Bankia shares fall in market debut despite bank discounting its listing July 20, 2011 SHARES in Bankia, the Spanish savings bank, dived below their already heavily discounted listing price on their first day of trading yesterday, after the government forced the regional bank to shore up capital or face nationalisation. The initial public offering (IPO) of Bankia, formed from a merger between Caja Madrid and six other regional Spanish [...]
Civica raises €600m in IPO July 20, 2011 Banca Civica, a Madrid-based bank formed from the merger of four savings banks, announced the pricing of its initial public offering (IPO) at €2.70 a share, the bottom of its price range. The IPO was priced at a 60 per cent discount to the bank’s stated book value, the same as its larger rival Bankia [...]
Eurostar sales rise four per cent July 20, 2011 Sales and passenger numbers at Eurostar grew by four per cent in the first half of the year, helped by the ash cloud disruption and a rise in US travellers. Cross-Channel train operator said total sales revenues increased from £404m to £421m and passenger numbers went up by three per cent from 4.6m to 4.7m. [...]
Full Glass-Steagall back on ICB agenda July 20, 2011 FULL separation of retail and investment banks is back on the agenda for the Independent Commission on Banking (ICB), City A.M. understands. In response to an avalanche of responses to its interim report urging the ICB to reconsider a full Glass-Steagall-style separation of banking operations, the commission is considering whether it should go further than [...]
Tyrie: banking commission must be more transparent July 20, 2011 CRUCIAL reforms to the British banking system are being put together in too much secrecy, an influential committee of MPs has said. The Treasury Select Committee, led by Andrew Tyrie MP (pictured), released a report on the Vickers Commission yesterday warning that the reforms risk lacking “public credibility and acceptability” if they are not discussed [...]
BEHIND THE LINES | WHAT THE TREASURY COMMITTEE REPORT MEANS July 20, 2011 Sir John Vickers should consider whether an enhanced divestment is really necessary and whether by calling for such a step the ICB is treating the symptom of inadequate competition rather than the cause. It should also confirm whether it has examined the case for further divestments of branches from other banks. The ICB places the [...]
Fund managers’ views improve July 20, 2011 The outlook of global fund managers became slightly sunnier over the last month, despite dire sentiment towards Europe. A net 19 per cent think the economy will improve in the coming year, up from net 10 per cent in May. But a net 57 per cent of European respondents hold an underweight position in the [...]
Dell to buy Force10 Networks July 20, 2011 Dell Inc has agreed to buy Force10 Networks, a privately-held technology firm, in a move to expand into datacentre networking and increase its enterprise portfolio. Force10 serves booming social media companies like Facebook and Zynga has nearly $200m in annual revenues. Dell did not disclose the value of the deal.
Windfarm deal hits turbulence July 20, 2011 Climate Change Capital has postponed raising money to buy a stake in a Scottish wind farm, and said it would consider withdrawing from other projects due to “difficult market conditions”. CCC had agreed three weeks ago to spend £61.3m to take a 50 per cent stake in a farm owned by Scottish and Southern Energy.
ANALYST’S BRIDE LIVID AS CLIENTS COME FIRST July 20, 2011 SANDY Jadeja, the chief technical analyst at CityIndex, has such a ferocious work ethic that his colleagues place bets on whether he will actually take time off. So when he had to make a tough call between presenting a fully-booked spreadbetting seminar to clients or attending his own pre-wedding celebrations, there was only one option: [...]
