ANALYST VIEWS: IS THE WORST OVER FOR THE PROPERTY MARKET? February 9, 2010 KEVIN DAVIDSON | CAPITAL ECONOMICS Momentum in the City is up but it is not clear that the rental downturn is over outside of the City which could affect long term capital values. Banks are still exposed to the commercial market and it could quickly become overvalued again – it is not profitable or stable [...]
Euronext profits boosted by derivatives and cuts February 9, 2010 THE NYSE Euronext exchange reported a 12 per cent rise in fourth-quarter profits yesterday as vigorous cost-cutting offset the impact of fierce competition and lower trading volumes. The transatlantic operator beat expectations with a net profit of $172m (£110m) for the three months to the end of December, compared to a loss of $1.3bn a [...]
FUTURES AND OPTIONS February 9, 2010 TUCKED away behind Cannon Street, the former London International Financial Futures Exchange (Liffe) has become an essential part of NYSE Euronext’s business model. The trading platform and its clearing house underpinned the exchange’s $182m (£115.9m) derivatives revenue, and NYSE Euronext is hoping the semi-mutualisation of its US equivalent will help create a similar buzz on [...]
Barclays boss hits out at US plan for banks February 9, 2010 The chief executive of Barclays yesterday hit out at US President Barack Obama’s proposals to make the financial system “safer” by scaling down the size of the banks and stopping them from carrying out riskier trading activities. John Varley told the House of Commons Treasury Committee that a curb on banks’ abilities to carry out [...]
Slow start to 2010 for hedge funds as markets tread water February 9, 2010 HEDGE funds produced their first negative return for 10 months in January as long-only and macro strategies suffered, according to the TrimTabs/BarclayHedge database. The California-based research company said yesterday that hedge funds lost eight basis points on average for the month after a buoyant 2009. Portfolios holding shares for the long term dropped 2.6 per [...]
Reckitt Benckiser brands defy recession February 9, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. In the year to 31 December, [...]
Bank of America names global capital co-heads February 9, 2010 BANK of America Corp, the largest US bank by assets, yesterday said it appointed Alastair Borthwick and Lisa Carnoy as co-heads of its global capital markets business. The reshuffling of the unit, which was an earnings powerhouse for the bank as it battled losses in consumer-lending businesses last year, follows a shake-up of top management [...]
Guardian sells MEN to old rival Mirror February 9, 2010 Guardian Media Group (GMG) yesterday sold its regional titles, including the iconic Manchester Evening News, to Trinity Mirror for £44.8m. The sale of GMG Regional Media includes just £7.4m in cash, with a further £37.4m to buy it out of a printing deal with Trinity Mirror. The struggling division has been rocked by the advertising [...]
Malaysian IT firm joins queue to list on Aim this year February 9, 2010 Malaysian IT systems integrator Teliti International is planning an Aim flotation that could give it a market capitalisation of up to £40m. The company provides services to banks, government agencies and oil and gas companies. It plans to raise £12m through the IPO (initial public offering) to build a new data centre in Malaysia, where [...]
Taiwan phone maker HTC announces plans for £144m of share buybacks February 9, 2010 The world’s fifth-largest smartphone manufacturer, High Tech Computer Corporation (HTC), yesterday said it was planning to buy back up to 15m shares in a deal worth £144m Analysts said the buyback was intended to halt its slipping share price. Taiwan based HTC said that the buyback plan would “maintain the company’s credibility and safeguard shareholders’ [...]
