News

Your daily news update straight from the City PM newsroom in London

Hedge fund failures slow as industry crisis eases

September 17, 2009

THE RATE at which hedge funds are collapsing slowed in the second quarter of 2009, in a further sign the hedge fund industry is over the worst. The second quarter saw 292 funds enter liquidation, a 22 per cent fall on the 276 funds liquidated in the quarter before, according to data firm Hedge Fund [...]
Toluna reports growth in Europe

September 17, 2009

Toluna, which provides online panels, communities and technology services to the market research industry, reported strong revenue and profit growth, and increased market share in all European territories in the six months ended June. Toluna, which won 95 new clients over the period, said in July it had acquired the business and assets of the [...]
Air watchdogs respond to critics

September 17, 2009

US aviation regulators have responded to criticisms they had grown too “cosy” with airlines, by setting up an internal office to collect employee complaints. They have also said they will stop calling carriers “customers”. Policy makers in government have called for the changes. They also want an internal office that would collect employee complaints about [...]
Toyota plans spending spree

September 17, 2009

Toyota, the world’s biggest carmaker, said yesterday it planned to spend a “larger than average” $1bn (£683m) on marketing in the US in the fourth quarter, as the economy begins to recover. It will spend heavily on advertising, incentives and dealer support, after the cash-for-clunkers scheme, where drivers traded in their old bangers for a [...]
Airbus ups long-term forecasts

September 17, 2009

Airbus has increased its forecasts for long-term new plane demand but said the current industry crisis is likely to spark a spate of new order cancellations this winter. The EADS subsidiary said yesterday it saw global demand for 25,000 new aircraft across the industry in the twenty-year period between 2009 and 2029, up from the [...]
Temasek sees revival after markets rally

September 17, 2009

SINGAPOREAN wealth fund Temasek said yesterday that it had recouped most of the losses on its portfolio due to rallying markets and was now in a position to do new deals. Chief executive Ho Ching said any dip in markets could be a buying opportunity for the $122bn (£74.2bn) investment firm, which is still open [...]
African Minerals in talks with ENRC over funding

September 17, 2009

AFRICAN MINERALS, the London-listed miner, said yesterday it was in talks with several large Asian industrial firms, including Kazahk miner ENRC, over a possible takeover or funding for its Tonkolili iron ore mine. Shares in the group, led by chairman Frank Timis, hit a record high of 389.75p yesterday, valuing the group at $1.37bn (£830.7m). [...]
BEST OF THE BROKERS

September 17, 2009

ORACLEBarclays Wealth expressed concern over Oracle’s second-quarter results, after first quarter software sales came in below expectations on Wednesday. It said that sales of databases were weak in Europe and Asia as businesses continue to cut investment in projects. It added that management maintained its guidance. OLD MUTUALWhile many insurance sector constituents have seen their [...]
CITY MOVES WHO’S SWITCHING JOBS

September 17, 2009

Virgin MediaThe media group has appointed Eamonn O’Hare, previously UK finance director of supermarket giant Tesco, as its new chief financial officer. O’Hare, who will assume his new role in November, has been at Tesco for the past four years. Prior to that, he played a key role in the turnaround of Energis, where he [...]
Allocate Software clarification

September 17, 2009

City PM yesterday reported that Brent Nabbs at Numis Securities had recently advised on a fundraising at Allocate Software. He in fact advised on a name change at Allocate Software, and a fundraising at Alliance Pharma. Allocate Software has not had a recent fundraising.