Spain’s FCC soars after Bill Gates buys stake October 22, 2013 SHARES in Spanish builder FCC surged 13 per cent to an 18-month high yesterday after the company said late on Monday that Bill Gates, co-founder of Microsoft, had become its second largest shareholder. The debt-laden construction company said Gates had bought six per cent of the firm for €113.5m.
A slick way to get onto Wall Street October 22, 2013 MYTHS may have it that the streets of London are paved with gold, but the pavements in Midtown Manhattan were coated with something almost as lucrative yesterday after a truck spilled around 200 gallons of oil during the morning rush hour. Traders more used to spending their days tracking the price of Brent crude were [...]
Dragon chooses to call UK home October 22, 2013 WITH UK firms like King choosing the US market to list, and Sir Richard Branson leaving the rainy British weather to take up residency on Necker Island, it’s refreshing to see a native Californian heading in the opposite direction. Tech entrepreneur Doug Richards – founder of School for Startups and former Dragons’ Den investor – will today [...]
Rollercoaster for Arm as its royalties wane October 22, 2013 THE UK’S MOST valuable listed technology firm, Arm Holdings, had a mixed day of trading yesterday after its third quarter beat expectations. The chip maker initially plummeted six per cent to 970p a share in the morning before recovering to close at 1,004p, down 3.4 per cent. Its results were largely positive with a 36 [...]
Former boss of London Whale pushes back against regulator October 22, 2013 FORMER JP Morgan executive Achilles Macris is challenging the findings of the Financial Conduct Authority (FCA) surrounding the London Whale scandal. Macris has referred his complaints to the upper tribunal, a tax court. His spokesman commented: “Some of the findings in the notice clearly identify and criticise him, that these findings are made in error [...]
Goldman sells Rothesay stake October 22, 2013 GOLDMAN Sachs has sold most of its stake in Rothesay Life, a UK insurer founded and run by one of its former partners, freeing up capital to meet stricter regulatory requirements. Singapore wealth fund GIC and private equity group Blackstone are buying 28.5 per cent each while Massachusetts Mutual Life Insurance Company will take seven [...]
UBM predicts slower growth October 22, 2013 MEDIA and marketing services company UBM said yesterday it expects full-year underlying revenue growth to be at or below three per cent with fewer new launch events in the fourth quarter and weaker conditions in Brazil and India. However, UBM said it expects full-year profit to be on track and estimated adjusted operating margin at [...]
Suneel Bakhshi named as LCH.Clearnet boss October 22, 2013 THE London Stock Exchange Group yesterday named Suneel Bakhshi (pictured) as chief executive of LCH.Clearnet, the clearing business in which it owns a majority stake. Bakhshi is currently president and chief executive of Citigroup Global Markets Japan, and is expected to join LCH.Clearnet early next year, pending regulatory approval. He will also become a member [...]
Drinks producer Stock wobbles in early trading October 22, 2013 STOCK Spirits Group, the Buckinghamshire-based spirits producer, fell in its first day of trading yesterday after the company floated its shares at 235p, giving the company an initial valuation of £470m. The company’s shares initially rallied, but ended up closing down 3.8 per cent at 226p yesterday. Stock Spirits, which is the biggest vodka producer [...]
Russia’s Tinkov sees London listing of TCS price at top end October 22, 2013 RUSSIAN entrepreneur Oleg Tinkov’s consumer credit firm TCS priced its London listing at the top of a target range yesterday, with shares gaining five per cent on debut as investors bet on its ability to capitalise on households’ growing appetite for debt. TCS Holding Group, owner of Tinkoff Credit Systems, has challenged state-controlled banks and [...]