NAHB adds to fears of US housing slump July 19, 2010 FEARS of a double-dip in the US housing market grew yesterday after a key housing index slumped to a 15-month low and expectations of future sales were extremely weak The NAHB index, which measures sentiment on home building, slumped in July to 14 from a downwardly-revised 16 in June, indicating that demand for new homes [...]
Fall in domestic demand to hit China’s imports July 19, 2010 ASIAN powerhouse China is expected to grow its exports by 16.3 per cent in the second half of this year compared to the same period a year earlier, the China Securities Journal said yesterday, citing a report by the country’s State Information Centre. Full-year growth of exports is estimated at around 24.5 per cent. Imports [...]
Tomkins gets £2.9bn offer July 19, 2010 INVESTORS in Tomkins, the automotive and building products group, reacted coolly to a £2.9bn takeover approach from a consortium of Canadian investors yesterday. Tomkins said it was in advanced talks with a team comprising Onex, Canada’s largest listed private equity house, and the Canada Pension Plan Investment Board, a gargantuan savings fund, over an indicative [...]
From humble belt buckle maker to huge buns-to-guns empire, then back to earth July 19, 2010 TOMKINS has shed several skins to reach its current incarnation as a diversified industrial components manufacturer sitting in the FTSE 250. From humble beginnings as the FH Tomkins Buckle Company, a maker of belt fasteners, Tomkins grew and floated on the London stockmarket in 1956. Controversial City tycoon Greg Hutchings bought a 23 per cent [...]
Tomkins July 19, 2010 INVESTORS might be giving their Canadian suitors a chilly reception, but this really is a no-brainer. The 325p bid offers a premium of 41 per cent on Tomkins’ pre-approach price, and a rich valuation of 15.8 times earnings per share in 2010. A rival is unlikely to trump this generous bid, and the cautious outlook [...]
BoA veteran Jim O’Neil set for UKFI role July 19, 2010 UKFI, the body set up to manage the taxpayer’s stakes in the banks, has welcomed Bank of America Merrill Lynch veteran Jim O’Neil as the latest in a long line of senior executives to parade through its revolving door. O’Neil, who last year advised Lloyds Banking Group on its £22.5bn recapitalisation, will be doing the [...]
FSA fines father and son duo £180,000 for insider trading July 19, 2010 A FATHER and son duo were yesterday slapped with £179,200 of insider dealing fines from the Financial Services Authority (FSA), in relation to their dealing in shares of oil and gas explorer Tower Resources. Jeremy Burley used his position as managing director of Ugandan equipment provider BMS Minerals to glean inside information on Tower Resources’ [...]
India’s HDFC Bank posts its best profit growth in more than a year July 19, 2010 HDFC Bank, India’s second-biggest private sector lender, yesterday reported its strongest profit growth in more than a year, and highlighted more gains for the booming industry on robust loan demand. HDFC Bank and its bigger rivals State Bank of India and ICICI Bank are benefiting from improving business and consumer confidence in an economy set [...]
International Power in GDF merger talks July 19, 2010 BRITISH energy firm International Power (IP) confirmed it had revived merger talks with GDF Energy yesterday, sending its share price soaring. The companies have restarted long-running talks over France’s GDF buying up new shares in IP. Previous talks collapsed in January after the firms failed to agree terms. GDF, already one of the world’s largest [...]
Pressure back on Pru as AIA gets new boss July 19, 2010 AMERICAN International Group (AIG)’s hiring of Mark Tucker to run its Asian arm piles pressure on Prudential to realise value from its Far Eastern operation, analysts argue. Mark Tucker, a former chief executive of Prudential, will take over from Mark Wilson at the head of American International Assurance (AIA) before its Hong Kong flotation in [...]
