US investors tapped for Gulf bonds January 25, 2010 Gulf bond issuers are likely to tap US investors for a more diverse funding base, despite the fallout from Dubai’s debt troubles, as demand for high-rating emerging market debt rises, bankers in Dubai said yesterday. There has been an increase in Gulf Arab corporate and quasi-sovereign issuers opting for 144A types of issues, which are [...]
Deutsche Post remains confident January 25, 2010 Deutsche Post DHL’s chief executive expects the global economy will continue on its recovery path this year, given early signs of a pickup in demand for the shipment of goods. “We cannot say much until goods start shipping, but from what I hear from customers… I am optimistic for recovery,” Frank Appel said at a [...]
Surprise loss for Bang & Olufsen January 25, 2010 Luxury stereo and television maker Bang & Olufsen yesterday posted a surprise pre-tax loss for September-November and cut its full-year guidance, as sales tumbled and new product launches came too late in the quarter. The Danish upmarket electronics maker made a second-quarter pre-tax loss of 47.6m crowns ($9m) compared with a year-earlier 149m loss and [...]
Dunfermline’s £1.5bn of aid gets EU nod January 25, 2010 THE European Commission yesterday cleared a plan by British authorities to provide aid of over £1.5bn to facilitate the restructuring of Dunfermline Building Society. The restructuring saw the split-up of the building society, of which a part containing good assets and liabilities was sold in an auction to a competitor. “The Commission found that the [...]
Corporate debt restructuring could cause refinancing crisis January 25, 2010 VAST amounts of corporate debt due to be restructured in the summer could cause a refinancing crisis. The G4 countries of France, Germany, Italy and the UK have almost £350bn of debt that will mature by the end of the year. AlixPartners looked at debt held by 577 European companies, including 150 in France, 114 [...]
Bradford & Bingley liquidation cleared by European Union January 25, 2010 EU REGULATORS yesterday cleared the liquidation of failed British bank Bradford & Bingley after a request from UK authorities, which broke up and partly nationalised the lender nearly two years ago. Hit by a sharp rise in funding costs during the credit crunch, Bradford & Bingley sold its savings business and branch network to Spain’s [...]
African Minerals pulls in funds for Sierra Leone January 25, 2010 SHARES in African Minerals rose 1.8 per cent to 410p yesterday after the company, chaired by Frank Timis, said its £80m share placing had been successful. The group, which is using the proceeds of the issue to invest in an iron ore project in Sierra Leone, revealed that one strategic investor, Dundee Corporation, was taking [...]
Mining and energy stocks drag the FTSE lower for the fourth day in a row January 25, 2010 BRITAIN’S top share index closed lower yesterday for a fourth straight session, dragged down by miners and energy stocks on continued market unease over the uncertain demand outlook. The FTSE 100 closed down 0.8 per cent, or 42.68 points at 5,260.31, having ended 0.6 per cent lower on Friday, pressured by financial issues following President [...]
Wall Street is boosted by support for Bernanke January 25, 2010 US STOCKS snapped a three-day slide yesterday as signs that Federal Reserve Chairman Ben Bernanke would win a US Senate vote for a second term helped ease investors’ concerns. After the closing bell, iPod maker Apple reported sharp gains in quarterly revenue and profit, sending its shares 1.9 per cent higher to $207 in after-hours [...]
BEST OF THE BROKERS January 25, 2010 HMV Numis has cut its forecasts on HMV and shifted its recommendation to “hold” despite the retailer’s Christmas trading update which was in line with market expectations. Numis said the decline in HMV’s sales categories along with its growing fixed cost base meant the potential for profitability to evaporate was clear. PETROPAVLOVSK Canaccord Adams has [...]
