge. Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapplast_img read more

Fewer closures in 2010 but many firms are still walking an economic tightrope

first_img Show Comments ▼ More From Our Partners Fans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Fewer closures in 2010 but many firms are still walking an economic tightrope FAR fewer struggling UK companies fell into administration in 2010 compared with 2009, Deloitte research showed yesterday.Insolvencies fell by 35 per cent, or by 1,102 companies last year, to 2,086 in 2010 from 3,188 in 2009, analysis of notices in the London Gazette over the year showed.Policymakers have worked to keep the business environment as benign as possible for companies – but experts fear this may be keeping firms artificially solvent.“The reality is that many companies are still walking a tightrope,” said Deloitte’s reorganisation services partner Lee Manning. “A large number of struggling companies were able to stay afloat because of low interest rates, a lenient approach by lenders and HMRC’s favourable Time to Pay scheme. However, the rapidly changing economic environment will no longer make this sustainable.”Property and construction companies were the hardest hit, accounting for one in five insolvencies. The sector saw 453 companies fall into administration, though this was better than in 2009 when 683 firms went down. Retailers fared better, as insolvencies fell 43 per cent to 165 in 2010 compared with 290 the previous year. But Manning said retailers may “struggle to cope in the first few months of 2011” in the wake of government spending cuts and the VAT increase. Wednesday 5 January 2011 7:52 pmcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com KCS-content Share Tags: NULLlast_img read more

Henderson in £335m deal for Gartmore

first_imgWednesday 12 January 2011 2:55 am whatsapp Share whatsapp Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com Henderson in £335m deal for Gartmore Show Comments ▼ John Dunne Anglo Australian funds manager Henderson Group is to buy rival Gartmore in a £335m deal.Gartmore shareholders will receive two Henderson shares for every three Gartmore shares, under the proposal.Completion of the acquisition is expected to take place within the next three months, subject to a number of shareholder and regulatory approvals.“By bringing across fund managers and integrating the business onto our own platform we will be able to enhance margins significantly,” said Henderson chief executive Andrew Formica.The boards of both companies intend to recommend “unanimously” to shareholders that they accept the offer, Henderson said.If successful, the deal will create one of the largest British retail asset managers, running assets of around 78 billion pounds.Gartmore shareholders will hold around 22.5 percent of the enlarged group if the deal completes and Henderson has received irrevocable undertakings to support the bid representing 60 percent of Gartmore’s shares, Henderson said.Henderson said Gartmore fund managers with collective responsibility for 84 per cent of Gartmore’s assets under management have endorsed the deal, slaking fears many could walk out under new management.Henderson confirmed on December 20 that it was in takeover talks with Gartmore, which has suffered key staff losses and outflows since listing at 220 pence in December 2009.Institutional shareholders in Gartmore have advocated a quick sale, following the departure of fund manager Roger Guy, responsible for about 17 per cent of its assets.Henderson was touted as a potential bidder for Gartmore having raised its stake in the rival to just over 14 per cent from nearly 12.4 per cent, even though Henderson had maintained it was interested in a company that would give it greater exposure to US markets. last_img read more