Rusal float to net Deripaska $70m bonus April 14, 2010 RUSAL, the aluminium group which earlier this year became the first Russian company to list in Hong Kong, has awarded chief executive Oleg Deripaska a weighty $70.3m (£45.4m) bonus for getting the float away successfully. The company said yesterday that oligarch Deripaska has been awarded 50.625m bonus shares at the offer price of HK$10.80 per [...]
Singapore hikes dollar value April 14, 2010 SINGAPORE took the bold step of revaluing its currency yesterday, prompting speculation that China could be about to follow suit with the yuan. Singapore’s central bank said the economy has fully recovered from its worst ever recession but warned inflationary pressures are likely to pick up, moving the currency band up and switching to a [...]
Banks avoid facing class action suits as Financial Services Bill passes into law April 14, 2010 BANKS have walked away from potentially paying out billions of pounds in class action settlements, after a clause in the Financial Services Bill surrounding the matter was struck before the bill passed though parliament. The Financial Services Bill, which reached Royal Assent during the wash-up period last week, saw clauses 18 to 25 struck out [...]
Turquoise set to trade US equities in European time April 14, 2010 THE London Stock Exchange yesterday unveiled ambitious plans to turn its Turquoise platform into the first European multilateral trading facility (MTF) to trade US equities during the European working day. Turquoise, which is 51 per cent owned by the exchange and the rest by twelve investment banks, will offer dollar trading in 175 of the [...]
Citigroup sheds more assets as it plans to sell hedge fund unit to SkyBridge April 14, 2010 CITIGROUP plans to sell a hedge fund business with $4.2bn (£2.7bn) worth of assets to US investment firm SkyBridge Capital. The deal marks another step in Citi’s plan to shed assets. The unit had been languishing in Citi Holdings, the bank’s repository for businesses that it is trying to sell or wind down. The unit [...]
BEST OF THE BROKERS April 14, 2010 DEBENHAMS Numis reiterates its “buy” recommendation on Debenhams citing the retailer’s solid interim results, which place it comfortably ahead of Numis’ expectations. Numis raises August forecasts to £147m from £137m and sees scope for a rise in like-for-like sales. Despite a strong run, Numis believes the stock continues to offer value. BHP BILLITON A “buy” [...]
Volunteering is good for business April 14, 2010 The City of London Corporation will today urge businesses to remain active in local London communities despite the potential cost in the middle of the longest and deepest recession since the war. According to Nick Anstee, the Lord Mayor of London, corporate volunteering can boost a firm’s reputation while helping to create a highly-skilled, well [...]
UK infrastructure needs £500bn April 14, 2010 At least £500bn will need to be spent on the UK’s energy, transport, water and ICT infrastructure between now and 2020 in order that the UK can maintain its economic competitiveness, according to the Institute of Directors (IoD). The body says public spending on infrastructure is now so important that it should be ring-fenced, despite [...]
FTSE 100 hits 22-month high as solid US results boost investor sentiment April 14, 2010 BRITAIN’s top share index hit a 22-month closing high yesterday, as solid results from JP Morgan and Intel and strong US retail sales lifted hopes that a recovery in the world’s biggest economy is gaining momentum. The FTSE 100 closed up 34.59 points, or 0.6 per cent, at 5,796.25 — its highest close since June [...]
S&P soars through 1,200 as JPMorgan results cheer April 14, 2010 US stocks notched a fifth straight day of gains as stronger corporate results and March retail sales pushed the S&P 500 past 1,200 for the first time in 18 months. Dow components Intel and JPMorgan Chase paced the market after both posted strong results. JP Morgan was up four per cent on the Dow to [...]
