BEST OF THE BROKERS May 21, 2009 DE LA RUEA softening order book prompted UBS to downgrade De La Rue to “sell”. The broker said that the state of the order book is key to the firm, and that it believes that 2011 could shape up to be a tough year. Given limited catalysts and a likely slowing in earnings momentum, UBS [...]
Q & A : OBAMA’S REGULATORY PROPOSALS June 17, 2009 Q. WHAT IS THE KEY MEASURE?A. Perhaps the most radical reform is that the Federal Reserve will adopt the role of a systemic risk supervisor with responsibility for the oversight of large firms that could pose a threat to financial stability, even those which do not own banks. Q. HOW DO THE REFORMS AFFECT CAPITAL [...]
VODAFONE PLANS BID FOR T-MOBILE June 28, 2009 MOBILE network operator Vodafone is considering launching a daring bid to buy smaller rival T-Mobile UK, in plans that could bring it face-to-face with competition regulators. The world’s largest mobile network by revenue is kicking the tyres at underperforming T-Mobile UK, which has an estimated enterprise value of around €4bn (£3.4bn). Such a deal would [...]
Aviva Australia buyers circle May 25, 2009 NAMES are emerging as potential buyers of Aviva’s Australian life assurance business, which is expected to raise around A$1bn (£492m). National Australia Bank and Westpac have emerged as front-runners for the arm, after the former successfully raised £500m last Friday by issuing five-year unsecured notes. Insurance groups Axa Asia Pacific and Australia’s AMP are also [...]
M&A activity at 5-year low May 28, 2009 MERGERS and acquisitions (M&A) volumes are 38 per cent lower than this time last year, according to data published yesterday. The volume of transactions was worth just $739.9bn for the year to date, down from $1,177.7bn for the same period last year – marking the slowest start for worldwide M&A since 2004, according to Thomson [...]
CITY MOVES WHO’S SWITCHING JOBS June 11, 2009 Augusta & CoThe independent merchant banking group has appointed Rachael Luxton to strengthen its debt advisory and restructuring capabilities. Luxton joins as a director from the international corporate finance team at Citigroup. She is a specialist in restructuring and managing distressed debt situations, having previously advised firms including MyTravel, Fiat, Yukos and Alstom. Mercer Jerry [...]
BEST OF THE BROKERS May 17, 2009 CARPHONE WAREHOUSEMorgan Stanley upgrades its price target for Carphone Warehouse to 185p from 173p citing its decision to buy Tiscali’s UK operations. It sees Carphone as an “attractive” investment, which remains one of the only retailers (alongside Debenhams) that it believes is undervalued by the market. It notes demerger plans are also now well advanced. [...]
BEST OF THE BROKERS May 13, 2009 WELLSTREAM HOLDINGS“It’s grim up north” said analysts at Citigroup, as they reduced their earnings per share estimates for Wellstream by 19 per cent for 2009. The broker said that the most solid and consistent part of the business has suffered over recent months, which will lead to earnings of £7-8m this year. Citi recommends investors [...]
SALTY OLD SEADOG OF PROPERTY TAKES TO HIGH SEAS ONCE AGAIN June 21, 2009 PROPERTY guru Mike Slade’s firm Helical Bar might have crashed further into the red over the past year as its annual losses tripled, but it hasn’t stopped the salty old seadog getting up to his usual tricks. Outside of the property world, the 61-year-old is best known for his passion for sailing, having racked up [...]
Banking sector trading update will show pick of the crop July 5, 2009 WITH news that bankers at Goldman Sachs and Morgan Stanley are on track for bumper full-year bonuses, celebrated with the obligatory champagne and expensive dinners, you’d be forgiven for thinking that the financial crisis had never happened. But while they might be in line for those bonuses, investors and traders will be scrutinising banks’ earnings [...]