Vienna in high frequency push July 13, 2011 THE Vienna Stock Exchange is looking to boost lagging volumes by attracting high-frequency trading firms alongside its traditional bank and broker members, joint-chief executive Michael Buhl said yesterday. The Vienna bourse saw average monthly equity turnover of around €5.4bn (£4.74bn) in the first six months of this year, well below pre-crisis levels and last year’s [...]
Deutsche Boerse nears NYSE deal July 13, 2011 DEUTSCHE Boerse shareholders representing about 60 per cent of voting shares have backed a deal with NYSE Euronext, the German exchange operator said a few hours before the offer expired yesterday. That was up from about 34.5 per cent on Tuesday. The deal needs approval from 75 per cent of Deutsche Boerse shareholders, and then [...]
Monitise says its revenues will double July 13, 2011 Monitise surged yesterday after the payments technology firm reinforced its strong outlook for the upcoming financial year, with revenues expected to double. Full-year revenues are now expected to hit £14m, more than double the £6m reported last year. It also said it forecasts an increase in operating profit and cash generation. The firm, which delivers [...]
L’Oreal sales below forecasts July 13, 2011 FRENCH cosmetics maker L’Oreal reported second-quarter sales below market expectations, hit by a slowdown in trading in North America and eastern Europe. The maker of Lancome lipstick, Biotherm creams and Garnier shampoos saw its second-quarter sales rise 4.6 per cent, while analysts had expected an increase of between 5.5 and six per cent. Revenue from [...]
Carrefour in profit alert as Brazil deal hits buffers July 13, 2011 CARREFOUR warned on profits for the fourth time in a year after a plan to raise prices backfired, and said a potentially lucrative merger in Brazil was off – at least for now. Shares in the French retail giant dropped to a two-year low after it said in a second-quarter sales update that it expected [...]
Morale among marketers at two-year low July 13, 2011 Marketing executives trimmed their budgets in the last quarter, with confidence dropping to the lowest level in more than two years, according to a bleak IPA/BDO Bellwether survey published today. Spending has now fallen for three consecutive quarters, as firms try to slash costs to protect profits. However, with 22 per cent of firms reporting [...]
Hotel group MWB increases Business Exchange bid following investor unrest July 13, 2011 HOTEL operator MWB Group raised its potential offer for the shares of MWB Business Exchange that it does not already own, after the office space supplier’s second-biggest shareholder said it would reject the initial bid. MWB sweetened its offer to 1.75 new MWB units and 12.7p in cash per Business Exchange share – which is [...]
CITY MOVES | WHO’S SWITCHING JOBS July 13, 2011 Capital & Regional The property investment firm has appointed Tony Hales as a non-executive director, with effect from 1 August. Hale has been chairman of Workspace Group since 2002 and will step down from the board following the AGM in July. Hales is currently chairman of British Waterways, senior independent director of International Personal Finance, [...]
BEST OF THE BROKERS July 13, 2011 ESSAR ENERGY Goldman Sachs rates Essar a buy with a £5.75 target price after disappointing second-quarter results. Its earnings were hit by underperforming units – but Goldman thinks these will recover after an overhaul in September, and is focusing on its refinery upgrades, due for completion at the end of the year, which it believes [...]
Commodities boost FTSE rise as China data elevates miners July 13, 2011 BRITAIN’S FTSE 100 bounced yesterday, led by commodity stocks as economic data from China and soothing words from the US Federal Reserve raised hopes that stagnation in the global economic recovery might prove short-lived. Having fallen near five per cent over the previous three days, the mining sector rallied 1.8 per cent after China’s GDP [...]
