Energy pushes the Dow to 2009 highs October 15, 2009 The Dow industrials and the S&P 500 climbed yesterday to 2009 closing highs, buoyed by energy stocks as oil prices jumped, but financials retreated as investors panned results from Goldman Sachs and Citigroup. The Nasdaq eked out a slim gain, but shares of big-cap tech companies, including Apple and Google, dragged. Google lost 1 per [...]
Banks take FTSE 100 lower after US figures disappoint October 15, 2009 THE FTSE 100 closed lower on yesterday as banks fell after US banking earnings failed to meet some expectations, while miners tracked metal prices down. The index ended down 0.6 per cent, or 33.15 points at 5,222.95, retreating from a 56-week closing high set on Wednesday. Although third-quarter earnings from Goldman Sachs and Citigroup came [...]
RHJ forks out for Kleinwort Benson deal October 15, 2009 GERMANY’S Commerzbank reached agreement to sell its UK private bank Kleinwort Benson to Belgian investment firm RHJ International for £225m in cash yesterday. The sale comes after Commerzbank was told by the European Commission to sell the division as a condition of approval for the €18.2bn (£16.7bn) it has received in state aid from Berlin. [...]
Britvic reassures on profit as Irish declines hit sales October 15, 2009 SOFT drinks maker Britvic said it was confident of meeting market estimates for fiscal 2009 operating profit, but Irish sales in the fourth quarter were hurt by volume declines amid tough economic conditions. The company, whose brands include Robinsons, Tango and J2O, said the Irish soft drinks market showed no indication of a return to [...]
Rathbone to buy fund unit from Lloyds October 15, 2009 LLOYDS Banking Group is in advanced talks with private bank Rathbone Brothers over the sale of its Scottish private fund management operations, the bank confirmed yesterday. The bank said it was selling the Bank of Scotland Portfolio Management Service (PMS), a business with a headcount of around 50 staff that specialises in putting together investment [...]
PartyGaming bets on a flush year despite US competition October 15, 2009 ONLINE gambling firm PartyGaming said yesterday that it is confident about its full-year prospects, having made a strong start to the fourth quarter. PartyGaming said its total revenue rose 11 per cent to $112.7m (£69.4m) in the third quarter from the previous quarter, despite it normally being a weak period for the industry as players [...]
Charles Schwab profits tumble after taking a $78m hit from waived fees October 15, 2009 US BROKER Charles Schwab said yesterday its quarterly profits plunged by a third due to waived fees and lower levels of trading by cash-strapped clients. The firm waived $78m (£47.9m) in fees from its money market mutual funds in the third quarter of the year as US interest rates lingered near zero, though this was [...]
BEST OF THE BROKERS October 15, 2009 BURBERRY GROUPEvolution Securities said that Burberry’s first-half trading update beat expectations once again, supporting the broker’s view that the brand is likely to continue to outperform in the currently environment. Evo upgraded its full year earnings per share forecast by almost four per cent, and upgraded the shares to “buy”. CONNAUGHTNoble said that, behind the [...]
City Moves for 16 October 2009 | Who’s switching jobs October 15, 2009 DTZThe property group has appointed Hans Vrensen as global head of research, responsible for managing the firm’s research teams in the UK, Central Europe, Middle East and Africa (CEMEA) and Asia-Pacific regions. Vrensen previously held the position of co-head of European securitisation research at Barclays Capital. He has also worked as senior credit officer at [...]
AB InBev sells nine breweries for $3bn October 15, 2009 BEVERAGES giant Anheuser-Busch InBev (AB InBev) sold nine Central European breweries to buyout house CVC in a deal worth as much as $3bn (£1.8bn) yesterday. The sale, under which CVC will get the rights to sell brands like Stella Artois, Becks and Hooegaarden in the region, is the third by the firm in recent months. [...]
