WHAT THE OTHER PAPERS SAY THIS MORNING May 26, 2011 FINANCIAL TIMES HSBC EMBROILED IN INTERNSHIP ROW HSBC has been accused of nepotism after its legal department implied it offered work experience only to the sons and daughters of its own executives. Richard Bennett, group general counsel, sent a letter rejecting a young woman who had sought unpaid work in his department. “HSBC does not [...]
Minerva gets £194m cash takeover bid May 26, 2011 TROUBLED property developer Minerva yesterday confirmed it has received a preliminary cash offer valuing it at £194m. The bid for the Walbrook developer is from a consortium of firms led by Jamie Ritblat’s Delancey Real Estate Asset Management. One Minerva investor told City A.M. the bid is “an interesting offer”, saying: “Something has to happen [...]
Manufacturing dip affects US shares May 24, 2011 US stocks dipped in light volume yesterday as lingering concerns about a slowdown in growth more than offset gains in energy shares. Investors kept trimming large-cap technology positions, pushing the tech-heavy Nasdaq Composite lower. The S&P energy sector index rose 1.3 per cent, while its industrials index slipped 0.6 per cent, sending the market down [...]
Yandex float priced at top end of range May 23, 2011 RUSSIAN internet search firm Yandex yesterday appeared to be cashing in on a surge in demand for technology companies in the United States, despite fears of a new dot.com bubble. The firm, dubbed as the “Russian Google”, now plans to sell shares above its initial price range, at between $24 and $25 per unit. It [...]
Strauss-Kahn getting to work on his trial defence May 22, 2011 FALLEN IMF chief Dominique Strauss-Kahn worked on his defence against sexual assault charges yesterday at a Manhattan apartment where he is under house arrest following release from jail. Under strict bail conditions, Strauss-Kahn, 62, was not allowed to step outside the apartment at 71 Broadway, in the heart of New York’s financial district. The building [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 18, 2011 FINANCIAL TIMES IRAN SETS STAGE FOR TENSE OPEC MEETING Iran’s president, who has declared himself “acting” oil minister, might chair next month’s meeting of Opec, according to a senior aide, setting the stage for a highly politicised gathering of the cartel. Mahmoud Ahmadi-Nejad, who is locked in a power struggle with rivals in Iran’s conservative [...]
LinkedIn joins market with $352m float May 18, 2011 LINKEDIN sold $352.8m (£218.2bn) worth of shares to the public yesterday, with intense demand for the stock a sign of renewed frenzy for online and social networking companies. LinkedIn, which allows people to create professional profiles and is widely used as a job-hunting tool, floated at $45 a share, the top end of a range [...]
Shire spends £460m on US ulcer remedy May 18, 2011 BRITISH drugmaker Shire said yesterday that it plans to buy privately held Advanced BioHealing, maker of a bio-engineered skin substitute, for $750m (£462m) in cash. Advanced BioHealing’s Dermagraft skin substitute is used to treat slow-healing diabetic foot ulcers. Shire said it would finance the purchase through existing cash resources and expects no impact from the [...]
US stocks rebound on strong earnings May 18, 2011 WALL Street snapped its three-day losing streak yesterday thanks to a rebound in commodity prices and Dell’s strong earnings, but investors say stocks still face headwinds. Yesterday’s bounce gave some respite to selling that has driven the S&P 500 down nearly two per cent this month as soft economic data has put investors on the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 17, 2011 FINANCIAL TIMES FED SEEKS ANNUAL US BANK STRESS TESTS The Federal Reserve wants to subject US banks to annual capital tests, reserving the right to veto dividend pay-outs if they do not pass. A draft of the new rule is set to be approved by the Federal Reserve Board and put out for public comment [...]