Wall St rises after Bernanke pledge February 24, 2010 FEDERAL Reserve Chairman Ben Bernanke reassured lawmakers interest rates will remain low, driving US stocks higher yesterday as investors welcomed the promise of more cheap money. Banks, which have benefited from borrowing rates at historic lows, led the market higher. Bank of America was the Dow’s biggest percentage gainer, rising 2.45 per cent. Investors overlooked [...]
Data undermines hopes of recovery February 23, 2010 US stocks suffered their biggest one-day decline in nearly three weeks yesterday after a sharp drop in consumer confidence heightened worries over one of the most vulnerable areas of the economy. Consumer confidence in February slumped to a 10-month low as the short-term outlook on jobs worsened. Results from retailers added little hope, as bellwethers [...]
Wall St boosted by strong output data February 18, 2010 US stocks rose for a third straight day yesterday as investors viewed company results and manufacturing data as evidence the economic rebound will continue. Investors accentuated the positive news, focusing on improved mid-Atlantic manufacturing data and setting aside a lackluster outlook from Wal-Mart and a surprising increase in weekly jobless claims. “News on the economy [...]
Volatile foreign exchange markets are back on the agenda for 2010 February 16, 2010 SIX months ago, it seemed that the worst of the global crisis was over. The markets had calmed down, the economic recovery appeared to be firmly on track and traders seemed to have regained their risk appetite. But just as we thought things were on the mend, a sovereign debt crisis in the Eurozone coupled [...]
Blackstone takes heart from $600m US flotation February 15, 2010 LEVERAGED buyout house Blackstone may have been shaken by its aborted £2.2bn flotation of Travelport last week, but one ray of hope has emerged from the US. The firm managed to list longstanding portfolio company Graham Packaging on the New York Stock Exchange at a market capitalisation of $600m (£383m) on Thursday. Although Blackstone did [...]
Why the London Stock Exchange’s French boss is taking on the world February 14, 2010 L ONDON’s financial services community has a new champion: Xavier Rolet, the 50-year old French banker who took over as the London Stock Exchange’s CEO last year. Unlike many British commentators, who seem desperate to talk down one the UK’s most important industries, Rolet realises how important a prosperous City is to the UK and [...]
Motorola plans to split into two public companies in 2011 February 11, 2010 Motorola aims to split into two companies in the first quarter of 2011, separating its cellphone and television set-top box businesses from the rest of the company, it said yesterday. Motorola said each company would be independent and publicly traded, and that the separation would provide the businesses flexibility to grow in the long term. [...]
INVESTORS’ GLOSSARY February 10, 2010 ALPHA Alpha is one of the two measures traditionally used to judge the performance of a money manager. It refers to the excess return that a money manager can generate by using his skills to pick the best performing stocks in the financial markets. If a money manager generates a positive alpha this means they [...]
Exiled banker thrown $7.5m lifeline by CIT February 8, 2010 Ousted banker John Thain has been brought in from the cold with a new role as chairman and chief executive of US commercial lender CIT worth up to $7.5m (£4.8m) a year. The former Merrill Lynch boss, who oversaw the bank’s acquisition by Bank of America (BoA), will receive $500,000 in cash, $2.5m of restricted [...]
Lazard pays out bonuses to lure staff February 3, 2010 Lazard, the Investment bank, yesterday said it would pay staff more in cash and less in equity in a bid to retain key workers and lure top banking talent away from rivals. While other Wall Street firms have deferred bonuses under pressure to align rewards more closely to long-term performance, Lazard has eliminated deferred cash [...]