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Finnair cancels over 300 flights due to strikes

first_img THE cabin crew at Finnair launched a crippling strike yesterday, prompting Finland’s flag carrier to cancel more than 300 flights and warn it would post another loss this year.Nordic carrier SAS, which owns the Blue1 airline, was also affected. Some 1,800 of Finnair’s and Blue1 cabin crew employees started a strike at 11am after last ditch talks over a new wage deal collapsed overnight.Finnair called off more than 110 flights yesterday, affecting 6,000 passengers. It had already cancelled 200 flights on Monday, involving another 10,000 fliers.An increasing number of passengers were stuck at the Helsinki airport, one of Europe’s top connections to Asia and Russia.Finnair said it would lose €2m to €2.5m (£2.09m) for each day of the work stoppage and now expected a full-year operating loss. It previously expected to be in the black on the operating level in the fourth quarter and in all of 2010, compared with a €171m loss in 2009.Analysts cautioned that the profit warning indicated Finnair was expecting the dispute with its flight attendants could last for an extended period, with most of its planes grounded. KCS-content whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Finnair cancels over 300 flights due to strikes Show Comments ▼center_img Tags: NULL 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 PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem Tuesday 30 November 2010 8:17 pm Share whatsapplast_img read more

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Apax in exclusive talks for Danish firm ISS

first_img Tags: NULL Apax in exclusive talks for Danish firm ISS alison.lock whatsapp Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof PRIVATE equity firm Apax Partners is in exclusive talks to buy Danish cleaning giant ISS for $8.5bn (£5.3bn) in what could be Europe’s largest buyout since the credit crisis.ISS’ owners, Goldman Sachs and Swedish buyout firm EQT, have been considering an initial public offering (IPO) or a sale of the company, Reuters sources said.It is one of the world’s largest facilities services firms, employing more than 500,000 people.Apax beat bids of two rival private equity consortia to enter exclusive talks – one made up of Blackstone, Bain Capital, Nordic Capital and Clayton Dubilier & Rice, and another made up of CVC and Apollo.Apax is now talking to the sovereign wealth funds and large pension funds that invest in its €11.2bn euro buyout fund about investing directly in ISS, the source told Reuters.Apax’s maximum equity investment in deals is around €600m, leaving it to raise more than $2.5bn from co-investors. That would leave about $5bn to be funded through debt. The group has a couple of months to round up the investment, the person said.ISS’s main peers are UK security services group G4S, French catering and services company Sodexho SA, UK catering services provider Compass Group and Swedish security services company Securitas AB.Apax declined to comment. EQT and Goldman Sachs were not immediately available for comment. Wednesday 8 December 2010 10:46 amcenter_img Share Show Comments ▼ 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 PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemlast_img read more

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EU chief Barnier: London’s bankers are blackmailing us

first_imgMonday 13 December 2010 9:39 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoWork from Home | Search AdWork From Home for a USA company Might Be More Fun Than You ThinkWork from Home | Search AdUndoDental Implants | Search AdsNew Dental Implant Prices For Seniors May Surprise YouDental Implants | Search AdsUndoLaptop Deals | Search AdsThe Cost Of A New Laptop May Surprise YouLaptop Deals | Search AdsUndoBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushUndoYour Money Magic96-Year-Old Puts Her House For Sale. Look How It Looks InsideYour Money MagicUndo THE EU’S markets chief accused London banks of blackmailing the union with threats to move abroad in the face of bonus curbs yesterday. Michel Barnier, who made his first appearance in front of the Treasury select committee yesterday, said the EU’s new guidelines calling for bankers to get just 20 per cent of bonus payments in cash would not spark an exodus from the City. “I very much doubt there will be a flight of talent towards Asia or elsewhere,” said Barnier. “I would not be overly impressed by the blackmail exerted in which this kind of risk is mentioned.”Barnier spoke at the committee after pressure from its chairman, Andrew Tyrie, who wanted more information on the powers of ESMA, the EU’s new banking super-regulator. 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap KCS-content whatsappcenter_img Show Comments ▼ Share EU chief Barnier: London’s bankers are blackmailing us whatsapp Tags: NULLlast_img read more

