BLOOMSBURY MISSING POTTER MAGIC March 30, 2010 BRITISH publisher Bloomsbury Publishing posted a fall in full-year profit, but raised its dividend after a strong start to 2010. For the year ended 31 December, adjusted pre-tax profit was £7.71m, compared with £11.85m. Revenue fell 13 per cent to £87.22m, reflecting difficult trading conditions and tough comparison from last year when the paperback release [...]
Rio Tinto trial ignites China trade tension March 30, 2010 CHINA warned Australia not to make “irresponsible” comments about the trial of four employees of mining firm Rio Tinto yesterday after Canberra said the trial had left questions about China’s legal system. Verbal sparring over the conviction of Australian citizen Stern Hu and three colleagues underlined foreign investors’ concers about legal transparency in China and [...]
Cable charms voters in the chancellor debate March 30, 2010 YOUGOV has a new addition to its BrandIndex offering: TellYouGov. The usual way to do research is to ask people to fill out surveys: the researcher decides what topic should be explored and the formats in which people are allowed to respond. But TellYouGov allows people to give their views on any topic at any [...]
CITY MOVES | WHO’S SWITCHING JOBS March 30, 2010 Clifford Chance The law firm has elected Michael Bates and Robert Lee as the new joint practice area leaders for its London finance practice, effective for a four-year period starting tomorrow. Bates, pictured, has been a partner since 2001 and specialises in acquisition and leveraged financings in the infrastructure sector. Lee, a partner since 1997, [...]
Future hopes the worst is behind it March 30, 2010 Future, the international special interest media group, said its upcoming results are likely to be in line with expectations. The firm said trading remains “challenging” but is heading in the right direction. First half Ebitda is expected to be lower than the first half of 2009, primarily as a result of unfavourable currency impacts. Future [...]
BEST OF THE BROKERS March 30, 2010 CARLUCCIO’S Altium Securities downgrades its recommendation on restaurant group Carluccio’s from a “buy” to a “hold” ahead of today’s trading update. Blames valuation for the decision. Calculates the shares trade on a multiple of 16.2 times earnings, and says currently its rival the Restaurant Group offers better value. CONNAUGHT Charles Stanley has downgraded its stance [...]
Algos boost your trading but always read the label March 30, 2010 WHERE professional traders venture, retail traders won’t be far behind, anxious to pick up on the latest developments in technology and strategy. Algorithmic trading is no exception – there have been recent signs that individuals are more and more interested in using algorithms in their foreign exchange trading. Deutsche Bank’s retail foreign exchange trading arm [...]
Fiscal face-offs offer a silver lining to pound’s feeble state March 30, 2010 ONE lasting impact of this recession is that it has named and shamed those economies that have unsustainably high fiscal deficits. This is a major theme for the foreign exchange markets since traditionally high debt levels have meant weak currencies for the countries involved. Among those which will continue to be weak are the US [...]
DOLLAR RALLY AGAINST YEN TO CONTINUE March 30, 2010 WHILE the currency world was fixated on the euro and the Greek drama unfolding in Brussels last week, the stealth story in the market was the sudden rise in US dollar-yen which came close to hitting yearly highs as US interest rates spiked unexpectedly. Relatively weak US Treasury auctions sent yields on the 10 year [...]
FOREX FLASH March 30, 2010 CHINESE REVALUATION SAGA CONTINUES BlueGold Capital Management’s Stephen Jen said yesterday in a client note that China may refloat the yuan next month to counter the criticism that it is giving its exporting firms an unfair advantage. A revaluation “should help diffuse much of the risks associated with trade protectionism and allow China to resume [...]
