Oil prices take a knock from margin hike May 10, 2011 OIL prices took a hit yesterday from the news of another hike in margins from the world’s largest commodities exchange. The CME Group announced the fourth rise since February, which will take effect from today. Margins will climb by 25 per cent, boosting the cost of holding positions. The CME’s move to make it more [...]
Strong miners propel FTSE to a one-week closing high May 10, 2011 THE FTSE 100 share index hit a one-week closing high yesterday after bumper Chinese trade data boosted miners, although analysts said sentiment could be soured if Beijing opts to tighten its monetary policy. China’s April consumer price inflation index, due today, is expected to have dipped from March’s 32-month high of 5.4 per cent to [...]
MGM China bids to raise $1bn in IPO May 9, 2011 MGM China, the joint venture between MGM Resorts International and casino mogul Stanley Ho’s daughter Pansy Ho, has started pre-marketing for an initial public offering in Hong Kong expected to raise between $1bn and $1.5bn. MGM China kicked off its marketing campaign for potential investors after it passed through a listing hearing in Hong Kong, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 8, 2011 FINANCIAL TIMES UBS FEARS MISSING AMBITIOUS TARGETS UBS bankers have privately conceded that the Swiss financial services group is unlikely to meet ambitious performance targets as it realigns its business in response to new rules on capital. Oswald Grübel, chief executive, surprised analysts last month by maintaining his medium-term goals of SFr20bn (£14bn) in annual [...]
Global firms tap US IPO market May 8, 2011 THE TOTAL value of US stock market listings undertaken by firms from outside of the country has hit its highest level since 2006 so far this year, as companies worldwide look to raise cash on Wall Street. US listed initial public offering (IPO) volume by non US issuers has hit $4bn (£2.4bn) so far this [...]
Sell-off in Europe likely today May 8, 2011 A sell-off is expected on European bourses this morning, following a weakening in US markets on Friday from the highs reached after the strong US jobs data. In out-of-hours trading, GFT is forecasting the UK index to open down 66 points from last week’s close, at around 5,910. The German DAX is quoted to open [...]
POKER FACE BY BANKERS AS RANK IS DEALT BID May 8, 2011 TALK about raising the stakes. Just days after Rank Group held its annual poker tournament, the company’s largest investor Guoco Group raised its holding to 40.8 per cent, triggering a mandatory offer for the gaming business. Strangely, Quek Leng Chan, the Malaysian billionaire who controls Guoco, was nowhere to be seen as the cards played [...]
Diageo sales rise fuelled by emerging markets May 5, 2011 Diageo, the world’s biggest spirits group, beat forecasts with a seven per cent rise in underlying sales for the first three months of 2011 as strong emerging market growth offset a weak Europe. The British maker of Smirnoff vodka, Captain Morgan rum and Guinness beer also stuck to its forecast to see higher profit growth [...]
HSBC to sell off $30bn of assets in strategic overhaul May 3, 2011 HSBC is set to announce some $30bn (£18.2bn) in asset sales as part of chief executive Stuart Gulliver’s strategic rebalancing of the bank. Insiders have confirmed the $30bn figure to City A.M., which was estimated by Barclays Capital analyst Rohith Chandra-Rajan in a note to investors. The sales will form part of implementing what Gulliver [...]
Japan launch boosts shares in Man Group May 3, 2011 SHARES in Man Group, Europe’s largest listed hedge fund, leapt yesterday after it revealed it had raised a bumper $1.5bn (£910m) from Japanese investors for a new fund. The Nomura Global Trend open-ended fund, which tracks Man Group’s AHL?managed futures strategy, is the firm’s biggest product launch since the financial crisis. Japanese bank Nomura marketed [...]