Heineken’s bid for APB moves one step closer September 19, 2012 HEINEKEN’S drawn-out acquisition of the maker of Tiger Beer cleared a major hurdle towards completion yesterday, as the Dutch beer firm announced a truce with its major rival for the deal. ThaiBev said it would vote in favour of Heineken’s purchase of the 40 per cent of Asia Pacific Breweries (APB) owned by drinks firm [...]
News Corp shareholders fight to have case against Murdoch heard September 19, 2012 RUPERT Murdoch faced the prospect of his own shareholders suing him yesterday after disgruntled investors made their case for holding Murdoch and his son James responsible for the cost to News Corp of the phone hacking scandal. A group of shareholders are seeking to have their case against Rupert and James heard in the US [...]
Publishers and Apple end EU ebook dispute September 19, 2012 APPLE and four major publishers have reached an agreement with the European Commission (EC) that will allow retailers such as Amazon to sell ebooks at a discount. The EC said yesterday that the Californian firm, along with four out of the world’s five biggest publishers – Hachette, Macmillan, HarperCollins and Simon & Schuster – had [...]
German court dismisses two VW law suits against Porsche September 19, 2012 A GERMAN regional court has stopped two investor lawsuits against Porsche, sending a discouraging signal to claimants still seeking just over €4bn (£3.2bn) in damages. Presiding judge Stefan Puhle at the court in Braunschweig read out the decision yesterday without giving reasons. Some German and US investors say that throughout 2008 Porsche camouflaged its plans [...]
Micro Focus investors urged to remove executive chair September 19, 2012 SHAREHOLDER group Pirc has advised investors to oppose the re-election of Micro Focus executive chairman Kevin Loosemore at next Wednesday’s annual meeting, claiming his pay package is excessive. Pirc said yesterday that Loosemore’s combined role meant there was “no de-facto division of responsibilities” at Micro Focus, with him taking “both the role of the chairman [...]
City of London faces pay vote September 19, 2012 CITY of London Investment could face a shareholder rebellion over pay at its general meeting next month after proxy voting agency Pirc yesterday told shareholders to vote down its remuneration report. Pirc says bonus awards to the chief executive amounting to 333 per cent is “excessive”. City of London said its policy was “well understood”.
Who’s switching jobs September 19, 2012 Canaccord Genuity The broker has appointed Peter O’Malley as chief executive of Canaccord Genuity Asia. He joins from Kenosis Capital Partners, where he was chief executive and founder. O’Malley has previously worked at Deutsche Bank as a managing director, and has also held senior roles at HSBC. Mizuho International The London-based securities and investment banking [...]
Best of the Brokers September 19, 2012 ASHMORE Morgan Stanley has started covering the bank with an “overweight” rating and a target price of 390p. The analysts think concerns over fund performance and margin pressure are already priced in. KINGFISHER Nomura has cut its rating on the retail group from “buy” to “neutral” and lowered its target price from 328p to 287p. [...]
Surge in banking shares helps FTSE to maintain its near 6-month high September 19, 2012 STRENGTH in banks and energy stocks hauled Britain’s leading share index higher yesterday as fresh central bank stimulus moves, this time from the Bank of Japan, whetted investors’ appetite for riskier-perceived assets. The BoJ joined in recent action from the US and Europe with bond purchases designed to kick-start its economy as central banks aim [...]
Surprise lift in housing sales boosts Wall St September 19, 2012 US stocks rose yesterday as investors dipped back into the market after the recent pullback from a rally that lifted the S&P 500 to just shy of five-year highs. Housing stocks were among the day’s leaders following stronger-than-expected data on home sales. The PHLX housing sector index jumped 2.2 per cent, led by a 4.3 [...]
