Banks fuel FTSE gains but Eurozone picture darkens June 27, 2012 Banks fuelled modest gains on the FTSE 100 in early trading but investor confidence remained weak overall as the Eurozone’s leaders failed to offer any evidence of a path to recovery for the bloc. Disagreements between the region’s policymakers over how to deal with the turmoil are weighing on investors’ confidence ahead of a European [...]
Glencore and Xstrata under fresh pressure to alter deal June 26, 2012 GLENCORE and Xstrata look likely to overhaul their $65bn mega-merger after another prominent shareholder demanded they alter the terms of the deal last night. Executives at the commodities firms were already seeking to rejig pay packages linked to the tie-up when the Qatar Investment Authority broke cover to seek a better deal for its 11 [...]
Glencore may force Davis out June 25, 2012 ONE OF Xstrata’s most prominent investors has turned up the pressure on chief exec Mick Davis, warning that he could be forced to resign as part of the tie-up with Glencore. Standard Life head of equities David Cummings, who has spoken out against the deal, told the BBC that “to preserve the integrity of the [...]
Xstrata under fire for merger bonus package June 21, 2012 XSTRATA urged investors to focus on the business merits of its mega-merger with Glencore yesterday after an influential investor group issued its most severe warning against the firm’s huge pay packages for top staff. The Association of British Insurers issued a “red top” warning against retention payments promised to directors at Xstrata if the merger [...]
Silence isn’t necessarily golden, but the handcuffs are June 21, 2012 CAN Invensys blame the market for not entirely believing the engineer’s belated assurances yesterday that “there are no other discussions taking place in relation to an offer for the group”? On Wednesday, the British firm’s shares soared by more than a quarter, but the firm stubbornly refused to comment on this extreme price action. Its [...]
FTSE down as rally fizzles out June 18, 2012 The FTSE enjoyed a brief rally this morning – but all the gains were wiped out by 9.30am. The index had opened up 1.3 per cent, driven by strong performance from banks and commodity stocks as investors welcomed the result of Sunday’s Greek election. A narrow victory by pro-bailout parties over radical leftists had eased [...]
Spanish worry keeps FTSE low June 14, 2012 BRITISH blue chips dipped yesterday, edging down towards recent six-month lows as a surge in Spanish bond yields to record highs cast the spotlight back onto the problems in top trading partner the Eurozone. Uncertainty ahead of Greek elections at the weekend – which may decide whether the country stays in the currency or opts [...]
Eurozone concerns and football bid war keep FTSE pinned back June 14, 2012 The FTSE 100 fell back in early trading, reversing the previous session’s gains, with Eurozone concerns dominating after Spain’s debt rating was downgraded and Italy faces up to a crucial bond auction. Last night credit ratings agency Moody’s slashed its rating on Spanish government debt by three notches to ‘Baa3’ from ‘A3’, saying the newly-approved [...]
Gold mining firms push FTSE higher despite fears over Spain and Greece June 13, 2012 BRITAIN’S benchmark share index closed higher yesterday as gains in heavyweight gold-mining companies enabled the market to outperform rival European bourses, which fell on persistent worries over the Greek and Spanish debt crises. The blue-chip FTSE 100 index ended up 10.07 points, or 0.2 per cent, at 5,483.81 points. However, trading volumes remained relatively thin [...]
Credit Suisse braced for a further reduction in costs June 11, 2012 THERE was some positive news for Credit Suisse yesterday as the investment bank announced its role as joint lead manager of one of the larger share issues in Europe this year. Along with UBS, its arch rival, Credit Suisse is joint global co-ordinator and joint bookrunner for Deutsche Wohnen’s €475m (£383m) rights issue to help [...]