Why risk assets need another shot in the arm May 30, 2011 Equity markets have been caught in a gloomy place for much of May. Despite some gung-ho risk-on days, the overall trend for risk assets has been lower. Sean Corrigan from Diapason Commodities Management still thinks we might not be through the worst of the energy sell-off. But he says risk assets are looking for another [...]
Kensington and Chelsea has most £1m plus house buyers in London May 30, 2011 THE borough of Kensington and Chelsea saw the highest number of £1m plus property sales in London last year, according to figures revealed today by specialist private bank Investec. A total of 4,530 properties sold for over £1m in 2010 with 912 of them sold in Kensington and Chelsea alone. City of Westminster saw 790 [...]
Shock lift for Russia’s rates May 30, 2011 RUSSIA’S central bank surprised markets yesterday by hiking its overnight deposit rate by a quarter of a percentage point, to 3.5 per cent. Its other rates were held steady, as expected, the key refinancing rate sticking to 8.25 per cent and the repo rate at 5.5 per cent. “The decision was made taking into account [...]
Leighton set to chair Pace May 30, 2011 UK BUSINESS veteran Allan Leighton is set to take up the chairmanship of struggling TV set-top box maker Pace over the next few days. Leighton has been lined up to replace Mike McTighe, who has been chairman since 2006. His appointment will be announced by the company this week, City A.M. can confirm. The news [...]
Fortis unveils $700m plan for Vermont electricity company May 30, 2011 CANADIAN utility Fortis unveiled its $700m (£425m) purchase of the Central Vermont Public Service Corporation (CVPS) yesterday, as the firm charges ahead with its ambitious growth plans. Fortis will pay $35.10 per share in cash for New York-listed CVPS, as well as taking on $230m of the firm’s debts. The purchase price represents a 44 [...]
European Commission probes May 30, 2011 EU regulators opened in-depth probes yesterday into two takeover bids in the computer hardware sector involving two Asian companies and two US peers, saying it was concerned the deals would reduce the number of rivals. US-based Seagate Technology has said it wants to buy Samsung’s loss-making hard disk drive unit for $1.4bn (£849m). Western Digital [...]
Korea sees Edwards expand May 30, 2011 Vacuum pump company Edwards shrugged off its failed London float attempts yesterday with the opening of a new manufacturing site in South Korea. Business secretary Vince Cable and British ambassador Martin Uden took part in the opening ceremony yesterday, as part of Cable’s tour around the country to meet with government ministers and UK companies [...]
Renault appoints new COO May 30, 2011 Carmaker Renault has appointed Carlos Tavares as chief operating officer. Chief executive and chairman Carlos Ghosn said Tavares will oversee the Renault 2016 – Drive the Change programme, which is aimed at increasing the group’s growth in international markets and its share in new technology, particularly electric vehicles.
Samsonite sets price for its HK listing May 30, 2011 LUGGAGE maker Samsonite, backed by private equity firm CVC Capital Partners, moved closer to a $1.5bn (£911m) Hong Kong initial public offering, setting an indicative range for the deal yesterday as it bets on Asian demand for global consumer brands. Samsonite will join companies such as L’Occitane and luxury brands such as Prada and Coach [...]
Beware saturation as brands flock East May 30, 2011 BY betting on the future spending power of China’s consumer market, Samsonite is the latest in a string of retailers looking to make the most of the country’s booming luxury goods market. French skincare group L’Occitane priced a $700m initial public offering (IPO) in Hong Kong last year, and fellow aspirational brands Burberry and Prada are [...]
