US trading platform BATS files for IPO May 13, 2011 BATS Global Markets, the third-largest US equities trading platform, has filed for an initial public offering. The exchange platform, which operates as a rival to the New York Stock Exchange and Nasdaq for equities trading, is looking to sell both its own equity and stakes held by its key investors. BATS is in the process [...]
CITY MOVES | WHO’S SWITCHING JOBS May 12, 2011 KPMG International Michael Andrew has been elected chairman of KPMG International to lead the firm’s global network for a four-year term, effective from 1 October. He succeeds Timothy P Flynn, who will retire at the end of September after 32 years with the company. Andrew, who will be based in Hong Kong, is currently chairman [...]
Commodities lead Wall Street down May 11, 2011 US stocks almost erased a three-day rally yesterday as energy and commodity shares sank, feeding worries over the market’s ability to stay on an upward path. The second major breakdown in commodities in a week fuelled selling in other risky assets, including stocks. A stronger dollar and data showing a rise in US fuel supplies [...]
Utility firms push US stocks higher May 10, 2011 US stocks rose for a third day yesterday, led by utilities and other defensive sectors that may drive further gains as investors bet on profit growth and set aside concerns about weakening demand. For now the equity market is filtering out potential problems involving Eurozone debt and speculation that the recent selloff in commodities is [...]
Commodity gains boost Wall Street May 9, 2011 US stocks rose yesterday as commodity-related shares rebounded from last week’s collapse, masking deeper doubts about what will sustain the market’s long-term strength. Last week a massive sell-off in materials and oil forced investors out of high-risk assets, and stocks ended down about one per cent for the week. The commodity market slump comes at [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 5, 2011 FINANCIAL TIMES JAGUAR TO INVEST £5BN Jaguar Land Rover is investing £5bn over the next five years to catch up on quality with BMW, Mercedes-Benz and Audi – the three German companies that dominate the luxury end of the automotive business globally. The money will be spent mainly on product development and new equipment at [...]
Commodity crash sends US tumbling May 5, 2011 US stocks fell for a fourth day yesterday as a massive sell-off in commodities spilled into other markets, forcing investors out of riskier assets and rattling the equities market before today’s payrolls data. Oil suffered the biggest one-day price drop ever for the Brent futures contract, which settled down 8.6 per cent at $110.80 per [...]
Renren soars after float May 4, 2011 SHARES of Renren, dubbed “China’s Facebook”, surged nearly 50 per cent in their stock market debut yesterday in the latest sign that investors are eager to buy into social media and China’s booming internet sector. The shares rose to $20.62 (£12.50), or 47.3 per cent above their $14 IPO price, in early trading on the [...]
US shares knocked by economic stats May 4, 2011 WEAK economic figures heightened stock investors’ anxiety over the extended rally, knocking US shares lower for a third day yesterday. Recent winners in the energy and industrials sectors were hit most, and a key indicator of investor worry rose for a fourth day in what some say is the outset of extended weakness for stocks. [...]
Nasdaq takes bid for NYSE to investors May 3, 2011 NASDAQ OMX and Intercontinental Exchange (ICE) are planning to take their takeover bid for NYSE Euronext straight to the Big Board’s shareholders, as they ramp up attempts to corner the company into talks. Nasdaq and ICE have said they will launch a tender offer for NYSE’s shares later this month. It comes after NYSE’s board [...]