Germany investor confidence up August 18, 2009 Investor confidence in Germany, Europe’s biggest economy, rose sharply this month as hopes grew that the economy will recover faster than previously expected. Germany’s ZEW think tank showed investor sentiment improved more than expected in August to its best level since April 2006. Last week, the country reported a 0.3 per cent increase in growth [...]
Rio sells packaging arm August 18, 2009 Global miner Rio Tinto agreed to sell its Alcan packaging unit for about $2bn to Australia’s Amcor, easing its debt burden after an ill-timed acquisition two years ago. Amcor said the deal will make it a leading global player in key packaging markets. The deal is a key part of Rio’s efforts to pay down [...]
US producer prices in record fall August 18, 2009 US producer prices fell by a larger-than-expected amount in July and notched up a record decline compared with a year earlier as gasoline prices plummeted, government data showed yesterday. The Labour Department said the seasonally adjusted index for prices paid at the farm and factory gate dropped by 0.9 per cent.
Turquoise in buyer search August 18, 2009 UBS was yesterday in the initial stages of finding a buyer for fledgling trading platform Turquoise, as the market mulled over how to value the loss-making business. The pan-European trading platform launched in August 2008 – one of a number that arrived on the scene after European deregulation – and has been able to capture [...]
Lazard hires Goldman Sachs veteran to boost IPO presence August 18, 2009 LAZARD toasted a major coup in its bid to boost its presence in the initial public offering (IPO) market yesterday, after the investment bank said it had hired veteran Goldman Sachs banker Tom Tuft. The group has named Tuft, who advised Lazard on its own IPO in 2005, as chairman of its Global Capital Markets [...]
Blow for Northern Rock credit holders as it halts bond payouts August 18, 2009 NATIONALISED lender Northern Rock shocked bond markets yesterday by ceasing payouts on several of its bonds in a bid to hoard cash ahead of a further £3bn government bailout. The value of the failed sub-prime mortgage lender’s credit plummeted as it announced it is to delay all payments where it is legally possible. The lender [...]
SCHAEFFLER BAGS CONTINENTAL August 18, 2009 GERMAN carparts maker Schaeffler said yesterday it had arranged a £10.22bn refinancing deal that will see its owners – including Maria Elisabeth Schaeffler (pictured) – take control of rival Continental. The move by Schaeffler was led by chief executive Juergen Geissinger (also pictured). The merged group would have about £28bn of annual sales and around [...]
US probes UBS clients as Bern prepares stake sale August 18, 2009 MORE than 150 American clients of UBS are being investigated by the US authorities for suspected tax evasion, federal prosecutors said yesterday, as analysts predicted the Swiss state would soon sell its stake in the troubled investment bank. A court filing said that the 150 people under investigation were on a list of 250 names [...]
SAAB SALE SKIDS August 18, 2009 KOENIGSEGG, the supercar maker that is in talks to buy Swedish brand Saab from General Motors (GM) was last night locked in talks with the Swedish government over additional funds it needs to take over Saab. Earlier yesterday, GM said it had struck a firm agreement to sell Saab, but Koenigsegg said it only had [...]
Inflation rate holds steady but will drop August 18, 2009 INFLATION unexpectedly held steady in July, as rises in the prices of games, toys and hobbies offset falls in the cost of food and drinks. But economists warned that deflation still looms. The Office for National Statistics said that the consumer price index (CPI) – the government’s preferred measure – was unchanged from June, keeping [...]
