Avis Budget drops bid for Dollar Thrifty September 14, 2011 CAR rental company Avis Budget Group has dropped out of the race to buy Dollar Thrifty, after a prolonged bidding battle with rival Hertz Global Holdings. Avis said it had made significant progress in obtaining regulatory clearance for the Dollar Thrifty acquisition, but had decided not to pursue a transaction due to current market conditions. [...]
How to read the news before it happens September 11, 2011 FOUNDING PARTNER, EGO VENTURES AT THE turn of the last century, the New York bootlegger Irving Wexler seemingly achieved the impossible. He predicted the winner of every race he wagered on, reaping handsome rewards for his efforts and confounding peers and bookies in the process. In an industry where everyone searches for an edge, Wexler [...]
Groupon postpones its $750m float as market turmoil mounts September 6, 2011 DISCOUNTING website Groupon has put back its planned flotation amid more US market turmoil and questions from regulators. The $750m (£457m) initial public offering on the New York Stock Exchange, expected later this month, has been postponed by at least a fortnight as Groupon waits for markets to calm and tackles questions from the Securities [...]
Wall Street gains after day of jitters August 30, 2011 US stocks rose for a third straight day yesterday in a volatile session, after minutes from the latest Federal Reserve meeting boosted expectationsthe central bank will act again to stimulate the economy. Equities surged near the close of the market, though they quickly pared gains, after the release of the Fed’s 9 August minutes showed [...]
US stocks rally as markets cheer Greek bank merger August 29, 2011 US STOCKS soared more than two per cent in a broad rally yesterday as a merger between two big Greek banks provided a rare bit of encouraging news out of debt-stricken Europe. A rebound in consumer spending calmed fears of a new US recession and also helped lift all 10 S&P sectors. Only five S&P [...]
Pandora Media sees profit rise August 25, 2011 Online music company Pandora Media posted better-than-expected quarterly revenues and profits yesterday in its maiden results as a public company. Just two months after joining the public market, Pandora said sales more than doubled to $67m (£41m) and its underlying profit was $0.20 per share. Shares in Pandora, which sells advertising for mobile phones and [...]
US markets make strong comeback August 24, 2011 US stocks posted strong gains for a second day yesterday as investors jumped back into beaten-down financial shares and backed away from safer assets like gold in volatile trading. The stock market swung back and forth as investors anticipated a key speech from Federal Reserve chairman Ben Bernanke on Friday. There had been hope the [...]
Banking and tech stocks lead surge August 23, 2011 US stocks shot three per cent higher yesterday on speculation Federal Reserve chairman Ben Bernanke this week would signal new help for the economy, giving investors hope a four-week rout was nearing an end. Weak data in housing and regional factory activity triggered the latest round of bets that Bernanke will act, even though the [...]
BHP sews up Petrohawk acquisition August 21, 2011 MINING giant BHP Billiton has sealed its $12.1bn (£7.35bn) of US shale gas specialist Petrohawk, just days before it is expected to report record-breaking profits. BHP said yesterday it has approval from 97.4 per cent of Petrohawk shareholders, a month after agreeing the deal with the firm’s board. The Anglo-Australian firm hopes to complete a [...]
Russia’s largest shipping company mulls City listing August 21, 2011 RUSSIA’s state-owned shipping company Sovcomflot could make an initial public offering on the London Stock exchange by the end of the year, as the Russian government looks to push ahead with its ambitious privatisation plans. Sovcomflot, which is sending test cargoes along a new Arctic route to service Russia’s offshore oil fields, is at the [...]