Koenigsegg inks Saab deal with BAIC September 9, 2009 LUXURY sportscar maker Koenigsegg yesterday said that China’s Beijing Automotive Industry Holding (BAIC) would take a stake in the group to help finance its purchase of Saab Automobile from General Motors. Koenigsegg said in a statement that the memorandum of understanding signed with BAIC would see the Chinese firm take a minority stake in Koenigssegg [...]
BEST OF THE BROKERS September 9, 2009 JOHN WOOD GROUPJP Morgan upgraded its rating for John Wood to “overweight” with an increased price target of 365p. The broker said that the shares are 13 per cent lower since 25 August, on concerns for Well Support’s exposure to onshore gas. It believes that these concerns are overdone and that earnings resilience is underappreciated. [...]
CITY MOVES WHO’S SWITCHING JOBS September 9, 2009 Piper JaffrayJens Rosebrock, pictured, joins the bank from Dresdner Kleinwort as head of clean technology investment banking. Peter Schuemers also joins as an analyst from Dresdner. Paul Lewington and Adrien Bommelaer join the technology team from Close Brothers and Credit Suisse. And in the European equity sales team, Bede Bruce-Lockhart joins as a managing director [...]
Large caps break 5,000 as travel gets its day in the sun September 9, 2009 THE FTSE 100 ended a week of waiting yesterday to pull itself above the 5,000 level by the close. The benchmark index rose by 1.2 per cent on the back of strong oil and bank stocks, as well as early gains on Wall Street. By the close the index was 56.96 points higher at 5,004.30, [...]
Weak dollar helps stocks on WallSt September 9, 2009 US STOCKS closed higher for a fourth straight day yesterday, sending the Standard & Poor’s 500 index to its best finish so far this year as industrial and technology companies gained from a weak dollar. The dollar’s fall to a 2009 low helped to make US products more competitive overseas. Earth-moving equipment maker Caterpillar, rose [...]
It’s the same old story for sorry England September 9, 2009 CAPTAIN Andrew Strauss bemoaned “Groundhog Day” at the Rose Bowl yesterday as England crashed to a third successive defeat in the one-day series with Australia. Strauss led the line from the front with a stylish 63 only to be let down by his batting line-up once again as England’s 228-9 was easily overturned by the [...]
Investment banks will be hit by reform September 9, 2009 PROFITABILITY at the world’s largest investment banks (IB’s) could tumble by as much as a third due to the impact of regulatory reform, leading to hefty staff cuts, JPMorgan Chase analysts have predicted. The bank said it expected that regulatory proposals, if they were applied, would reduce predicted return on equity (ROE) by an average [...]
SPORT IN BRIEF September 9, 2009 Durham close in on second titleCRICKET: Durham closed in on a second successive LV County Championship division one title yesterday after making a flying start in their crunch match with closest rivals Nottinghamshire. Durham need just 11 points to win the title with two matches to spare. Michael Di Venuto smashed a magnificent unbeaten 219 [...]
DJOKOVIC POWERS THROUGH September 9, 2009 NOVAK DJOKOVIC battled his way to a third straight US Open semi-final after overcoming a tough encounter with Fernando Verdasco, of Spain. Djokovic, seeded four, saved two set points in the first set before winning the opener on the tie-break. Verdasco stormed back to take the second set 6-1, but was eventually out-gunned out by [...]
Oil cause of UK’s wider trade deficit September 9, 2009 BRITAIN’S trade deficit widened in July to £2.44bn from £2.37bn in June, driven by a £100m increase in the deficit of oil, the Office for National Statistics said yesterday. The official data showed that the UK’s deficit on trade in goods in July is provisionally estimated at £6.5bn, unchanged compared with June, while the trade [...]
