Financial Times - Jan 17

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Headlines

- Natixis, Generali to announce Asset Management tie-up

- Bureau Veritas dropped talks with Intertek in Britain to pursue a 31 billion pounds Swiss deal

BP cuts 4,700 jobs as part of a cost-cutting initiative

Watchdog in Britain scrutinizes investment trusts' fight with US hedge funds

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Owners of France's Natixis Investment Managers, and Italian insurer Generali, are nearing an announcement of an agreement for a joint venture in asset management that will bring together the two biggest European names.

France's Bureau Veritas has ended merger talks with FTSE group Intertek and pursued a 37.91 billion pounds ($31.91 billion) merger with Swiss rival SGS. This shows the desire to consolidate the certification sector.

BP has announced the reduction of 4,700 jobs or over 5%, in an effort to cut costs and boost a share value that has been lagging behind its rivals for over a year.

The Financial Conduct Authority of Britain has been drawn in to a fractious activist effort by the activist hedge fund Saba Capital, which targets seven investment trusts. Concerns are growing over the interests of retail investors. ($1 = 0.8817 pounds) (Compiled from Bengaluru Newsroom)

(source: Reuters)