Analyst Views | What’s the damage from John Wood’s profit warning? December 12, 2013 BRENDA KELLY IG“The firm’s shares had climbed around 19.5 per cent earlier in the year, so in some respects it was not surprising there was a bit of a sell off. But this update was disappointing as there will be a drop in profits for the engineering unit. This is a sector that has had [...]
Liberty Global in takeover talks with Dutch cable operator Ziggo December 12, 2013 US CABLE group Liberty Global, which bought Virgin Media in a $15.8bn (£9.7bn) deal in February, is in takeover talks with Dutch operator Ziggo, its latest move to consolidate the sector in Europe with a deal analysts say could cost around €5bn. Ziggo rejected an approach from the company controlled by US tycoon John Malone [...]
Eurozone hit by weak industrial output figures December 12, 2013 INDUSTRY in the Eurozone got off to a shaky start in the fourth quarter, as official statistics released yesterday revealed that production shrank between September and October. Output shrank 1.1 per cent during the month, leaving growth at only 0.2 per cent in the 12 months since October last year. Despite the end of the [...]
Bank of America pays $132m to settle Merrill unit charges in US December 12, 2013 BANK OF America yesterday agreed to pay $131.8m to settle US Securities and Exchange Commission charges that its Merrill Lynch unit misled investors about collateralised debt obligations (CDOs) it structured and sold. The regulator said Merrill failed to tell investors that hedge fund firm Magnetar Capital exercised significant influence in choosing collateral underlying two CDOs [...]
China and India lead growth pickup in G20 December 12, 2013 THE WORLD’S biggest economies accelerated in the third quarter, led by strong increases in growth for India and China, the Organisation for Economic Co-operation and Development (OECD) said yesterday. The G20 nations’ economic growth picked up from 0.6 per cent in the first quarter and 0.8 per cent in the second quarter to 0.9 per cent in [...]
Consumption in UK rises to sixth highest in the EU December 12, 2013 THE STANDARD of living in the UK, measured by how much each individual consumes, rose to joint-sixth in the European Union last year, up a spot from 2011. Despite the improvement in the UK’s position, the European Commission rankings show that Britain had a better ranking in 2010, when it came in joint fifth with [...]
Trips to Britain boost business as tourist numbers lift again December 12, 2013 THE NUMBER of people visiting the UK both for business and leisure is still on the rise, with earnings for British businesses from international tourists increasing at a similar pace. According to official statistics, there was an eight per cent increase in the number of holiday visits to the UK during the 12 months to [...]
UK to grow at stable level as 2014 kicks off December 12, 2013 THE RECENT boost to economic optimism appears to be stabilising, after rapid improvements in consumer and business confidence earlier in the year. According to the Conference Board, which measures economic sentiment in countries around the world, the British economy was still picking up pace in October, but was reaching a more stable level. The group’s [...]
Snapchat raises $50m from US hedgie Coatue December 12, 2013 SNAPCHAT, the photo messaging app popular with teens, yesterday secured $50m (£30.6m) funding from Coatue Management, a California-based hedge fund. Coatue, run by Phillipe and Thomas Laffont, has also invested millions into startup app HotelTonight. The app made headlines last month for being yet another website with no revenue to receive a billion dollar purchase [...]
Odey shorts Manchester Utd as hedge funds line up for Blinkx December 12, 2013 HEDGE fund guru Crispin Odey is shorting stocks in Manchester United, while other funds are betting against London listed Blinkx, regulatory data shows. Odey Asset Management disclosed a $5m short position in the club to the Financial Conduct Authority last week. Wall Street investor Luxor Group also disclosed a 1.85 per cent short position in [...]