FTSE rises after Glaxo sets out recovery plan – London Report October 22, 2014 BRITAIN’S top share index yesterday ended higher, with motor insurers advancing on news of an increase in car premiums and drugmaker GlaxoSmithKline rising after its results. The FTSE 100 finished 0.4 per cent higher at 6,399.73 points. It had fallen more than 10 per cent in four weeks before making a marginal recovery since late [...]
Falling oil price and sell offs hit Wall St run – New York Report October 22, 2014 US STOCKS erased earlier gains yesterday to close lower as a shooting at the Canadian parliament unnerved investors, Boeing and Biogen Idec sold off following results and energy company shares fell along with oil prices. The Dow Jones industrial average fell 153.49 points, or 0.92 per cent, to 16,461.32, the S&P 500 lost 14.17 points, [...]
Warren Buffett’s hat-trick of woe: Billionaire loses $1bn as Coca-Cola, IBM and Tesco share prices crash October 21, 2014 Billionaire investor Warren Buffett lost $1bn yesterday after shares in his second biggest investment Coca-Cola crashed to a six-year low, capping a torrid week for the 84-year old after similar misfortunes with IBM and Tesco. Buffett’s 400m shares in the soft drinks firm fell $2.61 each, reducing the value of his holding by $1.1bn after [...]
Instant $84m Karma for Microsoft boss October 21, 2014 MICROSOFT just revealed how much it is paying its new chief executive, Satya Nadella. All told for the first year, it’s a $84m (£52m) package. Just 11 days ago, he urged women in technology not to ask for pay raises but trust in “karma” to get a fair salary.
Corporate bonds are the target as ECB makes move October 21, 2014 THE EUROPEAN Central Bank is considering buying corporate bonds on the secondary market and may decide on the matter as soon as December with a view to begin purchases early next year, several sources familiar with the situation have told Reuters. European shares rallied on the news, led by banks and shares in peripheral countries. [...]
Permanent job hirings in UK slowing down October 21, 2014 The number of permanent hirings by British companies carried out through recruitment firms rose at the slowest pace in 10 months in September – and growth in starting salaries also weakened, a survey from the Recruitment and Employment Confederation (REC) showed yesterday. But pay for temporary workers rose at the fastest pace in seven years.
Infocomm sets up shop in the City with £124m to invest in startups October 21, 2014 SINGAPORE venture capital (VC) fund Infocomm is setting up shop in the capital, bringing $200m (£124m) to invest in startups in London and Europe for the first time. The move was spurred by the momentum in the capital’s tech sector and the new outpost makes permanent an 18-month “commuter relationship” with the City, Infocomm chairman [...]
Best of the Brokers for 22 October 2014 October 21, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com DEUTSCHE POST Deutsche Bank has downgraded the world’s largest courier company from “buy” to “hold”. The investment bank said Deutsche Post’s growth could be muted in the medium term by a softer economic backdrop and restructuring costs. The firm has set a target [...]
FTSE 100 rebounds as oil price rises and Shire jumps on bid report – London Report October 21, 2014 Gains in big oil companies and drugmaker Shire yesterday lifted Britain’s top equity index, which extended a rebound after falling to 15-month lows last week. The FTSE 100 index closed up by 1.7 per cent, or 105.26 points, at 6,372.33 points. Shire rose 2.61 per cent to 3,848p, after Reuters reported that Botox-maker Allergan shareholder [...]
Wall St gets results boost – New York Report October 21, 2014 US STOCKS rallied yesterday, with the S&P 500 notching a fourth straight session of gains boosted by strong corporate results, including Apple’s. The Dow Jones industrial Average closed up 1.31 per cent at 16,614.81, while the S&P 500 closed up 1.96 per cent at 1,941.28. The Nasdaq Composite closed up 2.4 per cent at 4,419.48. [...]
