Morgan Stan is top in global IPO rankings June 30, 2010 MORGAN Stanley has topped the underwriting league for initial public offerings (IPOs) in the first half of the year. A few large deals helped propel the Wall Street bank to first place, up from its number three spot at this time last year. It underwrote 36 deals with estimated proceeds of $5.9bn (£3.9bn) in the [...]
BEST OF THE BROKERS June 30, 2010 LLOYDS BANKING GROUP Credit Suisse has given Lloyds Banking Group an “outperform” rating. It upgraded forecasts for the bank last month after flagging that sustained low interest rates would allow for a £4bn increase in mortgage revenues over the next three years. Base rate expectations have since fallen to record lows, notes Credit Suisse. RESOLUTION [...]
Portugal vetoes PT Vivo sale June 30, 2010 PORTUGAL TELECOM said yesterday it will seek legal clarification on a decision by the government to veto the sale of its stake in Brazilian mobile phone company Vivo against the wishes of shareholders. Portugal’s socialist government surprised analysts and markets yesterday by invoking its so-called golden share in PT and vetoing the sale of PT’s [...]
Northgate profits rise 33 per cent after cost cuts June 30, 2010 VAN HIRE firm Northgate said underlying pre-tax profits rose 33 per cent to a better than expected £36.5m last year, after a restructuring of its UK and Spanish businesses. The County Durham-based company downsized its fleet of commercial vehicles by 13,500 and shed 130 staff to adjust to slower sales. Its UK branch had a [...]
Costain posts performance in line with expectations with a strong order book June 30, 2010 ENGINEERING group Costain said its trading is line with expectations in an update yesterday, and that the firm has made a significant number of new contracts since the start of the year. The firm said it has a forward order book of £2.5bn, with around £1bn worth of work secured for 2010. The group also [...]
URS wins battle for Scott Wilson as trumps CH2M with a £223m offer June 30, 2010 ENGINEERING giant URS said yesterday it was offering 290p in cash for each Scott Wilson share, 18 per cent higher than Tuesday’s bid of 245p from Colorado-headquartered CH2M and 38 per cent above its original offer of 210p on Monday. The move, valuing the company at approximately £223m, ends a bidding war for Basingstoke-based Scott [...]
Pensions Regulator’s first notice June 30, 2010 The Pensions Regulator has issued its first contribution notice against a European company, ordering Belgium-based weaving machine maker Michel Van De Wiele (VDW) to make good a gap in the pension scheme of a UK subsidiary it claimed had been liquidated to avoid maintaining the fund. The group tried to dodge its liability by putting [...]
WTO slams EU aid for Airbus June 30, 2010 The World Trade Organisation judges gave the European Union a stinging rebuke yesterday, saying the EU must axe prohibited export subsidies to plane-maker Airbus which had injured US rival Boeing. The WTO panel concluded Airbus had been able to launch a series of passenger jets only thanks to subsidies from the EU and member states [...]
Tesco’s accounting methods in spolight June 30, 2010 TESCO yesterday saw its shares dip after Citigroup accused it of “consistently aggressive” accounting. Britain’s biggest grocery chain is using a different method from its rivals on everything from depreciation to pensions, an analyst claimed. Citigroup’s Alastair Johnston said: “If we put Tesco on more comparable accounting to other companies in our sector, it appears [...]
Cineworld revenues increase despite the World Cup finals June 30, 2010 BRITISH cinema chain Cineworld believes new 3D films from popular franchises like Shrek, Toy Story and Harry Potter will help it attract audiences after a downturn triggered by the World Cup. Cineworld, which runs 78 mainly multiplex cinemas, said revenues rose 3.7 per cent in the first half of its financial year, even though the [...]