Banks and commodities gain strength after S&P reassures on Greek debt March 16, 2010 BRITAIN’S top shares gained 0.5 per cent yesterday lifted by strength in banks and commodity issues after reassuring news on Greece’s debt situation and as investors awaited the outcome of a US Federal Reserve meeting. At the close, the FTSE 100 was 26.58 points higher at 5,620.43, having closed 0.6 per cent lower on Monday. [...]
UK is facing chaos while Asia booms March 1, 2010 WHETHER or not Prudential is overpaying for AIG’s Asian operations remains to be seen. Shareholders, spooked by the prospect of Britain’s biggest-ever rights issue, sent the Pru’s share price tumbling yesterday. But what is not in doubt is just how important Asia is becoming to Britain’s most successful and ambitious companies – and just how [...]
Volkswagen set to raise £4bn March 23, 2010 GERMAN car giant Volkswagen (VW) is issuing 65m new preferred shares, or roughly half of its authorised capital, in a stock offering worth around £4.04bn. Europe’s largest carmaker said yesterday that the pre-placement of the non-voting stock had already begun for institutional investors. Subscriptions for the new shares are expected to run from 31 March [...]
FTSE ends higher on oil and mining after upbeat US data April 6, 2010 BRITAIN’S top shares closed 0.6 per cent higher yesterday, lifted by firmer commodities after upbeat US data raised demand expectations, while Vodafone fell as Verizon merger talk cooled. The FTSE 100 ended up 35.46 points at 5,780.35, having earlier hit a fresh 21-month intra-day peak of 5,790.40. The index climbed 1.2 per cent on Thursday [...]
UBS escapes Madoff claims March 4, 2010 INVESTORS who lost money to US swindler Bernard Madoff through a fund set up by UBS cannot seek compensation directly from the Swiss bank, a Luxembourg court ruled yesterday, relieving pressure on UBS. The court rejected the demands of a small group of investors in the LuxAlpha fund looking to file individual claims against UBS [...]
European stocks boosted despite Greek concerns February 15, 2010 EUROPEAN shares closed higher yesterday, supported by gains in banks and miners while defensive food producers fell, but a lack of clarity over eurozone support for Greece was seen capping further gains for equities. The FTSEurofirst 300 index of top European shares provisionally closed 0.4 per cent higher at 991.76 points, after falling 0.3 per [...]
Pru brings in 30 banks for rights issue March 3, 2010 A RAFT of big-hitting investment banks including Citigroup, Deutsche Bank, Morgan Stanley and Merrill Lynch have been brought in to help underwrite Prudential’s $20bn (£13.4bn) rights issue. The British insurer’s three global advisers – Credit Suisse, JPMorgan and HSBC – have syndicated underwriting duties to 30 institutions for the cash call, which will go towards [...]
Nomura elects first foreigner to board March 17, 2010 Nomura has appointed its first foreigner to the board, as part of a change in management structure aimed at supporting its global expansion. Former Lehman Brothers executive Jasjit “Jesse” Bhattal will be the first foreigner to take up a place on the bank’s 10-strong executive management board. As of 1 April, Bhattal, who was born [...]
NEWS | IN BRIEF January 18, 2010 HSBC battles for $900m Thai bank HSBC is fighting off rivals for an estimated $900m (£551m) stake in Thailand’s seventh largest bank, after state-owned Korea Development Bank joined the race for the 47.6 per cent stake of Siam City Bank yesterday. Thanachart Bank, based in Thailand, is also in the running. Final bids are due [...]
Government sets hard line on diversity March 7, 2010 COMPANIES may be forced to disclose the actions they take to increase the proportion of women in senior roles within their ranks, under new government proposals to be unveiled today. Ministers have called on the Financial Reporting Council to consider including a new clause in the UK corporate governance code, dedicated to improving disclosure around [...]