Oil futures hit $86 on strong jobs numbers April 5, 2010 CRUDE oil futures crossed an 18-month high yesterday, rising towards $86 per barrel after positive jobs data from the US boosted hopes of a speedy economic recovery. US crude futures for May delivery hit a session high of $85.89 as Asian traders responded to figures showing the fastest increase in North American job creation since [...]
Watch out as those bond yields drift upwards April 5, 2010 Something very interesting is happening in the bond market these days, and, yes, it has to do with the enormous amount of bonds that are being issued by governments. In one word, it can be described as distortion. For a very long time, even with the knowledge that budget deficits were ballooning from government overspending, [...]
CITY MOVES | WHO’S SWITCHING JOBS April 5, 2010 Threadneedle The asset management firm has hired George Gosden to join its Asian equities desk. Gosden spent the past eight years as a director at Insight Investment, where he was part of the international team. Prior to that, he was a director of Asian equities at Clerical Medical Investment Management. In his new role, he [...]
Microsoft phones on the way April 5, 2010 Microsoft is set to announce its long-awaited “Project Pink” phones early next week, sources familiar with the matter said on Monday, as the world’s largest software company attempts to gain traction in the growing market for young smartphone users. The mobile phones, to be sold by top U.S. mobile operator Verizon Wireless which is partly [...]
Entergy cancels nuclear plans April 5, 2010 Entergy Corp cancelled the planned spinoff of several of its nuclear power plants after hitting regulatory hurdles in New York, and the utility owner said it would take more than $75m (£49m) in charges from the effort. The company, the second-largest US nuclear power plant operator, said it would unwind the business infrastructure associated with [...]
GM to install brake override April 5, 2010 General Motors said yesterday it will install brake override systems on nearly all of its vehicles by 2012. The move follows mass recalls at rival Toyota. Toyota has been expanding the use of brake override systems to calm fears after defects caused vehicles to speed uncontrollably.
LAST DANCE FOR EMI AS DEAL DIES March 31, 2010 PRIVATE equity billionaire Guy Hands is racing to develop a rescue plan for EMI, the hugely indebted record label, after eleventh-hour talks over a deal with?Universal Music and Sony collapsed. EMI was set to breach its covenants on more than £3bn of loans with Citigroup yesterday. Hands, who owns the company through his Terra Firma [...]
Gartmore owns up to links with FSA suspect March 31, 2010 TROUBLED Gartmore, whose shares have tumbled as a result of its decision to suspend a star trader, yesterday confirmed to shareholders that Clive Roberts, an equities sales trader arrested last week on suspicion of insider trading, did a lot of business with the firm. In a statement issued to shareholders, Gartmore said: “Clive Roberts was [...]
Ofcom cuts Premier footy prices March 31, 2010 MEDIA regulator Ofcom has slashed the price BSkyB can charge its rivals to screen its sports packages. It cut the wholesale price for Sky Sports 1 by 24 per cent to £10.63 a month. It means rivals BT and Virgin will be able to undercut Sky and chip away at its vast 9.5m subscriber base. [...]
City: Tory tax cut is right… March 31, 2010 GEORGE Osborne’s plan to cut National Insurance has been broadly welcomed by our reader panel, although most think he should have gone further. The City A.M./PHI Panel, which has been specially recruited with PoliticsHome.com to represent a cross-section of London’s financial and business community, was asked to judge Osborne’s pledge. Osborne has said he will [...]