Rio Tinto hit by slump in copper yields July 17, 2008 Bid target Rio Tinto said yesterday its second-quarter refined copper production plunged 18 per cent from a year ago, as the miner saw lower yields at some of its mines. But chief executive Tom Albanese said iron ore output rose 13 per cent on sustained demand from China. Production of iron ore increased to 41.9 [...]
Nervous fund managers flee equities July 17, 2008 Fund managers are stockpiling cash as the volatile market conditions force them to flee equities, according to a new report. The survey of 191 fund managers, commissioned by investment bank Merrill Lynch, found that 53 per cent were now overweight in cash with 40 per cent underweight equities as investors’ risk appetite neared record lows [...]
Wall Street giants hit by SEC probe into short-selling July 17, 2008 American regulators have subpoenaed top investment banks, including Goldman Sachs, Deutsche Bank and Merrill Lynch as part of an investigation into the suspected manipulation of Bear Stearns and Lehman Brothers shares. The US Securities and Exchange Commission (SEC) has also approached more than 50 hedge funds to obtain trading and communications data. The inquiry aims [...]
Surge in UK jobless July 17, 2008 Expectations that the Bank of England would keep interest rates on hold were heightened yesterday as official data revealed the number of people claiming unemployment benefit had surged by the highest monthly amount for 16 years. The Office for National Statistics said unemployment rose by 15,500 last month, after an upwardly revised 14,300 increase in [...]
Conti attacks banks July 17, 2008 German tyre maker Continental yesterday accused Royal Bank of Scotland, UBS, Credit Suisse and Merrill Lynch of helping motoring rival Scaeffler Group build up a 36 per cent stake by stealth, giving it significant traction in its unsolicited €11.2bn (£8.9bn) bid for the firm. Continental, which yesterday rejected the offer as too low, said that [...]
Ebay posts bumper earnings July 17, 2008 Online auctioneer eBay posted a 22 per cent rise in second-quarter net income to $460m (£230m) beating market forecasts and helped by further auction activity and a boosted sales from its PayPal secure payment unit. Revenue rose 20 per cent to $2.2bn. The company also said it bought back 19 million eBay shares worth $566m [...]
Mutuality stages a comeback as Co-op buys Somerfield for £1.56bn July 17, 2008 Three months ago Co-operative Group chief executive Peter Marks unveiled a bold three-year plan to double the group’s profits. The fortunes of the mutual store group were flagging, with 2007 profits down almost 50 per cent and the group offering little competition to the main supermarket chains. Yesterday, the first phase of Marks’ plan to [...]
Merrill Lynch sells stake in Bloomberg July 17, 2008 Investment bank sells its 20 per cent stake in the media giant but keeps BlackRock US giants Merrill Lynch, today expected to reveal its fourth consecutive quarterly loss, has reached a deal to sell its stake in financial terminal and data provider Bloomberg for an estimated £2.2bn ($4.5bn). Merrill Lynch, which has a 20 per [...]
The perfect storm July 16, 2008 Higher than expected inflation figures and growing concerns about the banking sector knocked London’s FTSE 100 index of leading stocks down 2.4 per cent yesterday to under 5,200. The benchmark index has now fallen 23 per cent since a June 2007 high and is in clear bear market territory. Bank stocks, unsettled by fears that [...]
Harrington vows to play on July 16, 2008 Padraig Harrington will play through the pain barrier to defend his Open Championship title this week after suffering a wrist injury. The Irishman sustained the injury while winning the Irish PGA tournament on Saturday and only managed his first nine holes of practice yesterday ahead of the first round at Royal Birkdale tomorrow. “If it [...]
