The nerd’s revenge: only elites need apply January 6, 2011 AN investment banker’s quandary: how do you get your favourite clients to invest a large chunk of cash in a private firm on the basis of little financial information and a huge valuation? If anyone knows, it’s those ex-Ivy Leaguers at Goldman. Surely practised in the art of sending out intriguing invitations to events for secret [...]
Rolls-Royce is boosted by BA engine order January 6, 2011 ROLLS-ROYCE enjoyed a boost to its shares yesterday after signing a £3.2bn contract with British Airways for its Trent 900 and Trent 1000 engines. Confirmation of the deal, which was first mooted in 2007, will allow Rolls-Royce to book the orders on its balance sheet. Rolls-Royce chief executive Sir John Rose said: “We are pleased [...]
Hermes makes gain in LVMH bid defence January 6, 2011 HERMES family shareholders won clearance yesterday to pool their stakes without having to buy out other investors, boosting the French luxury group’s defence against rival LVMH. A majority of Hermes family shareholders decided last month to create a holding company to group more than 50 per cent of the company’s equity as a defence against [...]
Goldman: ECB has bought up a fifth of Eurozone bonds January 6, 2011 THE European Central Bank’s intervention in Eurozone sovereign bond markets means that the central bank amounts to 20 per cent of marketable stock, according to analysis by Goldman Sachs. The note, released yesterday, says: “The ECB remains the main buyer of Portuguese government securities.” It adds: “The ECB has effectively removed from the private markets [...]
Standard Life predicts the FTSE 100 will surge to 6,900 by the year’s end January 6, 2011 REDUCED FEARS of a double dip recession could lead to the FTSE 100 hitting 6,900 by the end of this year, according to Standard Life. Low-valued stocks, including those of BP and Barclays, could help to push the index up 15 per cent despite an anticipated bumpy ride, according to the Edinburgh-based firm. The insurer [...]
Details of probe into Anglo Irish bank revealed by Eire officials January 6, 2011 IRISH prosecutors will take some time to determine any charges arising from a long-running fraud investigation into nationalised lender Anglo Irish Bank, Ireland’s director of corporate enforcement said yesterday. The Office of the Director of Corporate Enforcement (ODCE) is probing events leading up to the nationalisation of Ireland’s third-biggest bank in early 2009. However with [...]
China to buy €6bn Spanish debt January 6, 2011 CHINESE vice premier Li Keqiang has said his country is willing to buy about €6bn (£5.1bn) of Spain’s public debt. Li said at a meeting that China was willing to buy as much Spanish public debt as its Greek and Portuguese debt holdings combined. They said that added up to about €6bn in Spanish government [...]
BP sees stock rise after US spill report January 6, 2011 SHARES IN BP rose yesterday morning following the early release of a US panel’s findings into the Deepwater Horizon disaster, which pinned blame on both the oil giant and its partners. An excerpt from the report criticised the oil industry for systemic risks and cost-cutting, but also pointed to failures by contractors Transocean and Halliburton. [...]
Snow to blame as top US retail results miss targets January 6, 2011 A FLURRY of US retail results released yesterday failed to meet market projections, despite gains in same-store sales for several companies. After heavy snowfall hit the Eastern seaboard just after Christmas, some companies blamed the blizzard for their shortfall, with retailers ranging from department store operator Macy’s and discounter Target to teen clothing store American [...]
British Land snaps up Plymouth mall January 6, 2011 CARPHONE WAREHOUSE co-founder David Ross started to dismantle his property empire yesterday with the £240m sale of the Drake Circus shopping centre in Plymouth. Ross’ firm Kandahar sold the mall to British Land at a net initial yield of six per cent, the buyer said in a statement yesterday. Kandahar hired property consultants Jones Lang [...]