Excess supply and low demand mean that crude oil could touch a low of $58 September 27, 2009 SEPTEMBER has been a good month for major oil exploration and production companies, with a number of giants such as BP and Tullow striking black gold in recent weeks, sending their share prices soaring. BP’s share price rose more than 4 per cent following the announcement, while Tullow saw a similar gain. But while the [...]
Artio raises $650m as Julius Baer unit floats in New York September 24, 2009 ARTIO Global Investors, the US asset management arm of Swiss private bank Julius Baer, listed on the New York Stock Exchange yesterday, gaining nearly seven per cent on its offering price. The asset manager’s stock opened at $27.30 per share, up from the initial public offering (IPO) price of $26 and rose to $27.74 during [...]
DELL SNAPS UP PEROT FOR $4BN September 21, 2009 PCGIANT Dell announced yesterday that it plans to buy computer services firm Perot Systems for about $3.9bn (£2.4bn), in a bid to compete with Hewlett-Packard and IBM. Dell intends to pay a steep 67.5 per cent premium to expand its technology services business into higher margin IT services, thereby securing more stable and recurring revenues [...]
Santander to raise billions in Brazil IPO September 21, 2009 SANTANDER is to raise up to $7.3bn (£4.5bn) via an initial public offering of shares in its Brazilian subsidiary, the bank said yesterday. The Spanish bank – the world’s second largest – said it would sell shares constituting 16.2 per cent of the division, which will trade on the Brazilian stock exchange and the New [...]
Years of hard work yield success for London’s first couple of wine September 13, 2009 WHEN wine-lover Xavier Rolet, the new CEO of the London Stock Exchange, first saw the house known as La Verriere in southwest France in 1992, he knew he liked it. What he didn’t know was that the 100 acres of old, neglected vineyards on the mountainous property would become the site of a full-blown, deeply [...]
Weak dollar helps stocks on WallSt September 9, 2009 US STOCKS closed higher for a fourth straight day yesterday, sending the Standard & Poor’s 500 index to its best finish so far this year as industrial and technology companies gained from a weak dollar. The dollar’s fall to a 2009 low helped to make US products more competitive overseas. Earth-moving equipment maker Caterpillar, rose [...]
Burberry to hit the large caps as Reuters de-lists September 8, 2009 LUXURY goods group Burberry will replace Thomson Reuters on the FTSE 100 index tomorrow, after the news and financial data group de-lists from the London Stock Exchange. Thomson Reuters is delisting from the FTSE 100 as it wants to simplify its capital structure and eliminate the persistent discount at which the London shares have traded [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 8, 2009 FINANCIAL TIMES SCRUTINY THREATENS SUCCESS OF BAIKAL, SAYS LSERegulatory scrutiny over “dark pools” and the failure of most such platforms in Europe to make money mean that Baikal, the London Stock Exchange’s planned platform, “might not work”, says Xavier Rolet, LSE chief executive. “It’s not impossible that it might not work,” Rolet said. He said [...]
Oil surprise staves off Wall Street lull August 19, 2009 US stocks rose yesterday, shaking off a slide in China’s equity market as investors responded well to a surprise drop in crude oil stockpiles that might suggest an improving demand outlook. Exxon Mobil and Chevron led the blue-chip Dow industrials index’s advance. Exxon Mobil was up 2.3 per cent at $68.00, and Chevron gained 1.8 [...]
US stocks buoyed by Fed’s optimism August 12, 2009 US stocks powered higher yesterday as the Federal Reserve said it saw signs of a more stable economy. Stocks had been on track to close at their highest level in 10 months, led by technology and financials, but shares lost steam in the last half hour of trading. The Federal Reserve said the economy was [...]