CONTAGION IS STILL A RISK FOR THE EURO November 23, 2010 BORIS SCHLOSSBERG DIRECTOR OF CURRENCY RESEARCH, GFT AFter several weeks of tense negotiations and turbulence in the credit markets, Ireland accepted a financial aid package from EU and the IMF. Although the size of the deal will not be known for days, analysts put the total at about €100bn – 40 per cent of the [...]
Fear and loathing on the edges of Europe November 23, 2010 SOMETIMES it seems as though the foreign exchange markets can only deal with one news story at a time. Whereas a month ago, the dollar was being attacked for quantitative easing, now the euro is the point of focus. Given the depth of the fiscal problems in Ireland and Portugal and even potentially Spain or [...]
THE TIPSTER November 23, 2010 THE long sterling-New Zealand dollar position has already proven to be profitable, and it looks as though we could start to see an acceleration of gains following the latest surge beyond NZ$2.0700. The fundamentals have certainly been supportive, with a dovish central bank, problems with local fruit, and a ratings downgrade all helping to strengthen [...]
FOREX ANALYST PICKS November 23, 2010 FOREX STRATEGIST JOEL KRUGER My pick: Long sterling-New Zealand dollar at NZ$2.0500 Expertise: Technical analysis Average time frame of trades: 1 month-12 months A couple of weeks back we recommended buying this cross with the market trading at cyclical lows and looking poised for some major upside. The trade has proven to be profitable and [...]
M&B boosts its profits but holds dividend November 23, 2010 PUB and restaurant group Mitchells & Butlers boosted full-year pre-tax profits by 26 per cent to £169m, but a £300m property write-off pushed it to a pre-tax loss, it reported yesterday. The owner of bar brands such as All Bar One, O’Neill’s, and Harvester saw 1.1 per cent revenue growth to £1.98bn over the year, [...]
Intermediate Capital on the hunt for banking sector assets November 23, 2010 BUYOUT lender Intermediate Capital Group said it would stay on the lookout for investment opportunities as banks, weakened by the debt crisis, look to shed assets. In August, Intermediate Capital bought a €1.4bn (£1.2bn) portfolio of European loans from Royal Bank of Scotland, and the company said yesterday that the sector would throw up further [...]
Eastern Platinum in bid to raise £185.1m for South African mine November 23, 2010 MINER?Eastern Platinum is raising about £185.1m to fund exploration in South Africa, hitting its shares. Vancouver-based Eastern is planning to sell 195m shares at C$1.55 (96p) each to fund the first part of its Eastern Limb platinum project in the Bushveld complex, the source of about 70 per cent of global platinum metal supplies. The [...]
De La Rue set on Cobbold as its new chief November 23, 2010 BANK note printer De La Rue is on the verge of appointing the group president of power company Choride, Tim Cobbold, as its new chief executive. The appointment process is not yet complete and it could still be a few weeks before De La Rue makes an announcement but negotiations are believed to be at [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF DE LA RUE’S POSITION? November 23, 2010 ADRIAN KEARSEY | EVOLUTION SECURITIES The shares offer an attractive yield supported by a strong balance sheet. However, there is insufficient clarity on how long it will take for earnings to recover. The consensus is likely to fall towards the bottom of the range. JONATHAN JACKSON | KILLIK & CO The shares have fallen 40 [...]
Low correlations and high liquidity ensure currency’s continued appeal November 23, 2010 FOR about a decade before the crisis, institutional investors were happy to accept that the currency markets were an area where active fund managers could add value. But they lost their faith in the asset class during 2008 when many currency managers lost money. Some of those managers who were running quantitative strategies and who [...]
