Volvo truck shipments rise as trade market recovers February 16, 2011 WORLD number two truckmaker Volvo said shipments surged 62 per cent to 15,277 units in January, as a recovery in commercial vehicles markets carried into the New Year. The highly cyclical heavy-duty truck market has picked up strongly in recent quarters with growth spreading out of emerging markets to mature markets on both sides of [...]
Deutsche Boerse posts fourth quarter loss as it gears up for New York merger February 16, 2011 DEUTSCHE Boerse yesterday reported a fourth-quarter loss of €61.2m (£51.6m), yet said it was optimistic for the year ahead as it gears up to merge with the New York Stock Exchange (NYSE). The Frankfurt-based exchange was forced to pay a €453.3m charge on its International Securities Exchange business. The bourse recorded the €61.2m net loss [...]
Delaware judge slams BarCap February 16, 2011 A Delaware judge yesterday slammed the dual role of Barclays Capital in the takeover of Del Monte Foods by a private equity consortium led by KKR. The judge, which delayed the shareholder vote on the takeover by 20 days, criticised Barcap, saying the bank wanted to gain fees on both the sell side and buy [...]
Clariant secures Sued-Chemie February 16, 2011 Swiss speciality chemicals maker Clariant has won the battle to take over Germany’s Sued-Chemie with a €1.4bn (£1.2bn) acquisition that expands its presence in high-growth sectors. The deal has an enterprise value of €2bn, or €1.4bn in equity and €600m in debt. The financing includes a SwFr400m (£257.6m) rights issue.
Westfield meets expectations February 16, 2011 Westfield Group, one of the world’s largest shopping mall operators, delivered 2010 earnings in line with expectations amid improving global retail markets, but said it was too early to ramp up existing plans for new development investment of up to A$1bn (£622m) a year.
CITY MOVES | WHO’S SWITCHING JOBS February 16, 2011 PensionsFirst The pensions risk management firm has hired three new assistant vice presidents: Matthew Furniss (pictured) and Robert Heathcoat, who both join from Punter Southall, and Chris Hoddman, who joins from the Pension Protection Fund. Furniss will work in the client solutions group, helping clients to manage their pension risk. Hoffman and Heathcoat will be [...]
BEST OF THE BROKERS February 16, 2011 AMEC Morgan Stanley has downgraded the engineering consultancy to “underweight” with a target price of £10.80 due to risks from the firm’s excess cash pile of around $1bn. The broker believes that AMEC missed the opportunity to expand through acquisitions when valuations were low in 2009, and sees a risk of the firm acquiring rivals [...]
Hopes of revival for financial sector drives the FTSE higher February 16, 2011 BRITAIN’S leading share index rallied yesterday, powered by banks, on hopes for further upbeat earnings in the sector after Barclays and French peer Societe Generale set the standard. HSBC gained 2.8 per cent, Royal Bank of Scotland rose 4.3 per cent and Barclays, which reported results on Tuesday, was up 1.0 per cent. Societe Generale [...]
S&P 500 bounces after Dell results February 16, 2011 THE S&P 500 rose yesterday to twice its value from just two years ago, in a bounce that showed vigour not seen since the Great Depression. Stocks were boosted by Dell’s earnings and deal announcements that fuelled hopes for gains, but light volume made the move more tenuous. The market overcame concerns about tensions between [...]
WHISKY, JAZZ, AND BETTING ON THE EURO February 16, 2011 WITH whisky tasting, a jazz band and the chance to win a sports car for the weekend on offer, WorldSpreads winter party (definitely not just a late Christmas do) was the place to be in the City on Tuesday night. Held in a candlelit crypt underneath St Etheldreda’s church near Chancery Lane, the night saw [...]
