AmEx to slash 5,400 jobs as income sinks January 10, 2013 CREDIT card company American Express yesterday announced plans to slash around 5,400 jobs, and take about $594m (£367m) in after-tax charges in the fourth quarter, which will halve its net income for the period. The New York based business said it would employ four to six per cent fewer people by the end of 2013, [...]
Strong earnings boost appetite of US investors January 9, 2013 US stocks rose yesterday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season. Stocks had retreated at the start of the week from the S&P 500’s highest point in five years, hit last Friday, on worries about possible earnings weakness. Shares of Alcoa were [...]
Fiscal cliff deal sparks a new year rally in US January 2, 2013 US stocks kicked off the new year with their best day in over a year yesterday, sparked by relief over a last-minute deal in Washington to avert the “fiscal cliff” of tax hikes and spending cuts that threatened to derail the economy’s growth. In 2013’s first trading session, the S&P 500 achieved its biggest one-day [...]
NYSE sold to upstart ICE in $8bn deal December 20, 2012 THE NEW York Stock Exchange is to end two centuries of independence after its parent company NYSE Euronext was yesterday sold to upstart IntercontinentalExchange (ICE) for $8.2bn (£5bn). The deal hands control of one of the most renowned names in global finance to little-known ICE, an Atlanta-based company best known for its electronic commodities trading platforms. [...]
London’s quality of Liffe at heart of NYSE purchase December 20, 2012 TAKING control of the London-based Liffe derivatives market is the main reason Intercontinental Exchange (ICE) paid $8bn (£4.9bn) for exchange operator NYSE Euronext, analysts declared yesterday. Although the NYSE Euronext group includes the venerable New York Stock Exchange and equity markets across Europe, it is the derivatives arm that offers growth opportunities as new regulations [...]
Obama barney with Boehner bumps stocks December 20, 2012 US stocks rebounded from early losses yesterday after Republican House Speaker John Boehner said he would keep working on a solution to the “fiscal cliff” while also slamming President Barack Obama’s approach to budget talks. NYSE Euronext was the S&P 500’s biggest gainer, surging 34 per cent to $32.25 after Intercontinental Exchange said it would [...]
ICE snaps up NYSE Euronext in $8.2bn deal December 20, 2012 IncontinentalExchange (ICE) has today agreed an $8.2bn (£5bn) cash and shares deal to buy NYSE Euronext. Atlanta-based ICE will acquire the New York Stock Exchange owner to create a “premier global exchange operator” across markets including commodities, credit derivatives, equities and foreign exchange. The transaction is valued at $33.12 for each NYSE Euronext share, a [...]
Football flotations December 19, 2012 ■ In 1983 Tottenham became the first English football club to float on the London Stock Exchange (LSE). On 16 January this year, it was delisted by ENIC – the investment vehicle of billionaire businessman Joe Lewis. ■ Manchester United floated on the LSE in 1991 while under the chairmanship of Martin Edwards. The move [...]
US backlash grows over weapons sales December 18, 2012 WALL Street investors yesterday moved to distance themselves from America’s powerful gun industry amid growing public anger following the deadly shooting at Sandy Hook elementary school in Connecticut. In a pivotal move throwing Wall Street financiers into the heart of the US gun debate, private equity titan Cerberus Capital Management said it would sell the [...]
Wall street falls silent December 17, 2012 The floor of the New York Stock Exchange was silenced for a minute yesterday at 9.15am as traders paused to remember and mourn the victims of the Sandy Hook Elementary shootings in Connecticut. Twenty children and six adults died in the attack by a lone gunman, the second-deadliest school shooting in US history.