CITY MOVES | WHO’S SWITCHING JOBS July 20, 2010 XENFIN CAPITAL The systematic trading firm has hired Luca Rubinelli to head up its new fixed income trading arm. Rubinelli joins from a family office, where he was a multi-asset portfolio manager on the proprietary trading desk. Prior to that, he was a director at Société Générale in the derivatives solutions group and also held [...]
Cable & Wireless is hit hard by Budget July 20, 2010 CABLE & Wireless Worldwide (CWW) has said its trading has been hit hard by the spending squeeze announced in the emergency Budget, sending its shares a staggering 18 per cent lower. About £285m, or 12 per cent of CWW’s revenue, came from UK public sector customers such as the NHS and the Ministry of Justice [...]
Amazon sees ebook sales outpace hard covers for first time July 20, 2010 AMAZON says digital publishing has reached a “tipping point” after revealing it now sells more ebooks than hardcover versions. The internet giant has staged a spirited fightback against the hugely successful iPad, slashing its price in the US from $259 (£170) to $189. This has driven a surge in sales for its Kindle reader. Amazon [...]
BEST OF THE BROKERS July 20, 2010 WILLIAM HILL Execution Noble gives William Hill a “buy” rating and said it expects marginal upgrades to full-year numbers based on the bookmaker’s first half performance. But, given World Cup benefit would have spilled into the second half, according to Execution, the interims should provide flavour on further support. BAE SYSTEMS BAE Systems has been [...]
Nokia set to oust chief executive July 20, 2010 Nokia has begun looking for candidates to replace chief executive Olli-Pekka Kallasvuo, who has struggled to keep up with rivals Apple and Google in the fiercely competitive smart-phone market. Sources close to the firm say Kallasvuo may be ousted as early as the end of July, as the firm’s stock continues its decline. Kallasvuo, who [...]
Canon to revise up camera sales July 20, 2010 Japan’s Canon said yesterday it is thinking of slightly raising its camera sales forecast for 2010 from the current 25.9m units, thanks to better-than-expected sales in the profitable interchangeable lens camera segment. Sales of compact cameras, forecast at 21m units, are in line with expectations, Masaya Maeda, head of the Image Communication Products division at [...]
Sell safe-haven Swissie July 20, 2010 AMID the firestorm that has engulfed the world economy over the past few months, one currency has stood out more than any other as a refuge from the heat and the volatility of the markets. The Swiss franc’s perceived status as a safe-haven – first from the Eurozone sovereign debt crisis and then from the [...]
EURO RALLY IS AT RISK OF STALLING July 20, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT IN MAY, at the depth of the Eurozone crisis when the euro was losing value nearly every day, the majority of currency market analysts were convinced that the pair would go to parity or, even worse, that it would collapse altogether. Yet a mere eight weeks later, the euro has [...]
Germany is the weak link in the Eurozone July 20, 2010 ON FRIDAY, Europe’s bank stress tests are released. This comes at an interesting time for the single currency. Over the past month the euro has had an aggressive rebound, particularly against the dollar, and is now hovering close to the crucial $1.30 level. Expectations are that it will stay around this level until the results [...]
THE TIPSTER July 20, 2010 THE euro has been making up for lost ground over the past couple of weeks and has gained against both the US dollar and sterling. The pound has fallen by 5 per cent against the single currency over the past three weeks and is now back at the £0.85 area that was last seen in [...]
