EFSF bonds do not address the main problem January 25, 2011 THE Eurozone seems to escape disaster every week. Unsurprising since it always seems to have a new tactic up its sleeve. Yesterday’s was the first auction of the European financial stability facility (EFSF) bonds. Investors poured into bonds to the tune of €40bn. This should have been predictable considering the bonds are AAA-rated, offer higher [...]
THE TIPSTER January 25, 2011 THE pound took something of a pummelling off the back of the surprise UK GDP data although much of the recent upside came from the supposition that the Bank of England would hike rates to rein in inflation – regardless of the economic growth implications. Obviously today’s Monetary Policy Committee meeting minutes will make for [...]
FOREX ANALYST PICKS January 25, 2011 FOREX STRATEGIST JOEL KRUGER My pick: Buy US dollar-Canadian dollar at Ca$0.9900 Expertise: Technical analysis Average time frame of trades: 1 to 6 weeks The daily studies are starting to look a little stretched and this is in conjunction with longer-term cyclical studies. These signs warn of a major base forming. This leaves us looking [...]
HEDGE FUND MANAGERS GET A VERY RAW DEAL January 25, 2011 HEDGE fund managers rightly feel they are being persecuted by creeping EU legislation, which is suffocating their industry. But Hugh Hendry, a Scottish fund manager at Eclectica Asset Management, may be suffering from a touch of hyperbole. In the latest issue of Bloomberg Markets he likens the plight of the humble hedgie manager to the [...]
Bric countries boost profits at Siemens January 25, 2011 SIEMENS, Europe’s biggest engineering conglomerate and a German bellwether, beat profit forecasts due to robust demand in emerging economies and said signs for future sales were strong. Like most of its German peers, Siemens relies heavily on exports of manufactured goods to China, Brazil, India and Russia to power growth, profiting from infrastructure investment in [...]
Huawei sues Motorola over sale of unit January 25, 2011 CHINA’S Huawei Technologies has filed a lawsuit to block Motorola from selling one of its business units to Nokia Siemens Networks, demanding that the $1.2bn (£760m) deal be altered to avoid infringing on intellectual property rights. Nokia Siemens is seeking regulatory approval in China for its agreement to buy Motorola’s network equipment unit. Huawei wants [...]
CITY MOVES | WHO’S SWITCHING JOBS January 25, 2011 RSM Tenon The seventh largest accountancy firm has named accountant Peter Musgrave as head of its enlarged London office. RSM Tenon has brought together teams from four offices into the central London location in Chiltern Street in the West End and created a 450 strong team covering all the Group’s services. Peter previously ran the [...]
BEST OF THE BROKERS January 25, 2011 ABERDEEN ASSET MANAGEMENT Morgan Stanley rates the fund manager “overweight” and has lifted its target price to 260p. The broker has also raised its earnings per share forecast by four per cent on higher margin equity inflows, and views the shares as attractive due to strong global equity reach and reduced drag from fixed income. [...]
Amgen acquires BioVex January 25, 2011 Amgen has agreed to buy BioVex, a closely held maker of experimental cancer drugs, for up to $1bn (£633m). An initial payment of $425m will be made, and as much as $575m in milestone payments. Biovex is a privately held, venture-funded, biotechnology company headquartered in Woburn, Massachusetts.
Asian boost for Intl Ferro January 25, 2011 International Ferro Metals said sales of ferrochrome more than doubled in its second quarter on strong Asian demand for the stainless steel ingredient. Chief executive David Kovarsky put the growth down to the company building good relationships in Asia that have focused on higher-value markets.
