Essar Energy gets boost from Stanlow as earnings increase November 26, 2012 POWER plant operator and oil refiner Essar Energy yesterday reported an 18 per cent rise in core earnings for the first-half as the benefit of a contribution from its Stanlow refinery in Cheshire offset its struggling Indian power business. The company, which is 77 per cent-owned by privately held Indian conglomerate Essar Group, said operational [...]
ILVA may close plant over seizure November 26, 2012 Italy’s ILVA said it may have to close Europe’s biggest steel plant after judges ordered the seizure of steel and semi-finished products in a corruption probe that saw several managers arrested yesterday. Justice system officials said the prosecutors arrested Emilio Riva, chairman of the group that owns ILVA, and six others including his son Fabio. [...]
Ex-SAC manager granted bail November 26, 2012 A former SAC Capital portfolio manager was released on $5m bail yesterday after making his first appearance in a New York court on charges of making illegal trades that hedge fund titan Steven A Cohen personally signed off. Mathew Martoma, 38, of Boca Raton, Florida, was charged last week in what US prosecutors called “the [...]
Regulators to discuss derivatives November 26, 2012 Global regulators will meet in New York tomorrow to hammer out a deal on how to supervise the $650 trillion derivatives market. The Commodity Futures Trading Commission has been criticised by other regulators for its aggressive stance in applying domestic US rules to traders abroad. Together with the Securities and Exchange Commission, it will now [...]
Who’s switching jobs November 26, 2012 Alvarez & Marsal The professional services firm has appointed Faisal Galaria as a senior director. He was previously vice president of Spotify, where he was responsible for mergers & acquisitions and strategic partnerships. Galaria has also held senior roles at Skype and eBay. Pinsent Masons Jonathan Beastall has been appointed to the law firm’s corporate [...]
Best of the Brokers November 26, 2012 BRITISH LAND UBS has upgraded the property firm from a “neutral” rating to “buy”, citing reduced risk from the company’s “ageing portfolio”. UBS upped British Land’s target price to 580p. COMPASS GROUP Analysts at Nomura have upped their guidance on the caterer, increasing the price target from 800p to 832p on the back of improving [...]
Black Friday hangover dogs Wall St stocks November 26, 2012 WALL Street slipped yesterday, pulling back from last week’s gains, as retailers fell on concerns about heavy discounts at the start of the US holiday shopping season and the overhang of the “fiscal cliff” kept investors wary of making big bets. The Nasdaq outperformed to close higher, led by gains in eBay and as Apple [...]
Barclays leads FTSE down as Qatar Holdings sells remaining warrants November 26, 2012 BRITISH blue chip shares fell yesterday, with Barclays tumbling more than five per cent, as the market retreated after its best performance this year last week. Barclays dropped 5.4 per cent after top shareholder Qatar Holdings cashed in its remaining warrants in the UK bank, a move which led to the sale of up to [...]
Three challenges await the new governor of the Bank of England November 26, 2012 WE should be prepared for changes at the Bank of England when the new governor, Canadian Mark Carney, takes over in the middle of next year. George Osborne has chosen to go outside the UK economic policy establishment in his choice of a successor to Sir Mervyn King. And that suggests that he is looking [...]
You can’t reform a central bank by changing the faces of its management November 26, 2012 SIR Mervyn King’s replacement as Bank of England governor has finally been announced. But we shouldn’t let our excitement at the appointment of Mark Carney distract us from the severe structural issues that persist beneath the surface. The Bank has recently come under strong scrutiny for the way it handled the financial crisis. Its economic [...]
