A round-up of other technology stories in brief
New Goldman Sachs hedge fund
Goldman Sachs is aiming to raise $4 billion-$6 billion (€2.7 billion-€4 billion) for a new hedge fund as the investment bank tries to rebuild its battered reputation in the hedge fund business, it has told potential investors.
The fund will be the first from the bank to focus on picking shares rather than using computerised, or quantitative, approaches. If the new fund gets close to $6 billion, it will be one of the biggest launches on record. But Goldman's fundraising goal is particularly aggressive because investors will not be able to withdraw money for two years, a lock-up likely to deter many.
Pan Andean signs Peru deal
Pan Andean, the oil and gas exploration firm, has signed a contract with the Peruvian government for two exploration licences. The two licences cover an area in the central Peruvian Amazonian jungle region and an area in the southern part of the country.
Tullow field produces gas
Dublin- and London-listed Tullow Oil has announced that the North Sea Kelvin Field in which it has a 22.5 per cent stake has produced its first gas two years after the field was discovered.
Tullow has begun drilling to test the Ngassa prospect in Uganda, after a delay due to heavy rains. A well in Gabon in which Tullow has a 40 per cent stake has been abandoned.
Revenue to build UK links
The Revenue Commissioners and the UK's Inland Revenue yesterday pledged to build on their "excellent relations" in developing a stronger response to tax evasion.
The two authorities are holding a two-day conference at Dublin Castle, during which they intend to focus on "sharing experiences to identify and explore ways of working together to achieve respective goals".
"We deal with similar risks and we face similar challenges," said Frank Daly, chairman of the Revenue Commissioners, yesterday.
O'Brien raises stake in Imprint
Businessman Denis O'Brien has increased his stake in British recruitment group Imprint to 5.68 per cent.
Mr O'Brien bought 30,000 shares in Imprint on Wednesday at £1 each, having earlier this month snapped up a 4.3 per cent stake in the firm through his investment vehicle Baycliffe. He now owns 2.16 million shares in Imprint.
Imprint is the subject of a £42.78 million (€59.41 million) offer from recruitment company OPD Group. This values each Imprint share at 108.5 pence.
Savings influx for British bank
The UK's Nationwide Building Society saw a large influx of savings as a result of the Northern Rock crisis as new retail deposits almost doubled in the first half.
Chief executive Graham Beale said Northern Rock's shock decision to seek emergency support from the Bank of England and the subsequent run on Newcastle-based bank had led to investors seeking a "safe haven" for their savings.
Nationwide saw net deposits rise 96 per cent to £4.1 billion (€5.7 billion) in the six months to September 30th.
It took £1.8 billion in new deposits in September. - (Financial Times service)
Air France-KLM profit surges
Air France-KLM Group said second-quarter profit almost doubled on higher fares and increased travel to China and India. Net income for the three months to September 30th rose to €736 million, or €2.64 a share, from €374 million, or €1.41 a share, a year earlier, it said. - (Bloomberg)
