Citic fails to impress as its shares float in Hong Kong October 6, 2011 CITIC Securities, China’s largest listed brokerage, made a weak debut in Hong Kong yesterday, underscoring poor appetite for new share sales in the face of global market volatility. Its stock fell as much as 10.5 per cent before closing unchanged, while the broader Hong Kong index ended up nearly six per cent. The disappointing start [...]
London 2012 October 6, 2011 ARCHERY TEST EVENT | LORD’S CRICKET GROUND GB archer Amy Oliver joined the world’s best archers this week for the London Archery Classic at Lord’s. Between now and the start of the 2012 Games, City A.M. is publishing its Olympic Image of the Week. We welcome photographs from all sources – sponsors, athletes, local businesses, [...]
Rusal completes debt refinancing October 6, 2011 UC Rusal said yesterday it had finished refinancing its $11.4bn (£7.4bn) debt portfolio, finally freeing it from restrictions on investments and dividend payments imposed by a restructuring deal. The firm, Russia’s most indebted at the time of the 2008 credit crunch, said it had used a recently agreed new loan to pay off $4.34bn still [...]
Eni upbeat over Libyan plants October 6, 2011 Italian oil firm Eni said yesterday its oil and natural gas plants in Libya are not damaged and it expects to have production levels there back to pre-conflict levels in about a year. “We are working closely with NOC and will be back to pre-crisis levels in 12 months,” Eni chief executive Paolo Scaroni said [...]
CITY MOVES | WHO’S SWITCHING JOBS October 6, 2011 Signia Wealth Shalini Khemka has been appointed as a managing director to develop the wealth manager’s private equity arm and expand the business overseas. Khemka will continue as CEO and director of The London Entrepreneurial Exchange, which she co-founded in 2010 while working as an investment banker at LDC, the private equity arm of Lloyds [...]
FTSE lurches up on economic optimism October 6, 2011 BRITAIN’S top shares advanced yesterday as sentiment was lifted by hopes policymakers will take the necessary measures to stabilise stressed European banks and by the Bank of England’s decision to launch a second round of quantitative easing. “Central banks have come to the party and said ‘look, we’re really concerned about growth; we’re going to [...]
Europe lifts Wall St for a third session October 6, 2011 US stocks rose for a third day in a row yesterday as developing Eurozone plans to backstop European banks gave investors hope the threat of a financial crisis was waning. Bank shares led gains on Wall Street as the EU planned to recapitalise banks and the European Central Bank said it was ready to buy [...]
Steve Jobs, 1955-2011 October 6, 2011 THE Apple.com homepage, one of the most valuable pieces of virtual real estate in the world, yesterday featured just one black and white photograph, alongside the words: “Steve Jobs 1955-2011”. The death of the iconic leader of the world’s biggest technology company was met with an outpouring of grief usually reserved for musicians and world [...]
A talismanic leader who leaves the world a richer place October 6, 2011 IT’S OFTEN said that Steve Jobs didn’t give a fig about maximising shareholder value. Considering how good he was at it, it scarcely matters. When he rejoined Apple in 1997, its stock was worth $5-a-share while its market cap – mostly accounted for by cash and other tangibles – was a whisker under $5bn. Now [...]
Apple stock avoids the feared lurch downward October 6, 2011 APPLE stock resisted the expected downward lurch in the wake of Steve Jobs’ death, falling only slightly yesterday. It closed at $377.37 after initially surging above $380 a share – still below its September high of $423. Steve Jobs’ long battle with pancreatic cancer rocked Apple’s share price on several occasions, with rumours of a [...]
