Campari’s chief is taking a breather before returning to the M&A trail October 25, 2009 Having forked out a cool $2bn (£1.2bn) on 16 separate acquisitions over the past 15 years, it is no wonder that Campari – the world’s sixth largest drinks firm – is now calling for a temporary halt to the spending. Its chief executive, Bob Kunze-Concewitz, recently struck a cautious note due to the downturn that [...]
AVIVA MAKES WALL STREET DEBUT October 20, 2009 UK INSURANCE giant Aviva started trading on the New York Stock Exchange (NYSE) under the ticker symbol “AV” yesterday. Andrew Moss, chief executive, rang the Opening Bell at the NYSE to mark Aviva’s first day of trading, accompanied by Lord Sharman of Redlynch, group chairman. The secondary listing was criticised by some City analysts as [...]
Hilton trades lead to Raj October 19, 2009 Unusual trades in Hilton Hotels stock, detected by the New York Stock Exchange (NYSE), helped lead to billionaire investor Raj Rajaratnam and five others being charged with insider trading last week. Sri Lankan-born Rajaratnam allegedly made a $4m (£2.4m) profit in July 2007 by buying 400,000 shares in Hilton after receiving non-public information about the [...]
Energy pushes the Dow to 2009 highs October 15, 2009 The Dow industrials and the S&P 500 climbed yesterday to 2009 closing highs, buoyed by energy stocks as oil prices jumped, but financials retreated as investors panned results from Goldman Sachs and Citigroup. The Nasdaq eked out a slim gain, but shares of big-cap tech companies, including Apple and Google, dragged. Google lost 1 per [...]
NYSE boss:high freq trading safe October 13, 2009 THE head of the New York Stock Exchange said that it was not necessary to bring more oversight to high frequency trading, a split-second stock trading strategy that has come under increasing scrutiny. The US Securities and Exchange Commission recently said it was reviewing high frequency trading. “I frankly hope the SEC does not do [...]
Alcoa posts a surprise profit October 8, 2009 ALCOA shares rose by around four per cent yesterday after the aluminium producer reported its first profit in a year in what Wall Street viewed as a bellwether of how industrial companies are recovering. Five investment banks – Citigroup, Desjardins, UBS, RBC and S&P Research – raised Alcoa’s target stock price, a day after the [...]
Aviva to list in New York October 7, 2009 INSURANCE giant Aviva has announced plans to list on the New York Stock Exchange as it embarks on a drive to raise its profile in the US. The company, the world’s fifth-largest insurer by gross premiums, said it would begin trading on 20 October, just days after it said it would launch a partial initial [...]
Insurers fail to lift the FTSE as investors await US results October 7, 2009 BRITAIN’S leading shares closed lower yesterday as falls in oil majors and food retailers offset gains in insurers as investors waited for the start of the earnings seasons in the US to give a fresh direction. The FTSE 100 closed down 29.08 points, or 0.6 per cent, at 5,108.90, after ending 2.3 per cent higher [...]
Hopes for earnings see Wall Street rise October 6, 2009 WALL Street stocks rose yesterday amid signs the global economy was recovering and optimism that corporate earnings reports will beat expectations. The economic optimism spurred gains in energy and other commodities, lifting shares of oil and resource companies. Shares of Exxon Mobil rose 1.6 per cent to $68.66 and were among the top gainers on [...]
KKR to list on Euronext today October 1, 2009 Kohlberg Kravis Roberts (KKR) lists on public markets today. KKR shares will float on the Euronext exchange, after the firm finalised its merger with affiliated fund, KKR Private Equity (KPE), which was already listed on the exchange. Combining with KPE gave KKR a means to complete a market listing, after its initial plans to list [...]