China demand sees Nike boost profits despite the rising price of commodities June 27, 2011 NIKE set a blistering pace with its fourth-quarter results yesterday, seeing its profits race 14 per cent and future orders bouncing 12 per cent. It was buoyed by bumper demand in China and emerging markets, where its high-end sportswear is highly sort after. This offset pressure from rising commodity and labour costs. Nike shares gained [...]
CITY MOVES | WHO’S SWITCHING JOBS June 27, 2011 CB Richard Ellis The commercial real estate adviser has appointed Sir Michael Lyons and Sir Andrew Foster as strategic advisers to strengthen the government & infrastructure team’s expertise in public sector assets and infrastructure. Foster, a former chief executive of the Audit Commission, is currently deputy chairman of the Royal Bank of Canada. Lyons, who [...]
Europe’s debt disease threatens contagion June 27, 2011 THE Eurozone’s banks look perilously weak. Regulatory uncertainty and the Greek debt disaster present a bleak outlook. While the UK’s banks are much stronger, with less direct exposure to Greece, they too would be affected by a larger Eurozone implosion. Yet even if things go bad, there are opportunities for traders in Contracts for Difference [...]
FTSE up but investors jittery over Greek crisis June 27, 2011 The FTSE 100 was up this morning but investors remained wary ahead of yet another chapter in the Greek financial crisis. Greek MPs are due to debate a fresh package of austerity measures later. The euro slipped as confidence in the eurozone continued to be sapped by Greece’s debt pile. Meanwhile France’s Christine Lagarde was [...]
CITY MOVES | WHO’S SWITCHING JOBS June 26, 2011 AXA Investment Managers The asset management company has appointed Lisa O’Connor as European head of consultant relations, reporting to Tim Gardener, global head of consultant relations, in the London office. In her new role, O’Connor will focus on developing AXA IM’s consultant relationships throughout the UK and Europe. O’Connor, who has more than 12 years’ [...]
Williams wades into energy deal June 23, 2011 US energy group Williams Companies last night tried to break up a rival’s takeover deal with pipeline company Southern Union by making an unsolicited $4.9bn cash bid. Energy Transfer Equity had already offered Southern Union $4.1bn in a stock deal. Southern Union shares rose around 15 per cent in after market trading last night. Barclays [...]
Banks plummet on ringfence anxiety June 23, 2011 INVESTORS ditched British banks yesterday after a note by influential analysts unleashed fears that the government’s reform plans for lenders could slash their profitability by 15-25 per cent. The note estimates that implementing the Vickers Commission’s proposal to hive off banks’ retail from their wholesale business could cost RBS, Lloyds and Barclays up to £10bn and [...]
DEALMAKER OF THE YEAR June 23, 2011 Recessions are when reputations are made, they say, and that has been true in the world of fund managers. While some have battened down the hatches, the ones on our list have seen opportunity in crisis, and pushed ahead with flotations and expansions, or have just taken the chance to expand. All are stars in [...]
Top Banks in bid to revive London floats June 22, 2011 THE CITY’S biggest banks have launched a major charm offensive in an effort to kickstart London’s faltering market for multi-million pound fundraisings. Top banks have held talks with big institutional investors to discuss how to improve the way in which companies are taken public. “Are we happy with the IPO market? Not at all,” said [...]
Mystery Misys bidder named as FIS Global June 22, 2011 US banking technology group FIS Global has been named as the mystery bidder for software firm Misys. FIS, an S&P 500 component, has lined up BofA Merrill Lynch and Deutsche Bank to advise on its advances for the FTSE 250-listed firm. Misys revealed takeover talks earlier in the week following reports of a bid, but [...]