Citi hails rebound April 16, 2012 CITIGROUP’S earnings were hailed as a sign that a US banking recovery is taking hold yesterday, as the bank revealed a sharp drop in the losses it expects to take on bad loans. Analysts said that the bank’s figures showed a “healthy improvement” in credit quality among the core bank’s bread and butter customers – [...]
Hedgies march out of Mayfair as property costs bite April 16, 2012 London hedge funds are moving away from their Mayfair heartland – including the “hedge fund alley” of Curzon Street and Berkeley Square – as they come under pressure to cut costs after a dire year for the sector. Managers are ditching their traditional home in favour of Victoria, Soho and areas north of Oxford Street, [...]
Investors worry as Spain dives back into recession April 16, 2012 Sain’s economy minister yesterday admitted the country is back in recession, as the government’s borrowing costs climbed to levels last seen before the European Central Bank’s €1 trillion (£836bn) rescue operation in December. Madrid has taken steps to clamp down on regional governments’ rampant budget deficits, only offering credit lines in return for promises to [...]
Argentina set to renationalise its biggest oil firm April 16, 2012 ARGENTINA yesterday said it plans to renationalise its biggest oil company, YPF, drawing swift warnings from key trade partners and risking the country’s further economic isolation. YPF, controlled by Spain’s Repsol, has been under intense pressure from Fernandez’s centre-left government to boost production, and its share price has plunged due to months of speculation about [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 16, 2012 FINANCIAL TIMES AB InBev takes over Dominica’s CND Anheuser-Busch InBev is to pay $1.24bn for control of fellow brewer Cervecería Nacional Dominicana. Cautious go-ahead for fracking The future of hydraulic fracturing – known as fracking – the contentious natural gas extraction technology – has been boosted after a report cleared the way for a company [...]
US retail sales boost Wall Street April 16, 2012 ■ The American consumer came to Wall Street’s rescue yesterday, as strong spending data provided a boost for stocks. Retail sales jumped 0.8 per cent in March, official figures showed, building on February’s one per cent gain and coming in well above economists’ forecasts.
Green light for Cucinelli float April 16, 2012 ■ Italian cashmere business Brunello Cucinelli has attracted enough support for its £124m IPO after its first day of bookbuilding. Bankers said the issue was “fully covered”. The roadshow for the group, which has stores in the West End, comes to London tomorrow. Bank of America Merrill Lynch and Mediobanca are joint bookrunners.
Apple stock in sharp downturn April 16, 2012 ■ New York’s Nasdaq index was weighed down yesterday after Apple’s stock recorded its sharpest percentage drop since October last year. Apple closed at $580.13 after hitting a record high last week of $644. Some investors said Apple, which is up 45 per cent this year, broke a trend line that led to more profit-taking. [...]
Senate blocks Buffett rule April 16, 2012 ■ Senate Republicans last night blocked President Barack Obama’s “Buffett Rule” legislation, which would have put a 30 per cent minimum tax on millionaires. Democrats, as expected, failed to get the 60 votes needed to move to a full debate and vote on the bill.
Carlyle looks to raise $762m in its US flotation April 16, 2012 PRIVATE equity powerhouse Carlyle revealed yesterday that it hopes to raise between $701.5m and $762.5m (£441m and £479.7m) through an initial public offering in the US, which would value the firm at up to $7.61bn. Carlyle, which has $147bn in assets under management, is to list 10 per cent of the company on the Nasdaq [...]