LINKEDIN SURGES 109% ON DAY ONE May 19, 2011 Flotation of social network sparks fear of new dot.com bubble SHARES in LinkedIn exploded during their first day of trading, racing more than 170 per cent above their float price of $45 before closing 109.4 per cent higher at $94.25. The stock hit a peak of $122.70, bringing back memories of the dot.com boom of [...]
Bail given to former IMF chief May 19, 2011 DOMINIQUE Strauss-Kahn, the former head of the International Monetary Fund, was granted bail in a New York court yesterday after four nights’ detention on charges of allegedly attempting to rape a hotel maid. Strauss-Kahn, who resigned from the IMF vowing to prove his innocence late on Wednesday, was set a $1m (£617m) cash bail by [...]
Broughton bid closes on Tote May 19, 2011 SIR Martin Broughton, the former chairman of Liverpool Football Club, appeared last night to be pulling ahead in the race to buy the Tote, the state-owned bookmaker. It emerged yesterday that Sir Martin’s Sport Investments Partners (SIP) has secured private equity backing to fully underwrite his bid for the Tote, as well as renewed support [...]
Next IMF boss shouldn’t be European May 19, 2011 FAR too much time and energy is being wasted on trying to work out who the International Monetary Fund’s (IMF) new boss will be. The truth is that it is unlikely to matter that much: the individuals entrusted with the running of large transnational bureaucracies almost invariably find it impossible to break away from the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 19, 2011 FINANCIAL TIMES MOVE TO QUASH HERMÈS’ POISON PILL Minority shareholders in Hermès have sought to quash the luxury goods group’s poison pill defences devised by its controlling family, potentially bolstering LVMH’s protracted takeover push for its smaller rival. CHINESE SET A NEW STANDARD IN BUYING GOLD China overtook India to become the largest market for [...]
Investors slam Pru chair May 19, 2011 SHAREHOLDERS of the Prudential delivered a stinging rebuke to chairman Harvey McGrath as more than 28 per cent failed to support his re-election at its annual meeting yesterday. McGrath became the focus of investors’ wrath for his stewardship of the Pru through its botched $35.5bn (£21.9bn) bid to acquire Asian insurer AIA last year. About [...]
Gap falls after cutting forecasts May 19, 2011 Shares in clothing retailer Gap fell 13 per cent after it slashed its full-year profit outlook yesterday on rising cotton and production costs. Net income in its first-quarter, which ended on 30 April, fell 22.8 per cent to $233m (£144m), or 40 cents per share, from $302m, or 45 cents per share, a year earlier. [...]
EU bailout funds plan debt sale May 19, 2011 The Eurozone’s bailout funds plan to issue another €3bn to €5bn (£2.6bn to £4.4bn) in bonds within the coming weeks to help to fund Portugal and Ireland’s multi-billion euro rescue funding packages, the EU said yesterday. The European Financial Stabilisation Mechanism (EFSM) and European Financial Stability Facility (EFSF) aim to sell a total of €15.3bn [...]
Gagging order shredded in a blow for Fred May 19, 2011 A SUPER-INJUNCTION taken out by former RBS boss Sir Fred Goodwin was partially lifted by the high court after a peer told the House of Lords of its details yesterday. Liberal Democrat peer Lord Stoneham – whose comments can be reported as they were covered by parliamentary privilege – questioned why events leading up to [...]
Disappointing float debut for Glencore May 19, 2011 GLENCORE shares closed flat yesterday after the launch of conditional trading in the commodities trader. It now has a value of $61bn (£37bn) after raising $10bn in the second-biggest float in London’s history. The company’s owners had hoped for a price rise of five to ten per cent on Glencore’s first day of trading, but [...]
