Watchdogs tighten up on Libor July 17, 2013 INTERNATIONAL regulators have ordered watchdogs around the world to clean up financial benchmarks in a co-ordinated effort to stop any repeat of last year’s Libor scandal. The International Organisation of Securities Commissions (IOSCO) wants increased monitoring of data submission and compilation as well as improved complaints systems. The regulators also want indices to be updated [...]
Intel suffers as consumers flee the desktop computer market July 17, 2013 INTEL last night slashed its year-end financial forecast as the personal computer business loses market share to tablets and smartphones. The world’s top chipmaker said second quarter profits were down 29 per cent year-on-year to $2bn (£1.3bn), below Wall Street expectations. It also reduced its year-end target for personal computer chip sales, although the decline in [...]
Amex sees its earnings rise on higher fees July 17, 2013 CREDIT card company American Express reported a five per cent increase in quarterly profit as it charged higher fees and earned more commissions on its cards. American Express, which gets the bulk of its US billed business from affluent corporate customers, said cardmember spending increased eight per cent in the quarter, adjusted for foreign currency [...]
IBM raises its full-year outlook on cost-cutting and strong data July 17, 2013 IBM, the world’s largest technology services company, raised its full-year outlook as it cut costs and reported second-quarter earnings that beat estimates. International Business Machines said excluding a $1bn (£657m) restructuring charge related to job cuts, non-GAAP (generally accepted accounting principles) earnings per share forecasts were being raised to at least $16.90 from $16.70. Full-year [...]
Brit Insurance sells subsidiary July 17, 2013 BRIT Insurance, the sponsor of the England and Wales cricket team, has sold its stake in an online business insurer in a management buyout, it emerged yesterday. The Lloyd’s of London insurer sold a 37 per cent holding in Simply Business in a deal that values the online broker at more than £50m, according to [...]
Barbie falling flat for Mattel July 17, 2013 MATTEL’S quarterly results offered further proof of the fading appeal of the iconic Barbie doll, as newer brands including the teen monsters of the company’s own Monster High line gained market share. Mattel shares fell 6.8 per cent after the world’s biggest toymaker reported a much weaker-than-expected second-quarter profit. Shares of smaller rival Hasbro fell [...]
Severn Trent books £19m charge on failed bid July 17, 2013 FTSE 100-listed water company Severn Trent said yesterday that it has incurred £19m in advisory and legal costs after rejecting last month’s takeover bid, in a first quarter trading update that was in line with expectations. The British utility firm rebuffed a £5.2bn offer from investor consortium LongRiver Partners, claiming it was not fair value. [...]
Bottom Line: Expensive but far from £19m down the drain July 17, 2013 SHAREHOLDERS in Severn Trent may be mourning the sky-high prices of May and early June, but it is too soon to claim the City didn’t earn its fees in helping the water firm resist the advances of the LongRiver consortium. It was revealed yesterday that in batting away the takeover bid Severn Trent paid £19m [...]
RBC Capital Markets picks Uden as new head of ECM and broking July 17, 2013 RBC CAPITAL Markets, the corporate and investment banking arm of Royal Bank of Canada, has appointed Darrell Uden as head of European equity capital markets (ECM) and corporate broking. Uden, who was most recently co-head of ECM for Europe, Middle East and Africa at UBS, will report to Josh Critchley and Patrick Meier, co-heads of [...]
Allen & Overy tops capital markets adviser table July 17, 2013 MAGIC circle law firm Allen & Overy has come out on top in a global round-up of legal advisers to the debt and equity capital markets, winning roles on more than 450 deals in the first half of 2013. According to the latest Thomson Reuters survey, combined debt and equity capital markets activity totalled $3.4 [...]
