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Monthly Archives: October 2014

Breaking news

  Sierra Leone’s fight against Ebola infection: The world is not safe. PM rejects calls for drug legalisation. Apple chief Tim Cook: gay and proud. RBS sets aside £400m for fines. Woman blinded as a child can see again – after hitting her head on a coffee table. Chinese authorities arrest 11 people over exhuming woman’s body to sell as corpse bride. Britain to repay £2bn First World War debt.   DEUTSCHE BANK The German bank reshuffled and expanded its management board by naming a Goldman Sachs banker Marcus Schenck as chief financial officer, replacing Stefan Krause on May 21. The bank also said it appointed Bryan Kraft director and lead research analyst covering the U.S. media, cable and satellite sectors within the bank's markets division. HARTFORD FUNDS The provider of mutual funds and college savings plans appointed Bill Dougherty as senior vice president to oversee its defined contribution investment-only (DCIO) distribution team. BOSTON PRIVATE BANK & TRUST CO The wealth management and private banking…

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Breaking news

  Muslims, immigration and teenage pregnancy – the British are ignorant about almost everything. BBC rejects Greens for leader debates. Criminal investigation into Tesco. Ebola 'may be at turning point'. RAF intercepts Latvian plane. Rocket maker: don't blame us. Police dogs bite five people a week. North Korean officials 'publicly executed for watching South Korean soap operas'. The rich are getting richer: Number of billionaires 'doubled since financial crisis'. Man left with broken jaw after assault by attacker on mobility scooter. Mark Zuckerberg takes $2bn hit after Facebook shares plunge. Children born after the Berlin Wall fell have worse parents, study claims. Whiskey that 'burns like hell' is recalled – for containing same chemical as anti-freeze. DEUTSCHE BANK The German bank reshuffled and expanded its management board by naming a Goldman Sachs banker Marcus Schenck as chief financial officer, replacing Stefan Krause on May 21. The bank also said it appointed Bryan Kraft director and lead research analyst covering the U.S. media, cable and satellite…

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Breaking news

Double blow for Cameron on EU vote and £1.7bn bill. Rocket explodes at Nasa base. Israel PM 'chickenshit' – US officials. Bill Cosby accused of drugging and raping teenage actress. Sex with more than 20 women 'reduces risk of prostate cancer'. Three glasses of milk a day may lead to early death. ROYAL BANK OF SCOTLAND GROUP PLC The bank said it appointed Colin Holdstock and Glen Goh managing directors in its Asia Pacific Markets business, based in Singapore. Holdstock will be the Asia Pacific head of cash and non-deliverable forwards, emerging markets short-term interest rate trading and currency options trading. GOLDMAN SACHS Alexander Dibelius, one of Germany's most prominent investment bankers, is stepping down as country-head of Goldman Sachs and will be replaced by Wolfgang Fink and Joerg Kukies, according to an internal memo obtained by Reuters. J.P. MORGAN ASSET MANAGEMENT The unit of JPMorgan Chase & Co said Managing Director Kris Jonsson and Executive Director Sandeep Bhamra would join its Global Endowments &…

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This means nothing to me

  “IRRELEVANCE theory” contains one of the most startling conclusions in economic thought. In two papers, published in 1958 and 1963, Franco Modigliani and Merton Miller argued that a firm's financial structure—its split between equity and different sorts of debt, its dividend policy and so on—made no difference to its total value. Financial structure merely affected how the corporate pie was shared out; it had no effect on the size of the pie itself. Managers and owners should therefore waste no time agonising about gearing, dividends and such like, and instead devote themselves to maximising the value of their firms. This insight helped win Modigliani and Miller Nobel prizes in economics (although two such giants would surely have earned them without it). Unfortunately, it also set back for a generation the study by economists of corporate finance. The problem is not that irrelevance theory is wrong but that it is true only in circumstances so rare that they are the exception rather than the rule:…

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Breaking news

24 European banks fail stress tests. Fallon 'swamped' remark leaves Tories in disarray. Falconer loses 5 stone on apple diet. Nearly a third prepared to back Ukip. 'One Direction have some good songs' says 'Floyd drummer Nick Mason. Councillor from French far-right party Front National converts to Islam. Victoria Beckham named UK's top entrepreneur. South Africa goalkeeper shot dead. Bournemouth win 8-0. HSBC HOLDINGS PLC The London-based lender's global head of equity strategy Garry Evans will leave after 16 years at the bank, HBBC said in an internal memo seen by Reuters on Friday. CREDIT SUISSE GROUP AG The investment bank has hired Damien Aellen from BNP Paribas Suisse to work on its Swiss francs syndicate desk. Aellen will join in January 2015 and will report to Andre Schmid, head of Swiss franc syndicate. SBERBANK EUROPE The Austria-based arm of the Russian lender has named Axel Hummel chief executive, replacing Mark Arnold who left for "personal reasons", the firm said on Friday.    

