Wall Street battens down the hatches for Frankenstorm October 29, 2012 US STOCK exchanges shut down their trading floors today and Wall Street firms prepared staff to work from home or regional offices as New York braced itself for the arrival of hurricane Sandy. The New York Stock Exchange said yesterday it would close its trading floor for weather-related reasons for the first time since hurricane [...]
Stock Exchange exec: Finance and football don’t always mix October 24, 2012 AS a follower of Preston North End since childhood, Alastair Walmsley, the London Stock Exchange’s newish head of primary markets, could be forgiven for not being too displeased that Manchester United chose the New York Stock Exchange rather than his employer’s very own stock market on which to float its shares. In his LSE role [...]
BlackRock rides out fundraising storm to float US income trust October 18, 2012 BLACKROCK, the world’s biggest fund manager, yesterday overcame tough market conditions to close a £65m initial public offering (IPO) for a US equity income trust set to list in London. The fund manager said the BlackRock North American Income Trust, which will invest in American equities, would list on the main market of the London [...]
Plot to bomb Fed Reserve foiled October 17, 2012 THE FBI last night arrested a man after he allegedly planned to blow up the New York Federal Reserve Bank. Officers swooped on the 21-year-old Bangladeshi national following an elaborate sting operation that involved an undercover agent providing him with a fake 1000-pound bomb. The FBI say Quazi Mohammad Rezwanul Ahsan Nafis travelled to the United States in [...]
Coca-Cola bottler has lost its fizz for Greece October 15, 2012 AS GREECE’S politicians prepare for their latest cap-in-hand trip to Brussels on Thursday, some of its largest companies are heading for the exit. Coca-Cola Hellenic, a subsidiary of Coca-Cola which owns 23 per cent of it, is leaving Greece. It is opting for a Swiss domicile and a listing in London where it will join [...]
Jitters on Wall Street ahead of earnings season October 9, 2012 US stocks fell yesterday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter US earnings. Shares of Intel, the world’s largest semiconductor maker, lost 2.7 per cent after negative reports by at least two brokerages. Robert W Baird & Co cut its price target on [...]
Double celebration for Luxfer October 8, 2012 LUXFER Holdings, the Salford-based speciality metals group that last week became the latest high-flying UK company to list its shares on Wall Street, missed out on a chance to ring the opening bells at the New York Stock Exchange (NYSE). But it turns out the firm had a very good reason for opting out, as [...]
US stocks fall in Columbus Day light trade October 8, 2012 US stocks slipped in light trading yesterday, pulling back from recent five-year highs ahead of an earnings season expected to be weak. Trading volume was the lowest so far this year in a full session as the US government and the bond market were closed for the Columbus Day holiday. About 4.1bn shares changed hands [...]
What the other papers say this morning October 4, 2012 FINANCIAL TIMES Morgan Stanley warns on Wall St pay Morgan Stanley is preparing to wield its axe again with more job cuts and smaller bonuses planned for next year as the investment bank attempts to boost shareholder returns. In the latest sign of the pressure Wall Street is under to cut costs and address high [...]
Luxfer’s New York flotation shines light on London’s listing problems October 4, 2012 Another day, and another company that has its roots firmly in the UK decides to float in the US. In the past few weeks two companies normally associated with the UK market, Manchester United and Salford-based speciality metals group Luxfer, have chosen the US financial markets to list and raise new capital. The latest figures [...]