Weir buys Korean valves stake June 22, 2011 Engineering group Weir has snapped up a majority interest in Korea’s HIM Tech Company for an undisclosed sum. Weir said the acquisition will help drive sales of its valves in Asia. HIM Tech posted sales of $10.5m in the last calendar year, and the firms said the book value of HIM’s valves business was $1.8m.
Vallares slips on its London trading debut June 22, 2011 THE oil investment vehicle fronted by former BP boss Tony Hayward and financier Nat Rothschild was trading slightly lower than its bumper IPO price on its first day trading yesterday. Vallares floated at £10 a share and was trading around the £9.90 mark for much of yesterday. The firm raised £1.35bn in its IPO last [...]
Moelis raids UBS to hire old colleagues June 22, 2011 WALL STREET banking star Ken Moelis has poached another high-profile executive from UBS, in the latest of a string of defections at the Swiss lender. He has added Liam Beere, one of UBS’s most prominent European dealmakers, to his team at Moelis & Co, the boutique advisory firm he set up in 2007. Moelis had [...]
Philips shares plunge after profit warning on weak Europe demand June 22, 2011 PHILIPS Electronics warned of sharply lower profits at its lighting division and toasters-to-shavers consumer business yesterday, due to weak demand in Europe. The profit warning, which wiped 13.5 per cent off the shares, caps a string of disappointments from Philips and suggests consumer demand in Europe is likely to remain fragile against a backdrop of [...]
CITY MOVES | WHO’S SWITCHING JOBS June 22, 2011 Barclays Wealth Paul Burd has been appointed as head of business services for Barclays Wealth Operations and head of operations, Glasgow. Most recently, Burd was general manager of worldwide securities at JP Morgan, based in Cape Town, following previous roles at JP Morgan including managing director of the investment bank’s London Investment Management Operations team. [...]
BEST OF THE BROKERS June 22, 2011 HALMA UBS rates the safety equipment group “sell” with a target price of 325p. The broker holds mixed views about the firm’s recent full year results, with profits enjoying a boost thanks to acquisitions but underlying figures stagnating. UBS expects Halma to make £125m of M&A deals this year before it can justify its current [...]
Banks drop but FTSE treads water ahead of Fed decision June 22, 2011 BRITAIN’S top share index closed marginally lower yesterday, as weakness in banks offset gains in defensive stocks with investors jostling positions ahead of a US interest rate decision. London’s blue chip index bobbed around but closed down 2.32 points at 5,772.99, as cautious investors awaited the Federal Reserve’s assessment of the economy and any plans [...]
Shares dip on lack of QE3 suggestion June 22, 2011 US stocks dropped yesterday after the Federal Reserve acknowledged the sluggish pace of the US economic recovery without hinting at further plans for stimulus. The Fed said the recovery was proceeding more slowly than it had expected. In his news conference, Fed chairman Ben Bernanke offered nothing to motivate investors to buy equities. Without new [...]
Mr ETF gives a bullish view as he looks at global growth June 22, 2011 THERE has been a global boom in exchange-traded funds (ETF) over the last fourteen years. But according to Jim Ross, global head of ETFs at State Street Global Advisors, there is still a lot more room for growth. Having launched the first ever ETF with State Street on 22 January 1993 – the SPDR S&P [...]
Beware: frisky business June 22, 2011 A TUC survey showed that a quarter of all long-term relationships in the UK started at work. Hardly surprising, given most of our time is spent there. But this happens against a backdrop of employers’ growing restrictions on office romances. While it’s understandable that employers are fearful of the consequences and the impact on their [...]
