MAN UTD KICKS OFF IPO WITH SKY-HIGH RATING August 8, 2012 MANCHESTER United is set to become a publicly traded company tomorrow after investors filled the order book for its shares, despite warnings from analysts that the stock is overpriced. City A.M. understands that there has been sufficient demand for the club to push ahead with its listing on the New York Stock Exchange, which will [...]
American regulator denies claim that it has an anti-British stance August 8, 2012 THE US regulatory body at the centre of allegations against Standard Chartered yesterday came out fighting against criticism that it had acted without consulting its fellow watchdogs, and denied that the case was proof of an anti-UK bias. One of the New York’s state financial services department’s senior officials told City A.M. yesterday that the [...]
Manchester United heads to the stock market (again) August 8, 2012 Way back in the 1990s, a host of football clubs decided to become public companies, listing their shares on the London stock market. They were led by Manchester United, which floated in 1991, and were followed by the likes of Aston Villa, Sunderland, Chelsea and even Charlton and Birmingham. Backers tried to convince investors they [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 8, 2012 FINANCIAL TIMES Square ties-up deal with Starbucks Square, the mobile payments start-up created by Twitter co-founder Jack Dorsey, yesterday took a big step towards the mainstream when Starbucks announced it would use its smartphone technology to replace transaction systems in its US coffee shops. Under the deal, Square will process all Starbucks transactions done with [...]
Greeks bid for Credit Agricole unit August 8, 2012 Two of Greece’s largest banks yesterday joined a race to buy Credit Agricole’s struggling Greek subsidiary Emporiki, put up for sale to limit the French lender’s exposure to crisis-hit Greece. National Bank and Eurobank said in separate bourse filings they submitted offers for Emporiki, which lost €1.62bn (£0.9bn) in 2011. Alpha Bank has already said [...]
Morgan Stanley eyes job cuts August 8, 2012 Morgan Stanley, under fire to boost profit margins in its retail brokerage arm, is considering closing brokerage offices, laying off support staff and requiring some branch managers also to generate revenue as advisers under a cost-cutting drive, according to reports. Morgan Stanley, which controls the Morgan Stanley Smith Barney venture owned jointly with Citigroup, last [...]
News Corp hit by writedown on publishing August 8, 2012 RUPERT Murdoch’s News Corp last night posted a fourth-quarter loss of $1.55bn (£990m) after taking a major hit on the value of its publishing business and setting aside a further $57m to cover the cost of the ongoing phone hacking scandal in the UK. Total revenue for the three months to 30 June fell to [...]
Hung jury in iSOFT fraud case leaves FSA to consider position August 8, 2012 THREE former directors of healthcare IT firm iSoft face an uncertain future after a jury yesterday failed to reach a verdict in their fraud trial for allegedly overstating the firm’s results. The Financial Services Authority (FSA) now has a month to decide whether to continue with the case. Jurors sat through four weeks of evidence [...]
Carlyle Group upbeat despite $3bn quarterly asset value drop August 8, 2012 PRIVATE equity firm Carlyle Group reported a nearly two per cent drop in assets under management yesterday, as it revealed a second quarter loss. Total assets have declined $3bn (£1.91bn) since March to $156bn, although rival private equity groups have suffered larger declines in assets. The group, one of the largest private equity fund managers [...]
King warns of storms ahead as forecasts cut August 8, 2012 THE BANK of England slashed its growth forecasts yesterday, as its governor Sir Mervyn King warned that the UK economy still faces a tempestuous time ahead. “We are navigating rough waters, and storm clouds continue to roll in from the euro area,” King said, after the Bank’s latest Inflation Report showed that economic growth will [...]