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Breaking news

Tesco black hole bigger than thought. Japan minister's staff visited sex bar. Alvin Stardust dies. 'F*ck your dragons': San Francisco tour guide goes on racist rant through Chinatown on her last day. Iain Duncan Smith says MS and Parkinson’s sufferers will be 'fit to work in the future'. Lamppost 'destroys' £850k Ferrari near Silverstone. Britain's smallest home sells for £275,000. Interest rates could stay low permanently, says Bank of England deputy governor.   STANDARD CHARTERED PLC The bank appointed Terence Gan as head of financial markets rates sales and Zhou Cheng Gang as head of RMB sales. Gan will join the bank this week in Singapore and will report to Carsten Stoehr, global head of financial markets sales. Gang, based in Hong Kong, will report to George Sun, head of financial markets sales for Greater China and Northeast Asia. LLOYDS The bank will consolidate its Asian commercial banking activities in Singapore following decisions to close its Australia and Hong Kong offices in 2013 and 2014,…

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Breaking news

Pistorius gets 5 years jail sentence. A ‘cure for paralysis’: World first as man with completely severed spine walks again. Banksy 'arrested and identity revealed' - in elaborate internet hoax. Drinking alcohol and eating meat 'will make you more fertile', men told. Total boss killed in plane crash. UK public finances worsen. Balls plans mansion tax threshold lift. UK rich-poor divide warning. BoE payment system crashes. Miliband to sharpen Europe strategy. 40m iPhones sold in three months.   AGRICULTURAL BANK OF CHINA LTD The bank has named Liu Shiyu as chairman, sources with direct knowledge of the matter told Reuters on Monday, replacing Jiang Chaoliang as the head of the country's third largest lender. DUBAI GOLD AND COMMODITIES EXCHANGE The Dubai exchange said on Sunday its chief executive, Gary Anderson, had stepped down due to ill health. DGCX said in a statement that Gaurang Desai, its chief operating officer since inception in 2005, will act as an interim CEO. HAMILTON RE     The property…

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Why companies’ financial structure matters after all

“IRRELEVANCE theory” contains one of the most startling conclusions in economic thought. In two papers, published in 1958 and 1963, Franco Modigliani and Merton Miller argued that a firm's financial structure—its split between equity and different sorts of debt, its dividend policy and so on—made no difference to its total value. Financial structure merely affected how the corporate pie was shared out; it had no effect on the size of the pie itself. Managers and owners should therefore waste no time agonising about gearing, dividends and such like, and instead devote themselves to maximising the value of their firms. This insight helped win Modigliani and Miller Nobel prizes in economics (although two such giants would surely have earned them without it). Unfortunately, it also set back for a generation the study by economists of corporate finance. The problem is not that irrelevance theory is wrong but that it is true only in circumstances so rare that they are the exception rather than the rule: that…

Read More

Breaking news

Under-30s being priced out of UK, says Milburn. Pope loses out in synod gay vote. Internet trolls face two years in jail. NHS chief urges staff to join gyms. Calls for Ofsted to probe superhead. Ebola deaths in Liberia are ‘far higher than reported’ as officials downplay epidemic. 'Disabled are grateful so work harder,' says Tory minister.   CREDIT SUISSE AG The company has waved goodbye to two covered bond traders as it restructures its coverage of the product, according to market sources. NORTHERN TRUST CORP The custody bank said it appointed Byun Jai Yung as chief representative to its newly established office in Seoul, South Korea.  

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Breaking news

Britain calls on world to 'wake up' over Ebola. Pistorius: call for 10-year prison term. Navy expels Biden son over cocaine. Serial killer suspect 'murdered 39 people because he hates everything and everyone'. University professor suspended over sending 'vile and racist' emails. Spider burrowed through tourist's stomach and up into his chest. Tough luck, Boris: Osborne is voted 'most influential Londoner'. Family 'receive text messages from dead grandmother'. Man spends evening locked in Waterstones.   HARGREAVE HALE LTD The UK-based asset manager said it appointed David Clinkard as investment director to its investment management team. F&C INVESTMENTS (F&C) The part of BMO Financial Group's BMO GlobalAsset Management named Howard Pearce as chair of its new responsible investment advisory council. AVIVA INVESTORS The asset management business of Aviva Plc said it appointed Veronique Leroy as head of infrastructure investment services and Jolanta Touzard as assistant fund manager to its infrastructure team.    

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