Goldman reduces stake in ICBC through share sale to Temasek April 16, 2012 SINGAPORE state investor Temasek bought $2.3bn (£1.4bn) worth of ICBC’s Hong Kong-listed shares from seller Goldman Sachs yesterday, piling into three of China’s top four banks and raising its bet on the world’s second-biggest economy. Temasek was burned by its financial industry exposure in 2008, hit by stakes in large European and US banks that [...]
Vickers to slice 7pc off British bank earnings April 16, 2012 BRITISH banks will have to find buyers for £23bn worth of new, expensive debt due to the Vickers Commission and new EU rules, according to an analysis by JP Morgan Cazenove. The requirement will knock four to seven per cent off their profits, said analysts Raul Sinha and Vivek Gautam, who say that the Vickers [...]
APR powers on after data blip April 16, 2012 TEMPORARY power supplier APR Energy yesterday reported a full-year profit above expectations and said it had launched a “detailed post mortem” into the accounting problems that held back the release of the results. The US-based company, backed by Pizza Express and Punch Taverns entrepreneur Hugh Osmond, said it was on track for further growth in [...]
Facebook’s soaring advertising fees bode well for its $5bn float April 16, 2012 FACEBOOK enjoyed a pre-float lift yesterday after a report claimed its advertising rates have jumped by 41 per cent in the last year. TBG Digital, a Facebook media specialist, said advertisers have been asked to pay 15 per cent more per thousand views in the last quarter alone. Facebook, which is expected to raise $5bn [...]
Google and Oracle kick off lawsuit over smartphones April 16, 2012 A HIGH-STAKES court case over smartphone technology between Oracle and Google kicked off yesterday, starting a trial that could reveal financial details about the Android operating system. Oracle sued Google in August 2010 over seven patents and copyright claims for the Java programming language. According to Oracle, Google’s Android operating system tramples on its intellectual [...]
BTG Pactual’s boss is hit by fine in Italy April 16, 2012 ANDRE Esteves, the billionaire boss of Brazil’s BTG Pactual, has been fined €350,000 by Italy’s financial regulator for insider trading, just 10 days before his investment bank’s looming stock market listing. BTG Pactual said yesterday its activities would be unaffected by the ruling against Esteves, who owns 24 per cent of the Brazilian bank, making [...]
Capco needs to pay £105m for Earls Court land April 16, 2012 CAPITAL AND COUNTIES welcomed a cabinet report by Hammersmith and Fulham council yesterday that shows “good progress” is being made on talks to include the council’s land in the group’s £8bn Earls Court regeneration scheme. Under the draft agreement, the developer will be allowed to buy the council’s 22 acres of land in the Earls [...]
Pace revenues strong despite hard drive supply shortages April 16, 2012 TECHNOLOGY firm Pace yesterday said it was pleased with revenues for the start of 2012 – but admitted that it was still being affected by the global hard drive shortage. The firm, which provides set-top boxes to companies such as Virgin Media, was badly affected by last year’s Thai floods, which severely damaged the global [...]
Nokia hits new low as Moody’s slashes rating April 16, 2012 RATING agency Moody’s dealt a fresh ratings blow to Nokia yesterday, dragging its shares to their lowest level in 15 years and reflecting the Finnish handset maker’s struggle to compete with Apple and Samsung. Moody’s cut Nokia’s long-term credit rating to Baa3, one level above speculative grade, sending the battered shares to a historic low [...]
ANALYST VIEWS WHAT DOES THE FUTURE HOLD FOR PACE? April 16, 2012 NICK JAMES NUMIS SELL. Given the significant debt for a business with low visibility and operating in a highly disruptive market environment, describing the balance sheet as “robust” feels a stretch in our view. Pace issuing such authoritative guidance for a company that has warned so frequently seems rather irrational. IAN ROBERTSON SEYMOUR PIERCE BUY. [...]
