Rodriguez beaten but still leads May 20, 2012 Italian Matteo Rabottini survived a crash to pip Joaquim Rodriguez to yesterday’s 15 stage of the Giro d’Italia but the Spaniard retained the overall lead. Farnese Vini’s Rabottini passed Katusha’s Rodriguez, who leads Ryder Hesjedal by 30 seconds, on the final bend.
Now Spain feels the Euro pain May 17, 2012 SIXTEEN Spanish banks and four of the country’s regions were downgraded by ratings agency Moody’s last night as the sovereign debt crisis spread from Greece to the Eurozone’s larger troubled economies. The rating agency slashed the long-term debt and deposit ratings of the embattled country’s banks by between one and three notches including those of [...]
Facebook is set for record breaking IPO May 17, 2012 FACEBOOK is set to become the third largest float in US history later today, after pricing its shares at $38 each – giving the social network a $104bn (£65bn) valuation and raising an eye-watering $16bn. Only General Motors and credit card firm Visa have had bigger IPOs and the offering gives the eight-year-old company, founded in [...]
Recovery could be helped by more QE, says Cameron May 17, 2012 PRIME Minister David Cameron said yesterday that there is scope for even more monetary stimulus from the Bank of England, putting him at odds with a senior Bank official. “Our responsible fiscal policy is being matched by active monetary policy,” Cameron enthused. “And the independent Bank of England is able to do more to support [...]
Facebook’s bubble inflates while the Eurozone’s deflates May 17, 2012 IT is truly astonishing that one of the greatest company flotations in history is taking place in the middle of one of the greatest financial crises in history. Facebook is going to market, raising $16bn and valuing the firm at a ridiculously optimistic $104bn in the biggest technology initial public offering (IPO) in history; meanwhile, [...]
What the other papers say this morning May 17, 2012 FINANCIAL TIMES LME’s suitors’ bids pass £1bn mark The three remaining contenders to acquire the London Metal Exchange have all valued it at more than £1bn and promised to preserve its open outcry trading pit, setting the scene for a close-run contest as they attempt to snatch control of the historic bourse. Graff on for [...]
NAO forecasts net loss on Rock of up to £2bn May 17, 2012 TAXPAYERS could effectively pay about £2bn to wind down all of Northern Rock’s assets, the National Audit Office has estimated, in a report that also reveals that the government successfully bid up the price of the bank it sold by some £60m. The NAO says that taxpayers could be left hanging onto some assets from [...]
Prudential and Cookson hit by investor revolt May 17, 2012 THE SHAREHOLDER spring yesterday hit insurance giant Prudential, as a third of investors failed to back its remuneration report – while a similar rebellion hit industrial materials group Cookson. More than 30 per cent of Prudential shareholders voted against proposals to hand £29.8m in pay and benefits to seven executive directors at a tense AGM [...]
Santander’s AA mortgage deal shows appetite for securitisation May 17, 2012 BANKING group Santander UK said yesterday it had raised £2.25bn through a residential mortgage-backed securitisation deal. The first AA-rated issuance by a UK institution since before the financial crisis was announced came just hours before the branch had its credit rating slashed by Moody’s. Nonetheless, the UK arm of the Spanish bank has raised £5.25bn [...]
Revenues grow at Norton Rose as global acquisitions add up May 17, 2012 GLOBAL law firm Norton Rose released its first set of financial results since its recent international mergers yesterday, reporting strong growth in its revenues compared to 2010. In the year to 30 April preliminary turnover at the combined group hit $1.32bn (£835m), up from $814m last year compared to figures for Norton Rose LLP and [...]
