Facebook loses friends as stock drops further May 22, 2012 FACEBOOK shares tumbled again yesterday on the third day of trading as more investors turned their backs on the website’s inflated price. Falling 4.3 per cent in pre-market trading, the stock slid further in the day to close down 8.9 per cent at $31. The social networking giant has now shed $19bn from its initial [...]
Investors have chance to snap up photo agency Getty Images May 22, 2012 PHOTO agency Getty Images could be on the market after its owners appointed advisers to consider a potential sale or IPO. Hellman & Friedman, the US private equity fund which bought the business for $2.4bn (£1.5bn) four years ago, is understood to be working with Goldman Sachs and JP Morgan Chase to help it decide whether [...]
CME knocked out of race to buy London Metal Exchange May 22, 2012 JUST two bids for the London Metal Exchange (LME) remain on the table after an offer from US exchange group CME fell short of expectations. This leaves just InterContinental Exchange (ICE) and Hong Kong Exchanges and Clearing (HKEx) in the race to purchase the world’s largest metals marketplace. Both remaining parties are understood to have submitted bids of around [...]
Germany and France to clash over eurobonds May 22, 2012 FRENCH President Francois Hollande faces his first major negotiating test at today’s informal EU summit, as he wants Germany to back jointly guaranteed eurobonds, lowering weak governments’ borrowing costs. European Council president Herman van Rompuy convened the summit to bash out a common position among leaders on plans to “boost growth and jobs across the [...]
Greek banks in line for €18bn recapitalisation May 22, 2012 GREECE’S four largest commercial banks will receive €18bn (£14.5bn) recapitalisation funds by Friday, a senior banker at one of the four said yesterday. “We will get the money by Friday at the latest. Maybe we will get it tomorrow,” said the banker, who did not want to be identified. The funds are needed to recapitalise [...]
Europe’s consumers remain cautious May 22, 2012 CONSUMER confidence remained very low in May, European Commission data showed yesterday, with falling inflation expectations giving consumers a little extra hope. The index rose to minus 19.4 in May from minus 20.2 in April in the EU as a whole, and to minus 19.3 from minus 19.9 in the Eurozone. That leaves confidence still [...]
Japan hit by credit rating cut May 22, 2012 Fitch cut Japan’s sovereign credit status yesterday to the lowest level among global ratings agencies as a political stalemate there dims the chance that the country can curb its snowballing debt. Fitch Ratings cut Japan’s long-term foreign currency rating by two levels from AA to A+, the fifth highest investment grade. It cut the more [...]
Dutch MP tries to halt bailout fund May 22, 2012 Dutch politician Geert Wilders, who aims to turn a September election into a referendum on the euro and EU membership, filed a lawsuit yesterday aimed at postponing the Dutch parliament’s ratification of Europe’s permanent bailout fund until after the vote. Wilders’ move comes amid popular resentment at European Union bailouts for the bloc’s smaller debt-saddled [...]
Graduates lose interest in finance May 22, 2012 Jobseeking graduates are less interested than ever before in working in finance and accounting, according to a survey by the Graduate Management Admission Council. The sector fell below 100 on the study’s attractiveness index for the first time since the analysis was developed in 2003. Among all students graduating in Europe this year, the most [...]
M&S cuts back growth targets as profits slide May 22, 2012 MARKS & SPENCER, Britain’s biggest clothing retailer, has scaled back ambitious sales growth targets as it reported its first profit slide in three years. The group yesterday revealed a one per cent drop in underlying profits to £705.9m for the year to 31 March, slightly ahead of analysts’ forecasts of £694m. Chief executive Marc Bolland [...]
