GM pulls off record float November 18, 2010 GENERAL MOTORS closed 3.6 per cent higher yesterday after pulling off the biggest IPO in US history. The stock closed at $34.19, up from its float price of $33 a share. Frantic trading throughout the day saw more than 100m shares change hands, out of the total of 478m placed, while financial advisers struggled to [...]
Hands looks for next deal November 18, 2010 PRIVATE equity tycoon Guy Hands said yesterday he was focused on “the next deal” following his attempts to sue Citigroup over his purchase of struggling music label EMI. He said his firm would “look like geniuses” if it hadn’t bought EMI, but refused to discuss his recent legal battle against Citigroup. “EMI is where EMI [...]
Crisis must be used to force change November 18, 2010 SOMETIMES, crises are the best way to force through change. Take what has happened to the US car industry. I wish the US government hadn’t bailed out General Motors; governments should not be in the business of helping individual firms in this way. The assistance helped GM’s remaining employees but it unfairly put other companies [...]
Mounting hope of an Irish bailout drives up the FTSE November 18, 2010 BRITAIN’S top share index closed higher yesterday, boosted by banks on growing hopes for a deal to ease Ireland’s debt crisis and by mining stocks which followed metals prices higher. The FTSE 100 closed 76.15 points, or 1.3 per cent, firmer at 5,768.71, in light volume, trading 85 per cent of its 90-day average. The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 18, 2010 FINANCIAL TIMES LLOYDS HOT FOR PROPERTY DEALS Lloyds Banking Group will be behind almost one-sixth of all property deals in the UK this year, as some £4bn of property has been shifted by boom-time borrowers needing to repay loans to the bank’s £30bn troubled real estate debt division. Lloyds, the largest lender to commercial property [...]
New York rises on success of GM IPO November 18, 2010 US stocks jumped yesterday on expectations of a resolution of Ireland’s banking crisis, but the S&P 500’s inability to break through resistance suggests stocks could be in a tight range through the end of the year. General Motors shares gained 3.6 per cent in its return to public trading and accounted for about 5.1 per [...]
Planning now will save time and cash later November 18, 2010 ALMOST everything you will ever want or have to do in life will cost you money, so it is worth – every now and again – taking stock of your situation to think about your goals and how you can plan your finances accordingly. Next week is Financial Planning Week, which should provide you with [...]
City stars set for peerages November 18, 2010 THE CONSERVATIVE and Labour parties are set to name several City players in the latest lists of appointed peers. Stanley Fink, the Tory party treasurer and former chief executive of Man Group, is among those said to be on the list of the latest entrants to the House of Lords, which will be revealed on [...]
Dell reports strong third quarter November 18, 2010 Dell raised its yearly income forecast after third-quarter margins and earnings beat expectations, helped by sliding costs of PC components propelling its shares 4.8 per cent higher. The personal computer maker, which vies with Acer for the number two spot in the global PC market, expects stable demand from government and corporate customers and favourable [...]
Gap posts weak earnings November 18, 2010 Gap posted a slight decrease in net profit that met Wall Street estimates, despite tepid sales in advance of the key holiday selling season, but the apparel retailer stood by its 2010 profit outlook. Net profit in Gap’s third quarter fell one per cent to $303m (£189m), from $307m a year earlier. Sales rose two [...]
