WHAT THE OTHER PAPERS SAY THIS MORNING September 25, 2011 FINANCIAL TIMES US TAX AUTHORITIES TARGET BANK DEALS US tax authorities are targeting cross-border finance deals worth billions of dollars between leading US and UK banks as they step up efforts to clamp down on abusive tax avoidance, a joint investigation by the Financial Times and ProPublica has found. Four US banks – BB&T, Bank [...]
Dire day of selling sinks US equities September 22, 2011 US stocks plunged yesterday, extending a selloff to four days, as policymakers’ failure to arrest global economic stagnation sent markets spiraling downward. The heavy volume of last night’s plunge signaled investors are selling in anticipation of more losses. Wall Street’s “fear gauge”, the CBOE Volatility Index, jumped 12 per cent, giving the index its biggest [...]
Blackstone and US producer in Glaxo auction September 19, 2011 US PRIVATE equity house Blackstone has joined forces with a manufacturer to bid for a series of consumer products being sold by GlaxoSmithKline (GSK). Blackstone and Prestige Brands want to buy nearly 20 brands, such as sleep aid Nytol, nasal spray Beconase and Abtei vitamins, minerals and supplements, which the pharmaceuticals giant has decided are outside [...]
Fourth straight day of wins on Wall St September 16, 2011 INVESTORS pushed US stocks higher for a fourth day yesterday as coordinated central bank action encouraged optimism about dealing with the Eurozone debt crisis and its threat to the global recovery. Major stock indices rose more than one per cent. Shares of financial companies, which have been among the hardest hit by the debt worries, [...]
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 [...]