Funding for Bakrie buyout comes as a ray of hope for embattled Bumi boss February 12, 2013 BUMI’S under-fire chief executive Nick von Schirnding was last night celebrating the most significant piece of good news since taking over the troubled mining outfit at the end of last year, adding to mounting confidence ahead of the crunch vote next Thursday. Coal miner Bumi confirmed yesterday that the Bakrie family has committed $50m (£32m) [...]
US corporate results round up February 12, 2013 Coca-Cola revenue misses Street view as Europe drags Coca-Cola yesterday reported fourth-quarter revenue slightly below analysts’ estimates, hurt by a weaker-than-expected performance in Europe. The world’s largest soft drink maker, said revenue rose four per cent to $11.46bn (£7.32bn). Worldwide sales volume climbed three per cent, but volume in Europe fell five per cent. JP [...]
City Moves for 13 February 2013 | Who’s switching jobs February 12, 2013 RBS The bank has announced the appointment of Jonathan Barrow as regional director for the east of England in its corporate and institutional banking coverage team. Barrow joined RBS 17 years ago, and has worked in various regional corporate locations in the UK, as well as at RBS’s New York office. Smith and Williamson The [...]
Best of the Brokers February 12, 2013 HEINEKEN UBS has cut its rating on the drinks firm from “neutral” to “sell” and hiked its target price from €43.50 to €50. The broker expects Heineken’s results for 2012 to be in line with forecasts, but that the firm will be more cautious about the coming year as the European consumer outlook deteriorates. UBS [...]
Barclays leads FTSE to top day of month so far February 12, 2013 ASURGE in Barclays’ shares led the FTSE 100 past the psychologically important 6,300 level yesterday, as the blue chip bank’s planned overhaul raised hopes for the troubled sector’s revival. Barclays gained 8.4 per cent, leading FTSE 100 gainers and adding over 12 points to the index alone, after unveiling plans to slash annual costs by [...]
Dow heads to highs ahead of key speech February 12, 2013 US STOCKS closed modestly higher yesterday, putting the Dow within striking distance of an all-time high, as investors looked ahead to President Barack Obama’s State of the Union address. Investors will be listening to Obama’s speech for any clues on a deal with Republicans to avert automatic spending cuts due to take effect on 1 [...]
Tighter regulations won’t restore the City’s reputation for integrity February 12, 2013 FINANCIAL regulation is often defended on the grounds that financial products are complex and consumers do not understand them properly. But that is nothing special in itself. I know little about car repair. When I take my car to the garage, the mechanics start talking Esperanto to me about their plans, followed by “OK?” We [...]
Europe needs to be more relaxed about entrepreneurs getting filthy rich February 12, 2013 PETER Mandelson famously said that he was “intensely relaxed about people getting filthy rich”. As with many aspects of New Labour, he was working firmly in the Leninist intellectual tradition. Some 20 years earlier, the then leader of the Chinese Communist Party Deng Xiaoping stated that “to get rich is glorious”. The Chinese have certainly [...]
Press freedom has been relegated to history’s scrapheap February 12, 2013 IN THE past, Britain was frequently ripped apart by the question: “Should the press be free or regulated?” Writers squared up to censorious Kings and demanded, in the words of seventeenth century poet John Milton, “the liberty to utter”. In return, Kings threw disobedient hacks in the Tower. In 1792, Thomas Paine was sentenced to [...]
The Debate: Will North Korea’s third nuclear test lead to increased instability in the Asia-Pacific? February 12, 2013 YES Andrea Berger Following North Korea’s third nuclear test, South Korea, Japan, and China will be compelled to match their verbal condemnations with action. Several responses could further provoke Pyongyang, causing it to lash out again, and destabilise the region. Should Beijing decide to punish North Korea over its latest provocation – by supporting an [...]
