Nasdaq OMX buys Nordic power bourse March 17, 2010 Nasdaq OMX is buying the Nordic power exchange Nord Pool for an undisclosed sum, the US exchange firm said yesterday. Nord Pool is the world’s largest power derivatives exchange, covering the Nordic countries, as well as a major European carbon exchange. The deal does not include the Nordic physical electricity market operated by Nord Pool [...]
Ocado confident on float March 17, 2010 ONLINE grocer Ocado is looking at a summer flotation, confident its rapid sales growth and expanding marketplace will win over investors despite jittery equity markets and its lack of profit. Finance director Andrew Bracey said proceeds from selling new shares would be used mainly for growth, such as building a second centre for processing customer [...]
EU’s Barnier pledges to tackle CDS March 17, 2010 The European Commission will propose controls on how investors bet on the chances of government debt defaults as soon as June to curb speculation blamed for aggravating Greece’s borrowing problems. Restricting trading by hedge funds of sovereign credit default swaps (CDS) or debt insurance, is high on the European Union’s political agenda as finance ministers [...]
Mecom will look online for revenue March 17, 2010 Newspaper firm Mecom will shift its focus to online advertising after a double digit drop in print ad revenue. Hopes of a recovery in the advertising sector stalled last month as Mecom’s sales dipped eight per cent. Pre-tax profit for the year plunged by 28 per cent to £113m. It was dragged down by an [...]
Property developers hit by lack of funding March 17, 2010 GOLDMAN Sachs yesterday admitted that banks were holding back property development in central London by not providing capital for new projects. Developers want to take advantage of the current uptick in demand for office space but have been unable to find funding, they told City A.M. at MIPIM, Europe’s largest property fair. “Demand is there [...]
Siemens may cut 1,000 jobs March 17, 2010 German group Siemens will cut at least 1,000 jobs in its SIS information technology business as part of a restructuring prior to its spinoff, two company sources said yesterday. One source said the job cuts range would run into four figures. The Handelsblatt newspaper in Germany had reported Siemens would slash 1,000 jobs as part [...]
World Bank warns of Chinese bubble March 17, 2010 THE World Bank raised its 2010 growth and inflation forecasts for China and recommended a tighter monetary policy as well as a stronger exchange rate to restrain inflation expectations and asset bubbles. The bank revised its projection of gross domestic product growth this year to 9.5 per cent from 8.7 per cent in its previous [...]
Derwent plots new property projects as market recovers March 17, 2010 PROPERTY company Derwent London plans to spend more than £260m on new projects in the capital after an improvement in the rental market. The FTSE 250 firm, which specialises in revamping offices in West End locations, unveiled its plans yesterday as it reported a narrowing in annual pre-tax losses for 2009. The company expects capital [...]
China takes control of production for London’s black cabs March 17, 2010 LONDON black cab production is to transfer to China – moving away from Britain for the first time. Bodies and chassis for the latest TX4 model will only be assembled at manufacturer Manganese Bronze’s Coventry plant after being imported from China. Sixty jobs at the plant will be lost as a result of the switch [...]
CITY VIEWS: DO YOU EXPECT THE CHINESE BOOM TO CONTINUE? March 17, 2010 MIKE MOLONEY | TRADING CENTRAL “China is going to be the next superpower. In the 1900s, it was England and then it was followed by New York. Now, it’s China’s turn. They have the market and a huge population for the boom to continue.” CHARLES HOBB | ROYAL BANK OF CANADA “The Chinese economy is [...]
