‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
GE Capital in £3bn sell-off May 25, 2011 GE CAPITAL is selling its A$5bn (£3.2bn) Australia and New Zealand mortgages books to Pepper Homeloans as concerns rise over a softening of the Australian housing market and the rising cost of funds. GE Capital, which shed part of its Australian home loans portfolio in 2008 when global conglomerates were restructuring their lending arms, said [...]
Total lengthens SunPower offer after regulatory delay May 25, 2011 FRENCH oil company Total has extended its offer to buy up to 60 per cent of US solar company SunPower by two weeks after consultations with European regulators led to a delay. The offer will now expire on 14 June, Total said yesterday, adding it has carried out a number of consultations with the European [...]
Watson Pharmaceuticals extends global reach with Specifar deal May 25, 2011 WATSON Pharmaceuticals yesterday acquired privately held generic drug developer Specifar Pharmaceuticals for $562m (£345.2m) in cash, expanding its global footprint. Watson said yesterday it expects the deal to immediately add to 2011 non-GAAP earnings. Specifar is a third-party product developer, with some 400 marketing authorisations licensed to third parties for sale in 36 countries, predominantly [...]
PROFITS DOWN AT POLO RALPH LAUREN May 25, 2011 POLO Ralph Lauren yesterday posted lower-than-expected quarterly results and said higher raw material costs and business interruptions in Japan would hurt full-year margins, sending its shares down more than 10 per cent. The clothing maker, whose brands include Polo, Club Monaco and Chaps, said net income fell to $73.2m (£44.9m), or 74 cents a share, [...]
CITY MOVES | WHO’S SWITCHING JOBS May 25, 2011 Cable & Wireless The telecoms company has appointed Ian Gibson as chief financial officer and executive director, with effect from 21 July. Gibson joined the group in 1995 and has held a number of senior management positions, most recently deputy chief financial officer. In 2009 he was appointed as acting chief financial officer and played [...]
BEST OF THE BROKERS May 25, 2011 PRUDENTIAL Nomura rates the insurer “reduce” with a target price of 735p. The broker thinks the Pru’s valuation could be called into question by the expected sales slowdown in the States, and believes the market is currently underestimating the firm’s exposure to the US market. Nomura recommends switching to AXA, which is forecast to return [...]
Banks lead the FTSE to small gains as traders eye Eurozone May 25, 2011 BRITAIN’S top shares edged higher yesterday, led by banks on bargain hunting, but the prevailing mood was cautious with some analysts and traders pessimistic about the long-term prospects for equities. The FTSE 100 ended up 11.73 points, or 0.2 per cent, at 5,870.14 helped by some sense of relief that there was no deterioration in [...]
Energy shares help Wall St close higher May 25, 2011 US stocks ended a three-day losing streak yesterday as recent underperformers led a thinly traded rally that wasn’t seen as strong enough to overcome worries about waning global demand. The S&P 500 hit its lowest intraday level since 19 April on Tuesday, and recent weak breadth suggested selling had gone too far for now. Energy [...]
Top tips for keeping the taxman out of your pocket May 25, 2011 BASED upon the latest government forecasts, the Adam Smith Institute is predicting Tax Freedom Day – the notional day when you stop working for the taxman and start filling your own coffers – will fall on Monday, making it three days later than last year. Fidelity International has translated this into the fact that basic [...]
How a career coach can take you that extra mile May 25, 2011 NOBODY thinks twice about sportsmen having coaches. Why shouldn’t business people do the same? They’re expected to be high-performers too,” says Olympic silver medallist Roger Black, who set a national sprinting record in 1996. Fellow Olympian and world record-breaker Steve Backley agrees: “A businessman has the same goals, they want a long sustainable career too.” [...]
