Q and A: What will happen if the US defaults? October 15, 2013 Q BY MICHAEL BIRD What was the deadline that passed at the end of September? A At midnight on 30 September, the deadline to avoid a government shutdown passed, meaning that around 800,000 nonessential employees of the government were sent home. Q What is the significance of events happening this week? A Treasury secretary Jack [...]
Yahoo reaches top of forecasts October 15, 2013 INTERNET giant Yahoo’s third quarter results narrowly beat expectations last night, with a slight decline in revenue. Chief executive Marissa Mayer said: “I’m very pleased with our execution, especially as we’ve continued to invest in and strengthen our core business.” Yahoo’s revenue dipped from $1.202bn (£750m) in the third quarter of last year, to $1.139bn [...]
Twitter picks NYSE for float October 15, 2013 TWITTER said last night it will list on the New York Stock Exchange, dealing a blow to the Nasdaq, which traditionally handle banner tech floats. The social network also showed that it kept up its pace of revenue and user expansion in the just-ended third quarter, and it is now set to kick off its [...]
What the other papers say this morning – 16 October 2013 October 15, 2013 FINANCIAL TIMES US bankers attack London-China love US bankers and UK lawyers attacked the new light-touch regulatory regime proposed for Chinese banks in the City on Tuesday, accusing George Osborne of political interference in regulation. As the chancellor confirmed details of a plan for Chinese banks to operate via branches rather than full-blown subsidiaries, senior [...]
Investors fight to sell shares in postal giant October 15, 2013 SHARES in Royal Mail yesterday closed at a new high of 489p each – but thousands of private investors were left fuming after a government-appointed share-dealing service struggled to cope with demand to offload the stock. Investors who bought shares through the government’s website had to wait until yesterday’s official stock exchange listing before they could [...]
Tory MP calls for Umunna to join Cable and Lazard at new hearing October 15, 2013 BUSINESS secretary Vince Cable was yesterday asked to appear in front of a Commons committee to discuss whether shares in Royal Mail were sold on the cheap. MPs on the business select committee also asked investment bankers at Lazard to attend the hearing, which is scheduled for November. Lazard advised the government on the deal, dealing [...]
Moya Greene wants strike safeguards October 15, 2013 ROYAL Mail chief executive Moya Greene yesterday called for her company to be protected from strike action, as the main postal union prepares to announce the result of a strike ballot against privatisation. “We need to start thinking about what sort of protections do we need as a company from our people from what has been [...]
Woodford exit sparks market and broker jolt October 15, 2013 BRITAIN’S most powerful investor Neil Woodford announced plans to quit fund manager Invesco Perpetual yesterday to form a rival business, triggering a widespread sell-off of Woodford-related stocks. Woodford, who looks after about £30bn of savings for people in the UK, said he would step down from the Henley-on-Thames based firm at the end of April [...]
…as Invesco reshuffles its equity team with promotion of veteran October 15, 2013 THE MAN filling Neil Woodford’s shoes following his departure from UK fund manager Invesco Perpetual will be Mark Barnett, a 17-year veteran of the company. Barnett will take over Woodford’s High Income and Income funds when the seasoned manager departs the company in April next year. Barnett currently runs the UK Strategic Income Fund, which [...]
Citi profits fall on poor bond market results October 15, 2013 CITIGROUP profits fell in the third quarter, the banking group reported yesterday, with bond trading down after the Federal Reserve surprised the market with the sustained pace of its money printing. Net income came in at $3.23bn (£2bn), down 16 per cent from $3.89bn in the previous three-month period and flat on the year. Revenues [...]
