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 [...]
Watchdog hits out at Goldman probe response June 7, 2010 GOLDMAN Sachs has been slammed by the US Financial Crisis Inquiry Commission (FCIC) after it responded to a subpoena for information by “dumping a load of rubbish” outside the organisation’s office. Goldman supplied 2.5bn pages of information while failing to answer some key questions, according to commission chairman Phil Angelides. The FCIC had asked Goldman [...]
Capital Drilling makes a triumphant start to trading on the LSE official list June 7, 2010 EMERGING markets-focused mining group Capital Drilling yesterday saw its market value jump by over £6m on its first day of trading on the main list of the London Stock Exchange, as investors snapped up the stock. The firm listed at 61.5p a share but rose over the course of the day to close at 66p, [...]
CITY MOVES | WHO’S SWITCHING JOBS June 6, 2010 London Stock Exchange The exchange has hired Gay Huey Evans and Paul Heiden as non-executive directors and made Raffaele Jerusalmi an executive director. Huey Evans, pictured, is vice chair of investment banking and investment management at Barclays. Heiden is executive chairman of Talaris Topco and a non-executive at United Utilities, while Jerusalmi is director of capital [...]
US energy shares push Wall St up June 2, 2010 US stocks rallied yesterday as investors rushed back into beaten-down shares, led by energy, which bore the brunt of the sell-off a day earlier. The energy sector handily led the way up with the S&P energy index gaining 4.3 per cent. US-listed shares of BP climbed 3.1 per cent to $37.66 even as the company [...]