Singapore’s GIC profits on Citi stake sale September 22, 2009 SINGAPORE’S sovereign wealth fund GIC has sold half of the nine per cent stake in Citigroup it acquired amid the banking crisis, booking a profit of $1.6bn (£980m) on the back of the rally in the markets. GIC offloaded the stake after the conversion earlier this month of $6.8bn worth of its convertible preferred stock [...]
BEST OF THE BROKERS September 22, 2009 TAYLOR WIMPEYPanmure Gordon changed its recommendation on Taylor Wimpey from “hold” to “sell”. The broker said that, although it believes the firm is now on a much more stable footing following its rights issue earlier this year, the stock’s valuation versus the value of its sector peers has now run a little ahead of itself. [...]
Anglo Irish staff cuts likely September 22, 2009 Anglo Irish Bank is understood to be planning to lay off hundreds of staff as the nationalised bank bids to cut costs. The bank has an enormous wage bill, paying its 1,700 employees an average of €100,000 (£90,454) last year, including basic salary and extras such as share awards and pension schemes. The Irish government [...]
Intel boss reassures on PC sales September 22, 2009 Paul Otellini, chief executive of computer chip giant Intel, expects personal computer (PC) sales volume this year will at least match 2008’s, underscoring growing expectations that consumer spending is driving a mild recovery. Otellini, speaking at a product launch in San Francisco, said the PC industry remains “alive and well” in the middle of the [...]
Carnival lifts earnings forecasts September 22, 2009 Carnival, the world’s largest cruise operator, lifted its 2009 earnings forecast yesterday, citing stronger booking volumes, sending shares up as much as 8.4 per cent. Booking volumes for cruises slated for the remainder of 2009 and the first half of 2010 are running 19 per cent ahead of the prior year, spurred partly by heavy [...]
CITY MOVES WHO’S SWITCHING JOBS September 22, 2009 Securities and Investment InstituteThe SII has appointed John Nichols, a former ambassador to Switzerland, as its new director of global business development. Nichols, 57, has spent 30 years in the Foreign Office, holding senior positions in the UK, Brazil and Bangladesh and as ambassador to Switzerland, Hungary and Liechtenstein. He was also previously deputy chief [...]
Scandals do little damage to Renault and JJB September 22, 2009 BRAND INDEXSTEPHAN SHAKESPEARE WE’VE discussed before the stability of brands: British Airways is a great example of those that have suffered all sorts of media squalls and yet always return to their same high BrandIndex score. They are in the overwhelming majority: it’s one of the key reasons to invest heavily in brand-building, that it [...]
Odey:Enjoy the bubble in equity prices September 22, 2009 CRISPIN Odey, the veteran hedge fund manager who founded Odey Asset Management, has told his investors to enjoy the rapidly growing bubble in the stock market as it is being “sponsored” by the government. Odey has told clients to jump in and take advantage of the runaway markets, which are being underpinned by the Bank [...]
Miners gain the most in 2009 so far September 22, 2009 MINING stocks have seen the biggest recovery in value of all FTSE 100 constituents so far this year, according to Thomson Reuters Datastream figures. An increased demand from the construction sector and improved confidence in a global economic recovery have driven mining shares higher, meaning that seven companies from within the sector are in the [...]
Ofcom warns that regional news will cost ITV network 64m from 2012 September 22, 2009 OFCOM warned yesterday that regional news programming across ITV’s networks could be hemorrhaging up to £64m a year by 2012. The watchdog’s estimate means that new funding is needed to ensure the continued provision of regional news on Channel 3, because the costs of paying for the license would outweigh the benefit. The Channel 3 [...]
