Governance
Prudential attacks hedge funds |
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| Governance | |
| Written by Gary Howes and Sharecast | |
| Tuesday, 30 June 2009 | |
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Morning Business News, Tue 30 Jan 08: Prudential, Candover and RBS.
One of the most senior fund managers at Prudential (LON:PRU) has attacked hedge funds as selfish and devious and blasted derivatives as “the scourge of the modern age”.Tom Dobell, who manages the £3bn Recovery Fund for M&G, the insurer’s asset management unit, made the remarks in letters sent this month to the fund’s 100,000 investorsm the Times writes. The world’s biggest miners were on Monday night locked in tense talks with Chinese steelmakers over a new iron ore supply deal, with Rio Tinto (LON:RIO) threatening to sell the ore into spot markets should no agreement be struck on Tuesday, the FT reports. Meanwhile, Chinalco, Rio Tinto’s biggest shareholder, is widely expected to take up its full entitlement on Wednesday to new shares in the mining group’s $15.2bn (£9.2bn) capital raising, the paper adds. British Airways enters crunch talks with unions in an attempt to prevent strike action this summer, but accusations are already flying, even before the two sides face each other. Unite, the union that represents 27,000 BA employees, has accused Willie Walsh, the airline’s chief executive, of damaging BA’s reputation by stating that it was “fighting for its survival”, the Times writes. Rebuilding the financial system is likely to take “many more years” and result in the creation of an entirely different banking system, Britain’s top banking experts have warned. Speaking at a summit on Global Leadership at the London Business School, Stephen Hester, chief executive of RBS, John Kingman, boss of UK Financial Investments, Anshu Jain of Deutshe Bank and Julian Franks, Professor of Finance at the LBS, all agreed that the financial system was a long way from healthy despite the recent recovery, the Telegraph writes. FirstGroup, Britain’s largest rail and bus company, insisted on the logic of combining with rival National Express to create the country's largest operator, despite its rival dismissing an initial approach. First, which is valued at £1.8bn on the stock market, has approached National Express, which is valued at £444m and is weighed down by £1.2bn of net debt and problems with the East Coast rail franchise, the Telegraph writes.
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