Research shows US tech firms are worth more than entire markets January 9, 2014 FACEBOOK is worth $2bn (£1.21bn) more than all Malaysia’s listed firms; while oil giant Exxon’s market value outstrips Taiwan’s by $9bn, according to a note from analysts at Bank of America Merrill Lynch (BAML). The bank’s chief strategist, Michael Hartnett, says the comparisons show that emerging markets seem inexpensive: “Brazil’s market cap barely exceeds that of [...]
Apple and Samsung chiefs agree to mediation in US patent fight January 9, 2014 APPLE and Samsung Electronics have agreed to attend a mediation session to be held on or before 19 February, as they prepare to clash in court in March over smartphone patents. Apple chief executive Tim Cook and his Samsung counterpart Oh-Hyun Kwon will attend the session with in-house lawyers only, according to a Wednesday court filing. [...]
Rathbone unit trusts help fund base surge 20pc January 9, 2014 RATHBONE Brothers, the upmarket wealth manager, yesterday said the amount of money it manages for people jumped by over 20 per cent last year, boosted by its unit trust business. The company, currently on the hunt for a new chief executive to replace Andy Pomfret who departs next month, saw funds managed by the company [...]
Paulson heals from European trades to post a return to form January 9, 2014 TRADER John Paulson – whose 2007 bet against the US sub-prime mortgage market was dubbed the greatest trade ever – saw a reversal in fortunes at the European wing of his hedge fund last year, annual accounts shows. Paulson Europe, a Jermyn Street-based subsidiary of Wall Street firm Paulson & Co, increased turnover by 14 [...]
Debenhams remains unloved as hedge funds pile on the pressure January 9, 2014 HEDGE fund bets against Debenhams have increased four- fold since the start of the year led by a short position from Marshall Wace, amid an overall decline in shorting of high street retailers, fresh figures show. About 4.5 per cent of the company’s stock is now out on loan versus 1.5 per cent just a [...]
BlackRock has agreed to end analyst surveys January 9, 2014 BLACKROCK, the world’s largest asset manager, agreed to end its analyst survey programme worldwide, as part of an agreement reached with the New York Attorney General’s office. The agreement stems from an investigation by New York Attorney General Eric Schneiderman into the early release of Wall Street analyst sentiment, which can move markets. BlackRock agreed [...]
Analyst Views: What did you think of yesterday‘s results? January 9, 2014 ROBIN SAVAGE | CANACCORD GENUITYRathbones’ funds under management figure is £100m ahead of our forecasts as net inflows into Rathbone Unit Trust Management (RUTM) were £200m ahead of expectation. This is significant as RUTM’s growth should lift the division’s margins and the momentum should continue into 2014. DAVID MCCANN | NUMISWe regard Rathbones as one [...]
Oriel Securities goes on a hiring spree after its Canadian tie-up January 9, 2014 ORIEL Securities, the independent stockbroker which agreed a financing deal with CIBC, Canada’s fifth largest bank, last September, yesterday announced five senior appointments to help take its business forward. The firm, which had been linked several times last year with a merger with Panmure Gordon, says the strengthening of its team also follows a bumper [...]
No deal as Rolls ends Wartsila takeover talks January 9, 2014 ENGINEERING company Rolls-Royce made a takeover approach to Finnish ship and power plant engine maker Wartsila but the talks ended without a deal, the two companies said yesterday. Shares in Wartsila, with an enterprise value of around €7.3bn (£6bn), rose more than 11 per cent after the companies confirmed the preliminary talks. They had discussed [...]
McBride sales suffering as rival brands ramp up special offers January 9, 2014 MCBRIDE, Europe’s biggest manufacturer of retailers’ own-brand household and personal care products, yesterday announced a three per cent drop in revenue at constant currency in the last six months. The group said its decision – announced previously – to wind down selected contract manufacturing business had hit its first half, but that private label revenue [...]
