Dawsons shares suspended August 9, 2012 Shares in Scottish textiles firm Dawson International have been suspended, with a black hole in the company’s pension plan threatening to force it into administration. Dawson’s pension fund’s actuaries have sent notices to the firm demanding it plough millions of pounds into the account, a sum far beyond the value of the company.
Leed drops on licence dispute August 9, 2012 Shares in Leed Resources fell yesterday after the firm revealed that a third party has claimed it owns part of Leed’s Kok Kiya licence area in Kyrgyzstan. The company said a third party had claimed it “might have an interest in part of Kok Kiya”, sending shares down 20 per cent during yesterday’s trading. The [...]
Porsche loses bid to halt lawsuit August 9, 2012 A New York state court has rejected a motion by Porsche SE to dismiss a $1.4bn-plus lawsuit brought by 26 hedge funds alleging fraud and unjust enrichment stemming from its trading in Volkswagen’s shares four years ago. Porsche SE, a holding company whose carmaking business in now owned by Volkswagen, said it continued to believe [...]
Correction August 9, 2012 In a piece printed yesterday on mining firm Rio Tinto’s profits, City A.M. referred to a recent report from BHP Billiton. BHP Billiton does not report its preliminary results until Wednesday 22 August. We apologise for the mistake.
CITY MOVES | WHO’S SWITCHING JOBS August 9, 2012 WH Ireland Richard Killingbeck has been appointed head of private wealth management at the stockbroking and wealth management firm. He joins on 18 September. Killingbeck spent over 11 years at Singer & Friedlander Investment Management, latterly as chief executive of its investment management business. He has also held senior positions at Close Brothers, where he [...]
BEST of the BROKERS August 9, 2012 DIGNITY N+1 Brewin has upgraded the funeral services firm from, “add” to “buy” with a target price of 1096p after strong interim results, labelling the company “more than just a defensive buy”. OCADO UBS has downgraded the grocery delivery firm from “neutral” to “sell” and slashed its target price to 51p from 110p, pitching its [...]
Standard Chartered lifts the FTSE in Olympic-thinned trading session August 9, 2012 Banking stocks lifted the benchmark FTSE- 00 to its best finish since early April yesterday, led by a resurgent Standard Chartered Bank. Investors were impressed with chief executive Peter Sands’ robust defense of allegations of malfeance lodged by US regulators, and pushed the shares 3.6 per cent higher. However RBS bucked the trend, sliding 1.3 per [...]
Eerie calm on Wall Street as equities stall August 9, 2012 THE Standard & Poor’s 500 extended its rally to a fifth day yesterday, again eking out a tiny gain as lingering expectations for economic stimulus from central banks lent support to a market lacking new catalysts. The Dow Jones industrial average slipped 10.45 points, or 0.08 per cent, to 13,165.19 at the close. But the [...]
Regulatory rivalry is driving New York’s Standard Chartered attack August 9, 2012 THE interplay of US federal and state regulators is at the heart of the Standard Chartered scandal. Multinational banks desire a consistent approach from the regulators in the various countries in which they operate, and have come to expect a high degree of cooperation between those agencies. But Standard Chartered has been blindsided by the [...]
Don’t let Usain Bolt’s brilliance dissuade you from breaking your own sweat August 9, 2012 ACCORDING to one tradition that has come down to us from antiquity, the Greek philosopher Plato was also a victor at the ancient Olympic Games – for wrestling. Another anecdote adds that his real name was Aristocles. “Plato”, as we know him today, is just a nickname referring to his broad, well-muscled shoulders. That the [...]
