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 [...]
Tech stocks lead a fall on Wall Street May 16, 2011 THE Nasdaq index sank yesterday, leading US stocks lower, as investors sold recent winners in a sign of growing unease with pockets of US economic weakness. The Dow Jones industrial average declined 47.38 points, or 0.38 per cent, to close at 12,548.37. The Standard & Poor’s 500 Index dropped 8.30 points, or 0.62 per cent, [...]
Nasdaq, ICE pull NYSE Euronext bid May 16, 2011 Nasdaq OMX Group and IntercontinentalExchange are withdrawing their bid for rival exchange NYSE Euronext. The two exchanges have said it became clear they would not win approval for the deal from the U.S. Department of Justice’s antitrust division. Nasdaq and ICE first proposed to buy the New York Stock Exchange’s parent on 1 April, seeking [...]
LSE cries foul at rival bid for Canada’s TMX May 15, 2011 THE BID threatening to derail the London Stock Exchange’s agreed merger with Canadian peer TMX Group should raise significant regulatory concerns, the chief of the London bourse has claimed. A consortium of Canadian banks and pension funds, known together as the Maple group, tabled a counterbid to the LSE’s offer at the weekend. But speaking [...]
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 [...]