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Fiat’s shares rally after split as firm eyes Chrysler stock

first_img Fiat’s shares rally after split as firm eyes Chrysler stock whatsapp Tags: NULL KCS-content SHARES in a slimmer Fiat and sister company Fiat Industrial made a choppy debut on the Milan market yesterday, while chief executive Sergio Marchionne said Fiat could increase its stake in Chrysler past 50 per cent this year. Fiat SpA, which contains Fiat’s car and engine business, opened at €7.03 (£6.07) yesterday, while Fiat Industrial traded at €8.99, a three per cent increase from the €15.43 closing price of the combined group on 30 December before the split. Fiat rallied almost 50 per cent last year. Fiat Industrial, the company whose assets include truck maker Iveco and tractor company CNH Global, has been split from the car-making business Fiat to allow the firms to forge different tie-ins.The new Fiat Industrial shares were indicated to debut at €6 according to analysts. Fiat, which now only comprises the rump auto group, was indicated to trade at €7.50. Fiat and the Milan bourse did not set reference prices that are sometimes used to guide investors. The split, which main investor John Elkann has called “a defining moment” in the history of the century-old Italian carmaker, is part of chief executive Sergio Marchionne’s efforts to revamp Fiat among Europe’s biggest industrial turnarounds. The plan could speed up a merger with US carmaker Chrysler, in which Fiat owns 20 per cent, and free Marchionne’s hands for other growth initiatives. However, Marchionne told reporters yesterday he doesn’t plan to merge operations with Chrysler, but added that Fiat could lift its stake to over 50 per cent this year if Chrysler returns to the stock market. “If Chrysler is listed this year, we should think about speeding up the option of increasing our stake,” said Marchionne. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.com whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal 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 AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Monday 3 January 2011 10:58 pm Show Comments ▼ Sharelast_img read more

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FTSE dampened by commodities and banks

first_img FTSE dampened by commodities and banks alison.lock whatsapp Share LONDON eased to a close just over the 6,000 mark after stronger Wall Street sentiment failed to shake off concerns over China’s monetary policy tightening.The FTSE 100 ended down 21.81 points, or 0.4 per cent, at 6002.07, having closed 0.4 per cent lower yesterday, pulled lower by commodity stocks and banks.China’s central bank raised banks’ required reserves by another 50 basis points, effective Jan, 20, its seventh increase since early 2010.It prompted anxiety that a cooling of Chinese growth may hurt demand for oil and base metal prices, both of which held below recent highs helping push miners and oil majors like BP lower.“This move weighed on sentiment throughout the trading day with ARM Holdings one of the few bright spots, jumping higher on the back of those record Intel Q4 results,” said Michael Hewson, market analyst at CMC Markets. Chipmaker ARM, which recently announced a tie-up with Microsoft and has been the subject of persistent M&A talk, rose 5.3 per cent to 530.50p. But Mexican precious metals miner Fresnillo fell 4.2 per cent to 1,492.00p, despite posting record annual output figures, as gold fell over two per cent. Anglo American lost 3.2 per cent to close at 3,300.00p while Antofagasta also fell 2.40% per cent into the red to 1,502p.Financial stocks were also weighed down by the news, said Sean Power, equity analyst at City Index.“The banking sector was also weaker today following China’s decision, bucking the recent positive sentiment towards UK banks. Having had a good run this week investors decided to bank some of their well earned profits – excuse the pun,” he said. “Barclays, Royal Bank of Scotland and HSBC all traded lower earlier today but have since shown signs of resilience following better than expected numbers from JP Morgan.”Prosthetic limb maker Smith & Nephew quickly gave up its early price gains after it issued a statement denying reports of any talks that could lead to a merger or takeover. The announcement followed a Daily Telegraph report that it was set to enter merger talks with US orthopaedics group Biomet.BAE Systems rose 1.2 per cent to 346.7p after buying financial cyber defence firm Norkom today. BAE offered £2.10 per Norkom share, valuing Norkom at £217m.The US had a better day’s trading after investment bank JPMorgan Chase published a record set of fourth-quarter results, lifting its profits by 47 per cent.JPMorgan shares added 3.3 per cent this afternoon. Its stock has risen 8.3 per cent so far this year.Strength in banking stocks helped offset US government data that showed December retail sales slightly weaker than expected.High petrol prices helped push December consumer prices up at the fastest pace in a year and a half, a separate dataset showed.“Positive Q4 profit growth from JPMorgan helped offset surprisingly poor consumer confidence figures and retail sales,” said Yusuf Heusen, senior sales trader at IG Index. “Today’s negative figures appear to reflect consumer dissatisfaction with elevated fuel prices and a high unemployment rate, but investors will be hoping the bullish quarterlies seen today and yesterday can continue to boost equities into next week, when a whole raft of company reports are due,” he said. whatsapp Show Comments ▼ Friday 14 January 2011 3:05 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tags: NULLlast_img read more

