MegaFon holds back its London market listing October 22, 2012 RUSSIAN telecoms firm MegaFon yesterday postponed its London-Moscow listing, striking another blow to hopes that a flood of firms from the country could kick-start the sluggish initial public offering market in the City. The group hopes to raise $2bn (£1.25bn) from the sale of up to 20 per cent of its stock, listing global depository [...]
Lack of IPOs blamed on sellers demanding excessive prices October 22, 2012 THE INITIAL public offering (IPO) market is in such a poor state because sellers demand unrealistically high prices, brokerage Numis said yesterday. Executives believe sellers will maximise the value of their stakes if they offer at a low price initially, allowing the market to build and raise the price in subsequent sales. “IPOs can allow [...]
David Cameron pledges to fight for the City in European Union battle over bank regulations October 22, 2012 DAVID Cameron yesterday promised to fight for the City’s interests when Eurozone leaders debate the format of a forthcoming banking union. Last week’s European Council meeting saw an agreement to form a central body that aims to speed up economic integration and will exert control over 6,000 individual banks. But the exact format of the organisation [...]
Adoboli trial continues October 22, 2012 ACCUSED UBS fraudster Kweku Adoboli was not challenged when he told a colleague that he had made a “cosmetic adjustment” to the accounts, a London court heard yesterday. Former back office contractor Johannes Zuidmeer also said he allowed the trader to hold back from entering a $1bn loss into the accounts, accepting his explanation that [...]
Brussels plans bank resolution agency for 2013 October 22, 2012 BRUSSELS will push ahead with plans to form a pan-European agency to shore up or wind down troubled banks as soon as a banking union is introduced next year, commissioner Michel Barnier said yesterday. His statement came as Ireland was confirmed as a “special case” in being eligible for an earlier retroactive recapitalisation of its [...]
Eurozone government debt still growing despite lower deficits October 22, 2012 LEVELS of government debt across the Eurozone climbed to another record high last year, according to data published by Brussels’ statistics office yesterday. While the size of deficits shrank, most governments still continued to load billions onto their debt piles. Debt climbed to 87.3 per cent of GDP across the euro area, up from 85.4 per [...]
Monster shares hit by lawsuit October 22, 2012 ■ Monster Beverage shares fell 14 per cent yesterday after news that it is being sued by the family of a 14-year-old girl who died after drinking two cans of its Monster Energy drink. US-listed Monster said it does not believe its drinks are “in any way responsible” for the girl’s death last December.
Siemens turns away from solar October 22, 2012 ■ German engineering group Siemens is pulling the plug on its loss-making solar energy business and is already talking to potential buyers as it tries to close the profitability gap with its peers. Demand for solar power has been hurt by top consumer Europe cutting back subsidies for green energy and the Eurozone debt crisis [...]
Electrolux is dour about demand October 22, 2012 ■ Swedish home appliances maker Electrolux sees market demand staying weak in Europe and will push ahead with cost and production cuts in the region. The firm reported a six per cent rise in sales for the third quarter and operating profit rose by a third to SKr1.46bn (£138m), though in Europe sales slipped four [...]
Small lenders fear new rules only aid giants October 22, 2012 FINANCIAL regulators are failing to promote competition in the banking sector and perpetuating the “too big to fail” problem, a small bank claimed yesterday, by favouring big lenders under new capital requirements. Paul Lynam, chief executive of Secure Trust Bank, pointed to Sir John Vickers’ proposals allowing a large bank to risk-weight mortgages at five [...]
