BlackRock deal for BGI gains approval of EC September 23, 2009 FUND manager BlackRock has won regulatory approval from the European Commission (EC) for its $13.5bn (£8.2bn) purchase of Barclays Global Investors (BGI). The Commission said the deal did not raise competition concerns, despite overlaps between the two firms in areas such as retail asset management. It said the new entity, BlackRock Global Investors, would be [...]
Singapore’s GIC profits on Citi stake sale September 22, 2009 SINGAPORE’S sovereign wealth fund GIC has sold half of the nine per cent stake in Citigroup it acquired amid the banking crisis, booking a profit of $1.6bn (£980m) on the back of the rally in the markets. GIC offloaded the stake after the conversion earlier this month of $6.8bn worth of its convertible preferred stock [...]
Miners gain the most in 2009 so far September 22, 2009 MINING stocks have seen the biggest recovery in value of all FTSE 100 constituents so far this year, according to Thomson Reuters Datastream figures. An increased demand from the construction sector and improved confidence in a global economic recovery have driven mining shares higher, meaning that seven companies from within the sector are in the [...]
HORSES FOR COURSES FOR CITY RACING SET September 22, 2009 IT SEEMS barely a moment since the end of the horseracing season, but the City is already gearing up for the bevy of racehorse auction sales coming up over the next few weeks, starting with the Goffs Orby Sale in Ireland next week. Racing buffs might recall that sellers at the spring sales teamed up [...]
Holliday to join board at BoA September 21, 2009 DUPONT chairman Charles Holliday is expected to be added to Bank of America’s (BoA) board of directors. The bank’s directors were due to agree the appointment in a board meeting, in which they were also due to be briefed on options if the bank’s chief executive Kenneth Lewis is charged with civil fraud. Last week, [...]
FTSE’s six-day rally ends but pharmaceuticals get a boost September 21, 2009 THE FTSE 100 broke a six-day winning streak yesterday on the back of profit taking, especially in banks and commodity shares, leaving some investors wondering whether the recent rally is close to its conclusion. The index closed down 38.53 points, or 0.7 per cent, at 5134.36 points, after hitting a new 12-month high last week [...]
Fed prepares to detail new bonus regime September 20, 2009 THE US Federal Reserve is to unveil a four-pronged approach to reforming remuneration structures, as the G20 world leaders prepare to meet in Pittsburgh this Friday, with pay and bonuses high on the agenda. America’s central bank, chaired by Ben Bernanke, aims to link pay to long-term performance, as part of an international drive to [...]
The world’s biggest hotelier won’t let the downturn stop expansion September 20, 2009 At 6’3”, the chief executive of InterContinental Hotels Group (IHG) Andrew Cosslett has broad shoulders – and with the battering the travel sector has taken over the last year it is just as well. Not surprisingly, the economic downturn has hurt the world’s largest hotel group, which boasts 630,000 rooms across more than 4,300 hotels [...]
Temasek sees revival after markets rally September 17, 2009 SINGAPOREAN wealth fund Temasek said yesterday that it had recouped most of the losses on its portfolio due to rallying markets and was now in a position to do new deals. Chief executive Ho Ching said any dip in markets could be a buying opportunity for the $122bn (£74.2bn) investment firm, which is still open [...]
BEST OF THE BROKERS September 17, 2009 ORACLEBarclays Wealth expressed concern over Oracle’s second-quarter results, after first quarter software sales came in below expectations on Wednesday. It said that sales of databases were weak in Europe and Asia as businesses continue to cut investment in projects. It added that management maintained its guidance. OLD MUTUALWhile many insurance sector constituents have seen their [...]