BEST OF THE BROKERS June 18, 2009 ITVRoyal Bank of Scotland upgraded ITV to “buy” from “sell” with a target price of 41p, based on its belief that TV will lead the charge on the advertising recovery, and that ITV will take the lion’s share of the budgets. The broker notes that the balance sheet is slowly being addressed and that the [...]
Rudd to take helm of MAC fund June 18, 2009 Sir Nigel Rudd, former deputy chairman of Barclays is to chair a new fund set up by Marwyn Alternative Capital. It will specialise in small to mid-cap companies that have short term liquidity problems. Supported by Royal Bank of Scotland, the new fund will look at investing in construction, science and engineering, among other sectors. [...]
BarCap sees 5bn boost to revenues June 17, 2009 BARCLAYS Capital, the investment banking arm of Britain’s Barclays, should deliver returns on equity of 15 to 20 per cent despite expected regulatory changes, it said yesterday. Barclays also expects to boost annual revenues by over £5bn as it builds out its investment banking business in equities, mergers and acquisitions advisory and prime services, said [...]
Confidence wavers but the drug makers have the cure June 17, 2009 RECENT confidence of a quick global economic recovery wavered yesterday, with commodity stocks down on weaker raw material prices but pharmaceuticals and telecoms gaining. “The bulls have lost their swagger and after a week long stalemate, the bears appear to be winning the recovery debate. Financial markets have now broken out of last week’s unusually [...]
Investors are turning to ETFs as uncertain times continue June 17, 2009 WHEN American private equity firm Blackrock recently acquired Barclays Global Investors in a deal worth $13.5bn it was seen as a smart move by some industry analysts, largely because of BGI’s involvement in the exchange-traded-funds (ETFs) industry through its £375bn iShares business. ETFs have been big in the US for many years, and the financial [...]
Huge demand for gilts sale led by banks June 16, 2009 THE DEBT Management Office (DMO) raised a greater-than-expected £7bn in a syndicated sale of 25-year gilts yesterday, easing fears of a lack of investor enthusiasm for British government debt. The DMO took orders for £15.25bn worth of gilts, making the sale by far the most popular syndicated sale of sovereign debt in history. Yields on [...]
Deutsche Telekom prices bond June 16, 2009 Deutsche Telekom is selling a $1.5bn (£912m) two-part global benchmark bond, one of the banks managing the sale confirmed yesterday. The offering includes $750m in five year notes expected to yield 225 basis points over comparable US Treasuries and $750m in 10 year notes expected to yield 237.5 basis points over Treauries. Barclays Capital and [...]
Tomlinson named as NAPF head June 16, 2009 Lindsay Tomlinson, European vice chairman of soon-to-be-sold Barclays Global Investors, has been named as chairman of the National Association of Pension Funds (NAPF). Tomlinson is set to take over from Chris Hitchen whose two-year term expires in October. Lindsay, awarded an OBE for services to fund management in 2005, will have to tussle with rising [...]
Wheatcroft to edit WSJ Europe June 16, 2009 Patience Wheatcroft, the former Sunday Telegraph editor and Times business editor who left journalism in 2007 to take seats on the boards of Barclays and Shaftesbury, has been named editor-in-chief of Wall Street Journal (WSJ) Europe. Wheatcroft, who last year chaired Boris Johnson’s Forensic Audit Panel, has quit her non-exec role at Barclays to focus [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 16, 2009 FINANCIAL TIMES NATIONAL EXPRESS IN DEBT TALKSNational Express is in talks with bankers to renegotiate terms on part of its £1.2bn debt amid fears that the bus and rail operator will breach loan conditions in December. The group is expected to pass a key test of whether it is meeting the terms of its debt [...]