Euro bonds slide as firms pick sterling May 23, 2011 EUROPEAN bond issuers are turning away from euro denominated securities in favour of sterling, dollar and ruble products. Overall bond issuance by European corporates has increased so far this year by 17 per cent to $182.5bn (£113bn), according to data provider Dealogic. But issuance of euro-denominated bonds so far this year has slumped by 13 [...]
Highest rate of savings found in Richmond area May 23, 2011 SEVERAL neighbourhoods in London and the south east have among the highest average level of savings, the Halifax revealed yesterday. Residents in one part of Richmond have the highest rate of savings in the UK, with a section of Putney coming a close third. Outside south-eastern England, some postcodes in Scotland were also among the [...]
IFG reveals fresh takeover talks May 23, 2011 IRISH financial services group IFG yesterday revealed a second takeover approach, as bid interest mounts for the London-listed firm. The company said it had received an approach to acquire its entire issued share capital, which is currently valued at about €220m (£190m). IFG did not identify who had made the latest approach for it, but [...]
Pimco opens fund to cash in on CoCos May 23, 2011 PIMCO, the world’s largest bond fund manager, is launching a product designed to cash in on a new breed of hybrid securities dubbed “CoCos” being issued by banks. Contingent convertibles, known as CoCos, are securities that convert to equity if a measure of financial strength is broken. They are deemed to be a tougher form [...]
Yandex float priced at top end of range May 23, 2011 RUSSIAN internet search firm Yandex yesterday appeared to be cashing in on a surge in demand for technology companies in the United States, despite fears of a new dot.com bubble. The firm, dubbed as the “Russian Google”, now plans to sell shares above its initial price range, at between $24 and $25 per unit. It [...]
Procter & Gamble plans Indonesian deals May 23, 2011 PROCTER & Gamble will invest $100m (£62m) in the oleochemical sector in Indonesia, the country’s industry minister MS Hidayat said yesterday. “P&G is anticipating the need for 200,000 tonnes of fatty alcohol in the coming ten years from Indonesia,” Hidayat said following a meeting with P&G officials at his office. “To meet the need they [...]
Clyde & Co breaks £200m May 23, 2011 TOP 20 UK law firm Clyde & Co yesterday reported a revenue rise of just over 10 per cent for 2010-2011, taking it through the £200m turnover barrier for the first time. Revenues at the firm hit £212m for the past year, up from £192 last year. Around 59 per cent of the revenues were [...]
Ryanair gives flat forecast despite profit May 23, 2011 EUROPE’S largest low-cost airline Ryanair said yesterday high fuel costs and a lack of growth in capacity would mean flat earnings this year after a 26 per cent surge in 2010, sending its shares down 6.2 per cent. The Irish airline, which operates more than 1,500 flights a day, said it expected traffic growth to [...]
Stelios rants as Michels exits easyJet May 23, 2011 SIR DAVID Michels, the former Hilton chief executive who once hoped to chair Marks & Spencer, said he would step down from the board of easyJet yesterday in his second such announcement in a month. Michels, easyJet’s deputy chairman, will leave the airline at the end of this year, when he completes his second three-year [...]
Capacity cuts could be end of good times May 23, 2011 FOR the first time in its 25 year history, Ryanair is cutting capacity. When winter 2011 rolls round the discount airline plans to ground 80 of its fleet including 50 new deliveries – even if the UK experiences an Indian summer that lasts until next February. A winter pullback on capacity is not unusual, but [...]
