Banking needs global agreement and rules April 25, 2010 THE INTERNATIONAL Monetary Fund’s recent report on how the financial sector could make “a fair and substantial contribution” towards the cost of any future bailouts surprised many commentators by outlining two new levies, rather than the one expected. The “Financial Stability Contribution” is essentially a flat rate bank levy on balance sheets, specifically their liabilities, [...]
Samsung Life’s record IPO raises $4.4bn April 25, 2010 INSURER Samsung Life achieved South Korea’s largest-ever initial public offering (IPO) on Friday, raising $4.4bn (£2.9bn) with a placing priced near the top end of the range. Keen appetite among foreign investors meant the 4.4m-share offer was heavily oversubscribed. With a total market capitalisation of Won22tr (£13bn) Samsung Life becomes the sixth-largest company on the [...]
CITY MOVES | WHO’S SWITCHING JOBS April 25, 2010 Bluefin Insurance Services The Axa-owned broker has hired a senior property team from risk management, insurance and reinsurance brokerage Aon. Ed Brown is the first member of the team to join Bluefin. He was formerly a client manager at Aon and now becomes an executive director in Bluefin’s real estate division. He will soon be [...]
BEST OF THE BROKERS April 25, 2010 L’OREAL Standard & Poor’s Equity Research (S&P) has maintained a “hold” stance on L’Oreal as it says the beauty group’s current valuation continues to discount a broad return-to-growth scenario from this year and in its opinion, leaving limited room for expansion. S&P has raised its 12-month target price for L’Oreal to €85 (£74). CREDIT SUISSE [...]
CITY OUT IN FORCE FOR MARATHON SUNDAY April 25, 2010 TENS of thousands of runners completed the London Marathon yesterday, braving 26 miles of light rain showers to get round the gruelling course. As usual, the business world’s athletic contingent did themselves proud in the race, including Sir Richard Branson, who made it round in just over five hours to celebrate Virgin’s first year sponsoring [...]
BILL OF THE WEEK April 25, 2010 THIRSTY doesn’t really begin to describe this group of five businessmen who headed to the Charlotte Street branch of Argentinian steakhouse Gaucho for a £2,383.40 slap-up lunch. They began with three bottles of Krug champagne, before moving on to Gaucho’s Argentinian wine list, starting with three bottles of the Finca La Anita Varua 2007 merlot, [...]
Relief rally to continue after Greek lifeline activation April 25, 2010 UK AND EUROPEAN shares are headed higher on the open this morning, on continued “show me the money”-style relief that Greece has finally pressed the button for the IMF/EU aid package. GFT is quoting the FTSE 100 index to open up 36 points from Friday’s close, at a level of 5,759. The German DAX is also expected to start higher, up 40 [...]
Buybacks are back in vogue and stocks will feel the effect April 25, 2010 ONE of the few miracles of this recession is just how well corporate balance sheets have held up. While economic growth has chugged back to life, firms have paid down debt and boosted their cash reserves. So the question is, what will companies do with all of this extra cash? Well, they have already increased [...]
Cleggmania may soon fade, so now is the time to place election bets April 25, 2010 THE televised debates have caused a seismic shift in British politics and we are likely to be spending a good part of election night on the edge of our seats. On Friday, after the second televised debate, the average of all five post-debate polls showed that Nick Clegg and David Cameron were neck and neck [...]
THE TIPSTER April 25, 2010 IMPERIAL Tobacco has been resilient in the past year as it is a very defensive stock but recently it has been correcting to the downside. Tuesday’s interim numbers might provide support and the stock could head back above £20. Capital Spreads’ quote for Imperial Tobacco is 1,959.0p-1,962.0p. Oil and gas firm BG Group has seen [...]
