Emerging economies hoard dollars April 18, 2011 US dollar reserves in emerging economies have more than doubled in the last decade to maintain undervalued exchange rates and defend their export competitiveness, according to research by the Royal Economic Society (RES). However, this has not prevented their share prices from falling during the global financial crisis just as much as they did in [...]
J&J in £12bn merger talks with Synthes April 18, 2011 Swiss medical device maker Synthes yesterday confirmed it is in takeover talks with Johnson & Johnson (J&J) over a deal that could value the firm at about $20bn (£12.3bn). The move would be J&J’s biggest ever acquisition, giving it a leading position in equipment to treat trauma. Synthes, which posted sales of $3.7bn in 2010, [...]
Goldman Sachs tops high yield bond league April 18, 2011 GOLDMAN Sachs has moved to top place for the first time since 2002 in the table for issuance of high yield bonds. The US investment bank has displaced Deutsche Bank – perhaps only temporarily because these positions have a habit of changing quickly – after completing a deal for the leisure group GEO. Goldman’s other [...]
CITY A.M. BIG HITTERS TEE UP TO MAKE GOLF DAY GO WITH A SWING April 18, 2011 THE first City A.M. Golf Day took place at Kingswood Golf & Country Club in Surrey, designer James Braid’s “finest parkland golf course in England”. Braid, the five-times British Open champion who is famous for his golf courses at Carnoustie, Gleneagles and Hankley Common, built Kingswood in the 1920s during the same building boom as [...]
Chelsea owner’s son buys £3m stake in oil investor April 18, 2011 THE 20-year-old son of Chelsea Football Club owner Roman Abramovich has followed his father into the oil and gas business by purchasing a stake in an investment vehicle specialising in the energy sector. Arkadiy Abramovich, who is the Russian oligarch’s oldest son, has bought a 26 per cent stake in Crosby Asset Management for £3m. [...]
Pubs outperforming retail sales April 18, 2011 Growth among the UK’s leading restaurant and pub groups slowed in March, but the market still comfortably outperformed retail, according to the latest Coffer Peach Business Tracker figures. The research shows like-for-like sales grew 0.9 per cent in March, with total sales, which include new site openings, up 3.4 per cent on March 2010. March [...]
Capital Pub Co to resume dividend April 18, 2011 The Capital Pub Company expects its full-year results to be in line with market forecasts and the firm will resume paying dividends, it said yesterday. The company said London has remained a buoyant market and its pubs, including the Marquis of Granby, have traded strongly.
Watchdog blocks Deutsche unit sale April 18, 2011 DEUTSCHE Bank was forced to scrap the sale of its subsidiary BHF to Liechtenstein bank LGT yesterday after the German financial regulator blocked the deal on tax evasion concerns. Sources familiar with the situation told City A.M. that watchdog BaFin had doubts over the reliability of LGT’s funding sources given its history of probes for [...]
Emerging markets set to see a boom April 18, 2011 EMERGING markets could experience a private equity boom over the next two years, as investors turn to developing economies for better returns, a global survey has found. Typical investors surveyed expected to hold between 16 and 20 per cent of their global private equity portfolios in emerging markets by 2013, according to the latest research [...]
Samsung sued by Apple over phones April 18, 2011 APPLE has sued rival Samsung Electronics claiming that Samsung’s Galaxy line of mobile phones and tablet “slavishly” copies the iPhone and iPad, according to court papers. Galaxy products use Google’s Android operating system, the lawsuit says, which directly competes with Apple’s mobile software. However, Apple’s claims against Samsung focus on Galaxy’s design features, such as [...]
