Absolute returns at Friends First
FRIENDS First has launched an absolute return fund option for investors and pension savers that aims to make money even when markets are falling.
The new Market Neutral Equity Fund is managed by London based Insight Investment.
Operating profits rise at Aviva
A story last Friday mistakenly stated that Aviva's healthcare unit saw profits fall last year. The story should have said operating profit at Aviva's healthcare business rose to £8m from £5m.
'No evidence' of Greek speculation
The German BaFin financial services regulator said there's "so far no evidence" of "massive" speculation in credit default swaps against Greek bonds.
Oil prices up after breaking pattern
OIL prices are set to rise after breaking a two-week consolidation pattern at $80.78 last week, Tom Pawlicki, a commodity analyst at MF Global Ltd in Chicago, said in a technical analysis report.
Goldman Sachs sued over pay
Goldman Sachs was sued by a Philadelphia union's retirement fund alleging the company wrongly pays almost half its net revenue to compensate management, to the detriment of shareholders. Employees are "unreasonably overpaid" for the management functions they undertake, the Philadelphia-based International Brotherhood of Electrical Workers Local 98 Pension Fund said in a lawsuit filed yesterday.
Total shuts down Dunkirk refinery
TOTAL, the French oil company, bit the bullet yesterday and announced the closure of its refinery at Dunkirk, hoping to bring to an end a political battle with French trade unions over the future of the country's refining industry. According to Total, the closure of Dunkirk was the result of poor demand for oil products and the weak profitability of the refining business. In addition to a promise of no compulsory lay-offs, it said that it would maintain operations at its other French refineries until 2015.