Gold hits a six-month high September 3, 2009 Gold prices rallied yesterday to their highest level since February on strong investment demand. Spot gold hit an intraday peak of $992.55, which marked the highest price since 24 February. Bill O’Neill, managing partner of Logic Advisors, said asset-diversification demand for gold and other precious metals propelled gold’s rally.
Tricorona pulls EcoSecurities bid September 3, 2009 Carbon credits firm EcoSecurities said yesterday it was in ongoing talks with another party over a possible takeover offer, after Swedish clean energy project developer Tricorona decided not to proceed with a bid. EcoSecurities continued to recommend that its shareholders take no action in response to an offer from Guanabara Holdings, set up by the [...]
CITY VIEWS: DO YOU THINK BORIS JOHNSON IS THE CHAMPION OF THE CITY? September 3, 2009 GRAEME JONES CITIBANK“He’s a good ambassador for the City. He’s willing to go to Brussels to fight for the biggest industry in the UK, which is the financial sector and he’s doing a good job of it. I believe he has the personality to do it – his charisma isn’t a hindrance.” HANNAH DOBSON SMITH [...]
Financial firms hit by 9m complaints in just three years September 3, 2009 MORE than 9m complaints were made against financial services firms between 2006 and 2008, according to data released by the City regulator for the first time yesterday. The Financial Services Authority (FSA) said complaint levels rose by 5.7 per cent over the period, with dissatisfaction with banking and loan products accounting for half. This was [...]
WTO to uphold Boeing claim that Airbus aid was illegal September 3, 2009 THE World Trade Organisation (WTO) is expected to say today that aid subsidies provided to Airbus by European governments were illegal, signalling a huge victory for its US rival Boeing in a tit-for-tat row that has rumbled on since 2004. The international trade body has spent nearly five years analysing complaints from Washington challenging loans [...]
EC to probe Oracle’s $7.4bn Sun takeover September 3, 2009 THE European Union (EU) has launched an investigation into whether software firm Oracle’s $7.4bn (£4.5bn) takeover of computer maker Sun Microsystems is in breach of European competition rules. The US justice department gave its approval to the deal last month, but the European Commission’s competition commissioner Neelie Kroes said the legislative body had a duty [...]
BApassenger numbers fall September 3, 2009 BRITISH Airways yesterday posted a slight decline in passenger traffic numbers during the month of August, despite last month saying it expected volumes to improve over the summer after a July spike. The airline carried 0.7 per cent fewer passengers in August than in the same month a year ago, while premium passenger numbers took [...]
Libya demands local chief execs September 3, 2009 LIBYA is now demanding that foreign companies hire Libyan chief executives to run any joint ventures. In a move which will be seen as another step towards nationalism in the country’s oil industry, the government directive says firms with foreign participation must appoint Libyan heads. The rule change is likely to be off-putting for foreign [...]
ECB is more upbeat on Eurozone outlook September 3, 2009 THE European Central Bank (ECB) did not announce any change to monetary policy yesterday and gave no indication rates would be tightened. The ECB acknowledged it had probably been too pessimistic in its outlook and was more upbeat about the Eurozone’s near-term prospects. ECB president Jean-Claude Trichet said that in the near term, the Eurozone [...]
M&A returns as Dainippon buys out rival September 3, 2009 DAINIPPON Sumitomo Pharma agreed yesterday to buy US drugmaker Sepracor for $2.6bn (£1.5bn), in the fourth major buyout deal this week. The deal spurred hopes that activity is seeping back into the M&A market. It is the latest in a string of overseas acquisitions by Japanese drugmakers keen to grow outside a mature home market [...]
