Banks boost US as Dow ends 5-day losing streak July 6, 2010 WALL Street rebounded yesterday, but strong buying interest evaporated in the afternoon as bearish sentiment reasserted itself. Ending a five-day string of losses, the major indexes bounced back after the S&P 500 closed at a 10-month low on Friday, but investors used the morning’s gains as an opportunity to sell rather than establish new long [...]
KKR set to float on the New York Stock Exchange in a $9bn debut July 5, 2010 KKR is hoping to buck the trend with an ambitious flotation on the New York Stock Exchange, expected to value the buy-out fund at $9bn (£5.9bn). The firm, best known for its £11bn takeover of Alliance Boots in 2007, has planned to float for three years, but market volatility has thwarted them, reports the Daily [...]
Wall St lit up by tobacco but energy stocks darken June 28, 2010 US stocks ended slightly lower yesterday as gains in consumer-related stocks, including tobacco shares, were offset by losses in the energy sector. Shares of Coca Cola and Procter & Gamble were two of the Dow Jones Industrial Average’s best performers. – up 1.6 per cent to $51.08 and 1.4 per cent to $60.62 respectively. Consumer [...]
Fears over strict financial reform weigh on Wall St June 24, 2010 THE S&P 500 fell for the fourth straight day yesterday as fresh signs of consumer weakness and worries about stringent financial regulation provoked investors to unload positions. The S&P 500 has lost 3.8 per cent in four days, with retailers among the biggest decliners. Banks were pressured by fears Congress would pass stringent rules in [...]
Australian bank investors lose US court case June 24, 2010 FOREIGN investors who bought shares of National Australia Bank on an overseas stock exchange cannot sue in a New York court over large writedowns related to the bank’s onetime US mortgage unit, the Supreme Court ruled yesterday. The justices upheld a ruling by a US appeals court that dismissed the lawsuit on the grounds that [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 23, 2010 FINANCIAL TIMES NISSAN’S GHOSN TOPS JAPAN PAY LEAGUE Nissan’s Carlos Ghosn has taken top spot on a list of Japan’s best-paid executives after the carmaker revealed it paid its Brazil-born chief executive Y890m ($9.9m) last year. Nissan and other quoted Japanese companies are being forced to report the compensation of individual executives for the first [...]
AIR ASIA CONSIDERS LONDON IPO June 20, 2010 AIRASIA is weighing its options of a $1bn (£674m) London Stock Exchange listing next year when the company floats its long haul business, AirAsia X. The group’s chief executive, Tony Fernandes (pictured), said the airline would initially list in Malaysia, but that it was considering a secondary listing in either London or New York. AirAsia [...]
S&P circuit breakers triggered June 16, 2010 The Washington Post activated the S&P 500 circuit breakers for the first time yesterday after its shares doubled in price within the space of one second. The safety catches, brought in after last month’s “flash crash”, freeze a stock if its price rises or falls by 10 per cent inside a period of five minutes. [...]
Fannie, Freddie delist June 16, 2010 FANNIE MAE and Freddie Mac, the largest US home funding companies, will delist their shares on the New York Stock Exchange after Fannie Mae fell below and Freddie Mac held near minimum price requirements, the companies’ regulator said yesterday. The companies, each taken under government control in September 2008, said they no longer met NYSE [...]
Wall St surrenders gains as Moody’s cuts Greece June 14, 2010 US STOCKS ended little changed in a low-volume session yesterday after a downgrade of Greece’s debt took the wind out of the market’s sails. Equities have been sensitive to debt problems in Greece and other European nations in recent months on concerns the Eurozone’s fiscal problems will hamper a global economic recovery. The Dow Jones [...]