Aberdeen to focus on growth March 23, 2010 ABERDEEN Asset Management, the acquisitive UK fund manager, has called time on takeovers and will focus on building through organic growth, its finance director said yesterday. The fund manager has made 17 acquisitions since 2001 – the most recent being the January purchase of RBS’s non core fund assets – to become one of Britain’s [...]
ANZ poaches Citi’s Asia regional boss March 23, 2010 Mark Robinson, the chief executive of Citigroup’s South Asia division, is leaving the bank after serving just over a year in the role. He has been recruited by ANZ as chief executive of South and Southeast Asia which has been amplifying its activity in the region. ANZ said the appointment of Robinson, with his previous [...]
BEST OF THE BROKERS March 23, 2010 3i Evolution Securities reiterates its “buy” rating on 3i ahead of today’s pre-close trading update. It cut its net asset value forecast from 330p to 320p to account for the failure of British Seafood Holdings, but says this is the only cloud on what should have been a strong year. It expects recovering company earnings [...]
Unrest builds at Delta as funds slam US takeover March 23, 2010 DELTA, the engineered steel firm, faces a growing revolt from its shareholders after long-only fund managers added to criticism of a takeover attempt by Valmont of the US. Several well-known institutions have told Delta chairman Steven Marshall they want to force up Valmont’s offer of 185p per share, which values the British company at close [...]
FTSE 100 peaks at 21-month high led by banks and energy March 23, 2010 BRITAIN’S top share index rose 0.5 per cent yesterday, hitting a fresh 21-month closing high, led by commodity, enErgy and banking stocks as fears over monetary tightening effects ebbed. The FTSE 100 index ended 29.09 points higher at 5,673.63, after hitting an intra-day high of 5,695.94. It was the highest close since June 19 2008. [...]
Caterpillar leads as US stocks move up March 23, 2010 US stocks rallied yesterday, led by the tech, industrial and materials sectors, driving the Dow and the S&P 500 to 18-month highs. Signs of improved demand in the semiconductor industry and a broker’s positive commentary on Caterpillar lifted blue chips, while tech bellwethers Apple and Cisco hit 52-week highs, indicating increased optimism among investors. Kraft, [...]
Indian rate hike sets the scene for the rest of Asia March 23, 2010 SO FAR this year, the markets have been concentrating on the prospect of monetary policy tightening in China and what that will mean for global recovery. But while the Asian powerhouse has been slowly tightening here and there in an effort to cool its economy down, it was India that bit the bullet and hiked [...]
FISCAL POLICY LIFTS LOONIE AND SWISSIE March 23, 2010 As the first quarter of 2010 draws to a close, some currencies are enjoying a safety premium due to their superior fiscal and trade balance position. In Europe, the Swiss economy is currently running both a fiscal and trade balance surplus and it stands in sharp contrast to the much larger Eurozone economy. The single [...]
FOREX FLASH March 23, 2010 RATES FORCE JAPANESE TO LOOK ABROAD Japanese households are choosing to send their savings overseas at the fastest pace since 2007 as they seek out higher yielding assets. With benchmark interest rates only 0.1 per cent in the Asian country, investors are choosing to buy Chinese stocks and Brazilian bonds to gain exposure to high-yielding [...]
The Tipster March 23, 2010 UNSURPRISINGLY, it is sterling that will be in focus today with the Budget scheduled to follow Prime Minister’s Questions this afternoon. This will keep the pressure on sterling against the dollar but the pound will remain susceptible to sharp rallies while it stays above the key Fibonacci technical support level of $1.4850. FX traders should [...]
