Ambac shares hit as it warns of bankruptcy November 1, 2010 AMBAC Financial Group, which was the second-largest US bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after skipping a bond interest payment. Ambac shares fell as much as 59.8 per cent before closing down 50.4 per cent, or 41.9 cents, at 41.2 [...]
In search of the modern El Dorado October 31, 2010 THE world has been watching South America. Yesterday saw the Brazilian presidential election, while Argentina has been surprised by the death of Néstor Kirchner – an event that, slightly worryingly, sparked a huge rally in the Argentinean stock market. More prominent still were the Chilean miners whose plight last month captivated millions. Given all that, [...]
Algo crackdown is an awful idea October 19, 2010 HIGH frequency traders are getting a bad press at the moment. They have been widely blamed for the so-called “flash crash” on 6 May, and the latest noises coming out of the European Commission suggest that when its review of the Markets in Financial Instruments Directive (MiFID) is finalised next year it may well look [...]
China’s Mr Private Equity explains the new frontier’s hopes and risks October 17, 2010 VICTOR ZHIKAI Gao is staying at the Langham Hotel, down the road from the Chinese Embassy. Just off a plane from Beijing, and sipping green tea to stay ahead of his jet lag, he is in London to brief an investment bank on China’s rapidly developing private equity sector. Although jaded, he manages to be [...]
Wall Street dips on mortgage worries October 14, 2010 BANKS led US stocks lower yesterday as investors fretted a widening foreclosure crisis could undermine the market’s strength over the last five weeks. The S&P 500 has rallied 11.9 per cent since 1 September and volume has picked up from anaemic levels. But the rally could weaken as an index of bank stocks fell nearly [...]
Wall Street flat as earnings awaited October 11, 2010 US stocks drifted in the lightest trading volume of the year yesterday as few dared to place bets ahead of key companies’ results later this week. Expectations the Federal Reserve will flood markets with even more cash have been fully priced in to the market, so investors are now focused on third-quarter earnings season, with [...]
Accenture to buy Ariba’s assets in $51m cash deal October 6, 2010 TECHNOLOGY outsourcing and consulting firm Accenture said it would buy Ariba consulting services and BPO assets for $51m in cash. Ariba, which provides procurement software and consulting services, said the businesses will account for about $40m of 2010 revenue and seven cents a share in adjusted earnings, it said in a regulatory filing. Accenture, which [...]
Economic stimulus hope boosts mood of investors October 5, 2010 US stocks rallied to nearly a five-month high yesterday on growing conviction that central banks will do even more to bolster struggling economies worldwide. The Bank of Japan lit the fuse overnight when it unexpectedly cut rates closer to zero. This move came as markets increasingly believe the US Federal Reserve will stimulate its economy [...]
AIG reaches deal with government on plans to pay back US taxpayers September 30, 2010 AMERICAN International Group (AIG) laid out a plan yesterday that sets the company on a path for an accelerated payback of taxpayer bailout money, but also increases the risk for the government. The plan, which comes a little over two years after AIG was rescued from the brink of collapse, will see the Federal Reserve [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 26, 2010 FINANCIAL TIMES GOLD SALES AT EUROPEAN CENTRAL BANKS DRAW TO HALT Europe’s central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade. The central banks of the eurozone plus Sweden and Switzerland are bound by the Central Bank Gold Agreement, which [...]