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Elan expects earnings jump

first_img whatsapp Tags: NULL 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 PastUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Elan expects earnings jump Irish drugmaker Elan expects to post a 20 per cent jump in 2011 adjusted core earnings after a five per cent increase in 2010 revenue and cost cuts enabled it to record its first operating profit since 2001. Elan, in which US group Johnson & Johnson is an 18 per cent shareholder, reported a five per cent increase in full-year revenue to $1.2bn (£745m) yesterday, close to the $1.16bn forecast. KCS-content whatsappcenter_img Tuesday 8 February 2011 8:21 pm More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼ Share last_img read more

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US home prices fall for sixth straight month

first_img US home prices fall for sixth straight month Tags: NULL whatsapp whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Show Comments ▼ Share Tuesday 22 February 2011 10:11 am US single-family home prices fell for the sixth month in a row in December, bringing them closer to the low seen in 2009, a closely watched survey has found.The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.4 per cent in December from November on a seasonally adjusted basis. The figure was in line with analysts’ expectations.For the year 2010, prices fell 2.4 per cent, slightly more than the 2.3 per cent analysts had forecast.“Despite improvements in the overall economy, housing continues to drift lower and weaker,” David Blitzer, chairman of the index committee at S&P, said in a statement.While the composite held above its 2009 low, 11 cities hit their lowest levels since home prices peaked in 2006 and 2007, the report showed.Unadjusted for seasonal impact, home prices fell 1 percent for the month, leaving them just 2.3 per cent above their April 2009 troughs, S&P said.Eighteen of the 20 cities showed annual price declines in December and 19 out of 20 saw monthly price drops.During the fourth quarter, home prices declined 3.9 per cent from the previous quarter and were down 4.1 per cent compared to the fourth quarter 2009. alison.lock last_img read more

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Top 300 RBS executives to share £350m

first_img RBS will unveil pay-outs totalling nearly £350m to its top 300 executives this week, even as deputy Prime Minister Nick Clegg has warned that he wants to “wring the necks” of bankers who take home “unearned wealth”.It is understood that RBS’s remuneration report, which is due for release on Friday, will for the first time provide data on the payment of the bank’s “code staff” – all executives who take potentially risky decisions.Those payments will average £1.2m-£1.5m each, although some staff will receive much more and some much less than the average.The revelations are sure to stir controversy, with Clegg telling Liberal Democrats yesterday that he wants to make banks “the servants of the economy, not the masters”.Under the terms of the Merlin deal negotiated with the Treasury, RBS will also reveal the pay of its top five non-board executives. None of them are expected to receive more than chief executive Stephen Hester’s £7.7m pay-out.The top five officers in question will include all but two of the non-board officers executives named last week as receiving millions in long-term incentive plan pay-outs.The highest paid will be John Hourican, chief of RBS’s investment banking division, who will take home a number of corporate bonds from the bank in addition to the £2.5m all-share bonus that vested last week. RBS declined to comment. KCS-content Sunday 13 March 2011 10:49 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Share Top 300 RBS executives to share £350m center_img whatsapp whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal 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 ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Tags: NULLlast_img read more

