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Autonomy hits the acquisition trail (again)
Right up there on the list of things the City did not want Autonomy to do was make another acquisition. But that, it seems, is exactly what the FTSE 100 software company, which divides opinion in the Square Mile like few others,
Asia’s local currency bonds are looking pretty good
If you’re sitting in the eurozone, Asia’s local currency bond markets might look distant – and small. But this haven of relative tranquility is enjoying robust growth amid the turmoil roiling eurozone markets.
Further reading
Elsewhere on Wednesday,
- Anatomy of a Euromess.
- Why Frankfurt needs Rahm Emanuel.
- “Commodities are poor inflation and currency hedges.”
- Even the pros have trouble with “buy and hold”.
Snap news
Breaking pre-market news on Wednesday,
- BHP Billiton underlying EBITDA falls 22 per cent to $10.8bn – statement.
- Autonomy Corporation launches a £500m convertible bond offering – statement.
- SEB says Q4 profit fell to $35m as loan losses jumped – statement.
Europe considers Greek ‘firewall’
Financial markets surged on Tuesday on hopes of a European rescue plan for Greece, as German officials admitted they were considering a “firewall” to prevent the Greek debt crisis spiralling out of control,
Euro revives on Greece hopes
The euro pulled away from near record lows against the dollar on Tuesday as speculation of an imminent bail-out for Greece squeezed short positions built up against the single currency. Speculation that EU leaders would agree support measures for Greece at their Thursday summit was fuelled by news that Jean-Claude Trichet,
EIB rules out Greek aid
The European Investment Bank, the EU’s long-term lending institution, on Tuesday denied speculation that it might become involved in a bail-out of Greece, saying such support would go beyond its legal mandate.
UniCredit chief warns on Europe
The chief executive of one of Europe’s biggest banks has warned that the continent’s economic recovery could be damaged, particularly in eastern Europe, if the threat of a “heart attack” in Greece was not addressed.
Sants quits FSA
Hector Sants has resigned as chief executive of the UK’s FSA watchdog, sowing confusion about the direction of financial regulation. The former Credit Suisse banker, who became chief executive in 2007,
BofA, Citi warned on ratings
The planned overhaul of US financial rules prompted S&P to warn on Tuesday it might downgrade the single A credit ratings of Citigroup and Bank of America on concerns that the shake-up would lessen the chances of further government bail-outs if they ran into trouble again.
UBS private bank sees exodus
UBS on Tuesday revealed a sharp acceleration of outflows from its once powerhouse private bank in the fourth quarter, even though the group returned to profitability in the period. Net outflows from the private bank doubled to SFr33bn ($31bn) in the fourth quarter from Q3,
Rock to end deposit guarantee
A gold-plated savings guarantee that protects 100% of deposits for customers of Northern Rock is expected to be lifted within weeks as the government moves a step further in its rehabilitation of the nationalised bank.
Buy-out groups eye Kabel Deutschland
BC Partners and CVC Capital Partners have jointly bid for Kabel Deutschland, Germany’s biggest cable operator, which could be sold for about €5.5bn ($7.5bn) by its US private equity owner Providence Equity Partners.
Bolton unveils China trust
Anthony Bolton, one of the best-known names in fund management, is launching one of the biggest-ever investment trusts for private investors and hopes to raise £630m to pump into China. Shares in the new fund,
Bridgepoint bids for Lloyds assets
Bridgepoint, the midmarket UK private equity group, has emerged as a new bidder in the race for a portfolio of investments being sold by Lloyds Banking Group. Bridgepoint has teamed up with Lexington Capital to bid for the integrated finance business built up by HBOS,
China exports jump 21%
China’s exports jumped 21% in January from a year earlier and imports climbed a record 85.5% a revival in trade added pressure on the nation to let its currency gain, reports Bloomberg. The export increase,
Honda recalls cars, Toyota lobbies
Honda said on Wednesday it would recall 437,763 vehicles globally for defective airbags, includes 4,042 cars in Japan, reports Reuters. The automaker said there had been no accidents related to the airbags reported outside the US.
JPMorgan Cazenove chief to exit
Naguib Kheraj, chief executive of JPMorgan Cazenove, will leave the group next month after the US bank that bought out the UK broker last year failed to find him a mutually suitable role. Kheraj, formerly finance director of Barclays,
Rothschild gains non-family chief
The Rothschild banking dynasty is to appoint a non-family member as chief executive for the first time in its 212-year history, as the group seeks to adapt its management structure to the post-crisis climate.
Overnight markets: Up
Asian stocks rose the most in a week, reports Bloomberg, while commodities and emerging-market currencies rallied as Germany signalled it may help support Greece’s finances and economic reports showed recovering demand in Asia.
Regulation, in pictures
Here’s the SEC enforcement team, led by Robert Khuzami, as portrayed by the New York Times.
And here’s the governor of the Bank of England, at play (we think) ahead of the G7 in Canada, courtesy of The Guardian.
A grandee speaks up for Little England
To the Said Business School, Oxford, to hear departing Cadbury chairman Roger Carr talk about hostile takeover bids – a timely address, given the Kraft deal…
Carr, we can report, had clearly topped up on the theobromine ahead of his speech.
CIC’s push in Asia could face resistance
Lou Jiwei, the chairman of China’s well-endowed SWF, CIC, recently reiterated the fund’s focus this year on what is now routinely labeled Emerging Asia. Jiwei added that the opportunities in these markets come with ample risk.
Oh yes they will… oh no they won’t!
The Dow was up on Tuesday afternoon:
And apparently the pick-me-up had something to do with flashes like these out of Reuters:
RTRS-BILATERAL AID FOR GREECE AND MEASURES AGREED AT EUROPEAN LEVEL ARE BEING CONSIDERED-GERMAN NEWSPAPER
RTRS-GERMAN FIN MINISTER TO INFORM SENIOR GERMAN CONSERVATIVES ON GREECE AID DETAILS ON WEDS-GERMAN PAPER
Except that in the meantime:
The next leg of the great bear market has begun…
. . . so says Bob Janjuah, chief strategist at RBS, who is convinced — now more than ever — that the policy-sponsored excess liquidity-enabled buy fest is over.
I now think we have begun the 3rd and final leg of the multi-yr bear mrkt which began in 2007 and which SHOULD,
Goldman’s Trojan currency swap
A curious game of Maastricht criteria hide-and-seek
The Spiegel is reporting that Goldman Sachs helped Greece cover up part of its whopping deficit. The deal was reportedly done via a currency swap,
Bolton on tour
Click to enlarge:
Those are the planned movements of Anthony Bolton over the next couple of weeks, as the star fund manager looks to raise £630m for his new venture in China.
Fidelity China Special Situations will be a closed-ended investment company that will be listed on the LSE in mid-April if all goes to plan.
<<"Tres hedge funds con más de 500.000 millones bajo gestión son los responsables del ataque a España">>
Okay, we don’t think this needs to be put through the Google Translator.
Reportedly, Moore Capital, Brevan Howard and Paulson & C0 are behind the “murky maneuvers” that have seen Spanish CDS and bond yields blow out.
Does Europe need a carbon central bank?
The annual Lord Mayor’s City Debate took place in London’s Mansion House on Monday evening, with FT Alphaville in attendance. (Many thanks to the Chicago Mercantile Exchange for the invitation.)
The motion put forward to financiers: