After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Morale among UK consumers starts to mend April 13, 2011 CONSUMER confidence on the UK high street picked up in March, following an all time low the previous month, a widely regarded Nationwide survey revealed today. The index picked up five points to a score of 44, still considerably below the same point last year, when the index recorded 73 points. “While this is a [...]
Profits at JP Morgan soar April 13, 2011 JP MORGAN beat expectations yesterday to post a 78 per cent jump in pre-tax profit, with investment banking revenues posting a dramatic recovery from a mediocre first-quarter last year. Overall pre-tax profits soared to $8.06bn (£4.95bn), with investment banking fees revenue up 23 per cent to $1.79bn. The investment bank recorded its second most profitable [...]
Glencore hit by tax evasion complaint ahead of listing April 13, 2011 SWISS commodities giant Glencore was hit by accusations of tax evasion at its Zambian subsidiary yesterday, just hours before pressing on with its £7bn flotation in London today. Five international non-governmental organisations lodged a complaint with the Organisation for Economic Co-operation and Development (OECD) alleging accounting manipulations at Mopani Copper Mines, owned by Glencore. The [...]
Think investment banking is dying? This US behemoth prompts a rethink April 13, 2011 JP MORGAN’S impressive first-quarter certainly poses a challenge for anyone convinced that the traditional investment banking model is dead. The bank delivered a 13 per cent return on equity while revealing that its core tier one capital ratio in Basel III?terms is already above the minimum, at 7.3 per cent. The bank has at least [...]
Euroset float hits a bout of nervousness April 13, 2011 NERVOUSNESS in London’s IPO market spread yesterday as it emerged that the Russian mobile phone retailer Euroset was considering scaling back its flotation plans. The group originally aimed to raise up to $1.3bn (£799m) from investors through a combination of new shares and stock sold principally by Russian billionaire Alexander Mamut, who owns 50.1 per [...]
Sale could be the key for Russian oligarch April 13, 2011 RUSSIAN billionaire Alexander Mamut’s plans to cash in part of his stake in Euroset could be a lynchpin for his future investment plans. The Moscow financier, best known in Britain as the owner of blogging site Livejournal.com, is said to be plotting a takeover bid for high street bookshop chain Waterstone’s. Yet if his plans [...]
Levene waits for Lloyds sale April 13, 2011 PLANS to sell off more Lloyds Bank branches than the 600 already agreed could cause unhelpful delays to the launch of new banks, Lord Levene told City A.M. yesterday. Levene, who chairs new high street bank NBNK, said it would be “very keen” to bid for a bigger package of Lloyds assets if they were [...]
Deutsche’s US business to duck new rules on capital April 13, 2011 DEUTSCHE Bank is plotting a restructuring of its main US subsidiary to avoid having to comply with new capital rules. In an invitation to its annual general meeting, the bank revealed plans to give up bank holding company status in its main US business, Taunus Corp. The change would allow Taunus to comply with the [...]
iShares says some ETF providers are not transparent enough about risks April 13, 2011 THE world’s biggest provider of exchange-traded funds (ETF) BlackRock’s iShares admitted yesterday that the ETF market needs to address issues with transparency and “potential conflicts of interest” but said that “some firms are more transparent and clear than others”. The firm was responding to a report by the Financial Stability Board (FSB), an international regulatory [...]
Firms target deal frenzy amid improving market April 13, 2011 A FRENZY of company mergers and acquisitions could kick off over the next six months, as firms target a return to dealmaking amid improving market conditions. Recovering credit conditions and access to finance to fund major acquisitions is giving firms the confidence to act, according to a study by consultancy firm Ernst & Young. More [...]