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CRIME DOES PAY AS TV DETECTIVE TURNS £100K HEDGE FUND TRADER

first_imgWednesday 13 April 2011 7:06 pm WHAT do a professional poker player, a former SAS soldier and actor Christopher Fox, otherwise known as DS Max Carter in The Bill, have in common?They are the stand-out contestants in a Trading Places-style experiment to find the hedge fund stars of the future, which has attracted 8,000 applications from every walk of life: nannies, tube drivers, doctors and employees of every major UK bank.The man behind the contest is Mike Baghdady, the managing director of Training Traders and winner of last year’s Frankfurt World Trading Championship, who is currently doing 200 interviews before narrowing the field to a final 20, using psychological tests to see if candidates have the “mindset for success”.Baghdady is so confident of his rules for trading that once he has trained the 20 novices for six to eight weeks, he will let them loose on the stockmarket with £100,000 each of his own money. If they lose more than £50k they will be “terminated”, but if they make money, they will take up to 40 per cent of the profits and be given a job at the company.“If the traders lose the money, it is my loss,” he said. “Their responsibility is to follow the rules of trading. The more they follow the rules, the more likely they are to succeed.” However, the conventional wisdom of “buy low and sell high” is apparently “tantamount to suicide”. “That is why a lot of people lose money,” Baghdady instructed. “You should buy high and sell even higher.”VERY GOOD CALLSTHE City is mourning the loss of Richard Crossley, technical strategist at Merchant Securities, who passed away at home in Spitalfields on Tuesday aged 62.The popular chartist, author of the well-followed Mercantalyst daily commentary, may not have got to grips with text messages or ordering books from Amazon, nor was his usual attire of a cardigan and boat shoes what his City clients expected.But he excelled at his chosen field: calling the top of the markets to develop a religious following among his contacts, who often read no other technical analysts.Crossley warned against Marconi and Vodafone when fellow analysts were enthusing about both, gave some well-timed advice to investors in the run-up to the sub-prime mortgage meltdown, and predicted Wall Street’s imminent demise before the September 11 terrorist attacks by noticing the unusual volumes in airline stocks.“He made some very, very good calls,” said John Coulson, head of sales at Merchant Securities, who worked with Crossley for the last five years. “All his clients loved his wonderful charts and he built up an amazing following. He will be a hard act to follow.”Crossley’s family will announce the funeral arrangements in due course.TWITTER BUBBLETHE Twitter madness continues, as brothers Paul and Simon Hawtin of Derwent Capital have had to delay the launch of their Twitter-based hedge fund following overwhelming interest from investors.Last month, The Capitalist revealed how the fund will be the first in the world to use “sentiment threads” on Twitter to predict movements in the Dow Jones Industrial Average, and the scheme has since attracted investment from high net worth and ultra high net worth individuals and “well-known family offices”.“From the institutional side, we have had significant interest from fund of funds and small private banks who have the flexibility to invest in a start-up,” Paul Hawtin confirmed.The brothers are unwilling to quote specifics prior to the venture’s official launch later this month – but Paul Hawtin indicates investment for the open-ended Cayman island fund is already “well above” the launch target of £25m.TAILOR-MADE JOBLOSING his job at the start of the banking crisis was the best thing that ever happened to former BNP Paribas trader James Sleater, who used his severance package to start City suitmaker Cad & the Dandy.Sleater founded the company two years ago with Ian Meiers, a redundant investment banker from Barclays Capital, and the pair are on course to turn over £1.5m this year as the UK’s largest bespoke tailor, with shops in Savile Row, the City and Canary Wharf.“Both Ian and I are very happy with the series of events,” said Sleater, who plans to expand worldwide at the end of 2011, starting with New York. “It’s fundamentally important to enjoy what you do in life, and we both like the tailoring business much more than our banking jobs. I hated having to get out of bed every day knowing I had to head into the office.” Share CRIME DOES PAY AS TV DETECTIVE TURNS £100K HEDGE FUND TRADER whatsapp whatsapp KCS-content Show Comments ▼ 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 TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Tags: NULLlast_img read more

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Looking for an independent voice on Glencore

first_img AMONG all the many big beasts advising on the forthcoming flotation of commodities trader Glencore, one firm stands out in its unusualness and lack of big beastliness, and that is Liberum Capital.Liberum is an employee-owned investment bank whose Latin name means independent, whereas the rest of the advisers – including Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch, BNP Paribas, Barclays Capital, Societe Generale and UBS – are all the bulge bracket banks, who offer placing power, share distribution and underwriting services alongside their advisory capabilities.In a world where relationships are still all important, Liberum’s link to Glencore is Michael Rawlinson, a board director who heads the mining, resources and energy team. He joined from Cazenove after its merger with JP Morgan. There he had worked on the initial public offerings of BHP?Billiton, Xstrata, Vedanta and Anglo American.Rawlinson also worked on the flotation of the Russian aluminium group Rusal, where Glencore chief executive Ivan Glasenberg is a director, and with Vallar, the mining group run by Nathaniel Rothschild.As one adviser to the Glencore float put it: “Michael is a superb authority in the sector and he gives very straight advice.”Last July Liberum came up with a $60bn (£37bn) figure for Glencore’s valuation, which has since become a benchmark. As we wrote yesterday, analysts at Credit Suisse and Barclays Capital have now suggested that Glencore could be worth as much as £48bn (including new money raised).As yet, there is little research from analysts whose banks are not on the syndicate. But one industry afficionado who does have a view is Standard Bank’s mining analyst Peter Davey, who told me yesterday: “Glencore doesn’t deserve a premium rating.“I think it should price at a discount to the miners. With them, you have real tangible earnings whereas here, a lot of the money is earned by traders who own the company and might leave after a time.”With so little UK M&A happening at the moment, it looks likely that this Glencore flotation will dominate much of the discussion in the City over the next few weeks and there will be a heated debate over valuation (as well as the group’s corporate governance record), with some going for the £48bn or so figure and others, such as Davey, arguing for something closer to £35bn. It will be fascinating to see whether any of the syndicate member banks agree with Davey’s lower figure.Just don’t hold your breath. whatsapp Monday 18 April 2011 8:37 pm Looking for an independent voice on Glencore whatsapp center_img KCS-content Share Show Comments ▼ Tags: NULLlast_img read more