High oil cost provides investment opportunity March 6, 2011 I am in the middle of reading a book from 2008 that predicted – almost – the unrest that we’re now witnessing in the Middle East and North Africa. In hindsight, perhaps many of us aren’t really that surprised at the turn of events – but I, for one, have been completely caught off-guard by the [...]
Rate of overseas takeovers of British firms peaks in 2010’s fourth quarter March 6, 2011 ONLY one third of all UK listed companies taken over during the fourth quarter of 2010 were bought by British firms, according to new data released by the City law firm Wedlake Bell LLP. Overseas bids for UK companies peaked in the final quarter of 2010, with 65 per cent of completed bids coming from [...]
Deutsche Boerse banks on upper hand in merger March 6, 2011 DEUTSCHE Boerse will have the upper hand in the planned mega-merger deal with NYSE Euronext, the exchange operators’ chief executive told a paper, as fears that the German firm will lose power linger. The proposed $10.2bn (£6.2bn) takeover of NYSE Euronext by Deutsche Boerse unveiled last month would leave Boerse’s shareholders with 60 per cent [...]
Galleon trial begins tomorrow March 6, 2011 Raj Rajaratnam, the hedge fund billionaire, is set to face the court tomorrow in a trial expected to last two months. The co-founder of Galleon Group, who says he is innocent, is accused of making more than $34m through inside information. He is charged with 14 counts of conspiracy and securities fraud and faces more [...]
Rango tops weekend box office March 6, 2011 Animated family comedy “Rango”, with Johnny Depp voicing the role of a cowboy chameleon, topped North American movie box offices with $38m (£23m) over the weekend, according to studio estimates yesterday. Matt Damon thriller “The Adjustment Bureau”, which like “Rango” was in its debut weekend in theatres, took in $21m to land in the No. [...]
Consumers fear card fraud March 6, 2011 Half of consumers worry about card fraud more than other financial threats, according to a survey today from ACI Worldwide. The payment systems provider says global research, surveying 4,200 consumers across 14 countries, also revealed too many people fail to take basic precautions for protecting themselves from financial crime. Its data showed that in the [...]
Activist investors eye bumper 2011 as market improves March 6, 2011 THIS year has started well for activist investors, those outspoken stake-builders that push boards to buck up their strategy. 2011 has kicked off with a spate of high profile public exchanges between funds and their targets. Activists claimed their first major scalp last month when Sherborne Investors ousted City veteran Nick MacAndrew from the chair [...]
Traders cautious as oil price may herald recession March 6, 2011 With fighting in the Middle East and North Africa intensifying, I expect a fairly flat open to stock markets in Europe this morning. GFT is quoting the FTSE 100 index to open unchanged from Friday’s close below 6,000, at a level of 5,990. Elsewhere the German DAX is called down 5 points at 7,173, and [...]
WALL STREET WEEK AHEAD March 6, 2011 Stocks will take their cues from the oil market this week as unrest rumbles through the Middle East. But so far equity investors are sanguine, believing the economic recovery wins the day. Sentiment is driving large daily swings as traders vacillate between the fear that oil prices will hit consumers and derail the recovery, and [...]
CITY MOVES | WHO’S SWITCHING JOBS March 6, 2011 GlaxoSmithKline Judy Lewent and Stacey Cartwright have been appointed as non-executive directors of GSK and will join the Board from 1 April 2011, when they will both become members of the firm’s Audit & Risk Committee. Lewent is the former executive vice president and chief financial officer of Merck & Co, and Cartwright is executive [...]
