Markets
London - The FTSE 100 slipped 9.03 points to 5,882.18 yesterday as concern mounted that Moody’s Investors Service may cut Spain’s credit rating. The FTSE 350 Banks Index declined 1.6%, its first drop in three days. Barclays was one of the biggest fallers in the blue chip index, losing 3.7%. On the upside, Capital Shopping Centres gained 4.9 percent to 415.6 pence as the owner of four of the U.K.’s 10 biggest malls rejected an offer from Simon Property, valuing the company at £2.9 billion. Ferrexpo Plc climbed 3.5% to 385 pence as the iron-ore producer focusing on Ukraine agreed to acquire Helogistics Holdings GmbH and its existing bank debt for 28.5 million euros in cash. Helogistics is an inland waterway transport company operating on the Danube River.

Posted: December 16th, 2010 under Asset Management.
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Markets
London - The FTSE 100 rose 30.46 points to 5,891.21 yesterday as U.S. retail sales exceeded economists’ forecasts. BP Plc rallied 3.2% as the oil company sold fields in Pakistan to Hong Kong-based investment group United Energy Group Ltd. Whitbread Plc retreated 2.8% after saying sales growth slowed at its Premier Inn brand. Lonmin Plc lost 1.1 percent to 1,864 pence as the platinum producer failed to reach a wage agreement with South Africa’s National Union of Mineworkers. Should both parties fail to reach a resolution next week, a certificate of non-resolution may be issued, paving the way for strike action, the NUM said. Outside of the FTSE 100, Imagination Technologies Group Plc gained 5.7% after the chip designer reported increased earnings.

Posted: December 15th, 2010 under Asset Management.
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From 1 February 2011 the compensation limits increase as follows:
Unfair dismissal
Maximum compensatory award         £68,400 (previously £65,300)
Cap on week’s pay for basic award    £400 (previously £380)
Maximum basic award                       £12,000 (previously £11,400)
Redundancy payments
Cap on week’s pay                             £400 (previously £380)
Maximum redundancy payment         £12,000 (previously £11,400)
 
From 11 April 2011 it is proposed that payments and allowances increase as follows:
Statutory Maternity, Paternity and
Adoption Pay & Maternity [...]

Posted: December 14th, 2010 under Employment/HR.
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Market
London - The FTSE 100 jumped 47.8 points to 5,860.75 yesterday as China refrained from raising interest rates and merger and acquisition activity buoyed Wellstream Holdings Plc and Yule Catto & Co. Xstrata Plc and Antofagasta Plc led basic-resource shares higher as copper, lead, nickel and tin climbed in London. Wellstream rallied 5.8% as General Electric Co. agreed to buy the company for about $1.3 billion. Yule Catto led gains on the FTSE 250 Index as the British supplier of polymers agreed to acquire a latex maker from TowerBrook Capital Partners for EUR443 million.

Posted: December 14th, 2010 under Asset Management.
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Markets
London - The FTSE 100 edged 4.99 points higher to 5,812.95 on Friday, swinging between gains and losses more than 10 times as a rally in mining companies helped offset a retreat in Standard Chartered Plc and Associated British Foods Plc. Vedanta climbed 3.2% to 2,275 pence as copper rose in London after imports of the metal into China gained for the first time in three months. Xstrata increased 1.5% to 1,441 pence and Kazakhmys Plc rose 1.1 percent to 1,529 pence. Anglo American also advanced, gaining 1.1% to 3,027.5 pence. The company, which has suffered delays and cost overruns at its biggest project, said it secured another “key” license it needs to start operations at its Minas-Rio iron ore project. The company secured another two licenses in October. Standard Chartered dropped 2.6% to 1,762.5 pence after BofA Merrill Lynch downgraded the U.K.-based bank to “neutral” from “buy.” The stock yesterday dropped 3.6% after Standard Chartered said second-half “income levels” will be “broadly flat” from the previous six months.

Posted: December 13th, 2010 under Asset Management.
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