What the other papers say this morning – 30 August 2013 August 29, 2013 FINANCIAL TIMES NFL agrees to settle lawsuit The US National Football League agreed yesterday to pay $765m to settle lawsuits filed by thousands of retired players who suffered debilitating health consequences from years of head trauma endured while playing the sport. The agreement allows the NFL to avoid a lengthy court battle, which could have [...]
What the other papers say this morning – 28 August 2013 August 27, 2013 FINANCIAL TIMES Nationwide to buy back securities Nationwide, the UK’s biggest building society, has launched an offer to buy back up to £715m in bond-like instruments in an drive to shore up its capital base after a multibillion pound shortfall. Following demands by regulators to boost its capital ratio, Nationwide has put out a tender [...]
What the other papers say this morning – 23 August 2013 August 22, 2013 FINANCIAL TIMES Kia Motors braces for work stoppages Kia Motors is facing production losses of hundreds of millions of dollars from a suspension of Saturday shifts at its South Korean car plants, as it fights to avoid a wider strike following failed pay negotiations with its union. Saturday production was halted in March at two [...]
London Report: Chinese factory data pushes up miners on FTSE August 22, 2013 BRITAIN’S main equity index rose yesterday to recover from stinging losses in the previous session, as robust Chinese economic data lifted major mining stocks to allay worries about tighter US monetary policy. The blue-chip FTSE 100 index closed up by 0.9 per cent, or 56.03 points, at 6,446.87 points, marking its biggest one-day rise in [...]
Before the open – 22/08 August 22, 2013 After the Federal Reserve's minutes failed to provide markets with any clarity, markets are expected to open lower this morning in Europe. That Fed update didn't give investors any clues, with Todd Schoenberger of LandColt Capital saying that "traders are angry and confused by today's release". Strong Chinese manufacturing is unlikely to provide enough of [...]
iPad sales drop behind in China August 21, 2013 APPLE’S iPad is losing market share to local rivals in the Chinese tablet computer market, according to figures released yesterday. Figures from market research firm IDC show the firm sold 1.5m tablets in the second quarter of 2013, giving it a market share of 28 per cent. This is a sharp drop on the 49 per [...]
Hong Kong Exchanges offers top role at LME to Martin Pratt August 21, 2013 HONG Kong Exchanges and Clearing has offered the job of London Metal Exchange (LME) chief executive to veteran broker Martin Pratt, according to two sources familiar with the matter, it emerged yesterday. Pratt, who is chief operating officer at non-ferrous metals futures broker Triland Metals, would replace outgoing chief Martin Abbott, who announced plans to [...]
Bottom Line: Mining shares set for rollercoaster ride August 20, 2013 AS EVER, mining stocks yesterday gave a pretty clear picture of how investors were feeling. But this time – in addition to the ever-present spectre of Fed uncertainty and slowdown in Chinese material demands – there were more tangible reasons for their concern. BHP Billiton and Glencore Xstrata fell 1.7 per cent and 1.6 per cent [...]
Citi cuts its year-end forecast for India’s stock exchange nearly ten per cent August 20, 2013 Source: Yahoo Citi Bank has cut its year-end forecast for India’s Sensex stock exchange by nearly ten per cent, to 18,900 from 20,800. The index currently stands at around 18,297. Citi downgraded Indian banks to neutral, but upgraded pharma, telecom, energy and IT sectors to "overweight". JP Morgan has also downgraded Indian shares to "neutral" [...]
BHP optimistic for the longer term outlook as profits fall August 20, 2013 Mining giant BHP Billiton has reported a 15 per cent fall in profit and a 30 per cent fall in earnings per share for the first half of the year (release). Earnings per share fell to 204.4 cents (130.6p) from 289.6 cents – less than half the 429.1 cents reported in 2011. In the face [...]