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’Snap news
Breaking pre-market news on Tuesday,
- Olympus admits to covering up losses since 90′s — statement and statement.
- Lloyds Banking Group warns medium-term financial targets may be delayed; however Q3 Net Interest Margin in line with forecasts — statement.
Snap news
Breaking pre-market news on Wednesday,
- Marks & Spencer holds full year guidance; food sales remain strong — statement.
- Supergroup says store roll-out programme on track; recent trading improves– statement.
Snap news
Breaking pre-market news on Tuesday,
- Moodys to review UK bank ratings — statement.
- Marks & Spencer lifts dividends by 13 per cent; cautious on outlook — statement.
- De La Rue announces corporate shake-up;
Snap news
Breaking pre-market news on Wednesday,
- Commerzbank to raise €11bn via mandatory convertible notes and rights issue – report (statement cannot be accessed from the UK).
- Intesa Sanpaolo announces €5bn capital increase — statement.
Snap news
Breaking pre-market news on Friday,
- Bank of Ireland working on initiatives to meet €4.2bn equity capital requirement; shares to resume trading– statement.
- Logitech warns on profits; blames weak retail sales in EMEA region — statement.
Snap news
Breaking pre-market news on Wednesday,
- Heritage Oil gets approval for Ugandan asset sale but tax row rumbles on — statement.
- Marks & Spencer reports good start to the year; like-for-like sales up 3.6 per cent — statement.
[UK Austerity Budget] Osborne’s retailer therapy
Chancellor George Osborne introduced a VAT hike to 20 per cent from 17.5 per cent on Tuesday, effective from January 4 2011.
And yet… UK retailers rallied on the news:
While it might seem counter intuitive,
Snap news
Breaking pre-market news on Tuesday,
- Marks & Spencer pre-tax profits up 4.6 per cent on year – statement.
- ‘Unprecedented combination of failures’ in Deepwater spill, BP says – statement.
- Gulf Keystone Petroleum raises $165m via an issue of new shares prices at 75p per share;
…this is an M&S pay deal
It has taken a couple of months, but Marks & Spencer has finally revealed the cost of luring Marc Bolland from Wm Morrison.
And he didn’t come cheap. In fact, this looks like it might trigger a couple of red-top alerts from the corporate governance brigade.
Then and now at William Morrison – updated
September 10, 2009.
Questioned on whether he was among the candidates to replace Sir Stuart Rose as chief executive of Marks and Spencer, Marc Bolland said: “I love Morrisons. I am happy where I am.”
CDS report: Earnings beats, positive data boost sentiment
Markit’s Gavan Nolan wrote this CDS report
European credit indices recovered losses from yesterday’s correction amid signs that the major economies are continuing to improve. The Markit iTraxx Europe index was trading around 87bp,
Snap news
Breaking pre-market news on Wednesday,
- International Power acquires Canadian wind farm developer — statement.
- Man Group says assets rise to $43.8bn — statement.
- Corporate: Travis Perkins,
M&S chief defiant amid investor revolt
Marks and Spencer suffered an investor revolt at its annual meeting on Wednesday with a strong shareholder vote in favour of a resolution calling on Sir Stuart Rose to stand down early as chairman. The protest vote underlined the extent of shareholder dissatisfaction with Sir Stuart holding the roles of both chairman and chief executive,
CDS update: Rally time
This CDS update was written by Markit’s Gavan Nolan
Credit outpaced equity today, with the major CDS indices rallying sharply. The Markit iTraxx Europe was trading around 127bp, nearly 9bp (6.5%) tighter than yesterday’s close,
Investors face halving of M&S dividend
Investors are bracing for Marks and Spencer to cut its dividend this week, with some analysts expecting the retailer to reduce its full-year pay-out by as much as half, the FT reported. Morgan Stanley,
CDS update: Credit markets shrug off equity rally
This CDS report was written by Markit’s Gavan Nolan
European credit markets ignored a strong rally in the equity markets today, recognising it as the quarter-end driven phenomenon that it was. The Markit iTraxx Europe index was flat on the day,
Marks Rose & Spencer
Stuart Rose is generally seen to have done a good job at Marks & Spencer, give or take the odd profits warning, attempts to reinvent the jam sandwich, and of course, the small matter of its share price.
CDS update: US weakness weighs on Europe
This CDS report was written by Markit’s Gavan Nolan
European credit indices gave back some of their gains this afternoon following disturbing news from the US. This morning saw a continuation of the recent rally,
Snap news
The latest on Tuesday,
- RBS announces plans to raise £19.7bn at 65.5p, reports results – statement
- Punch taverns reports results, says still has headroom over financial covenants – -statement
- St James’s Place sees funds under management fall 6% to £16.5bn – statement
- BAA to invest £230m in Crossrail – Reuters
- Corporate results:
CDS report: How about that jobs number? And, you know, everything else?
Sentiment in the market for credit default swaps deteriorated further on Wednesday, hurt by dismal economic data in the US, an outbreak of analyst downgrades and a surprising warning from a stalwart of the British High Street.
CDS report: retailers feel the pain
The cost of protecting retailers’ debt against default rose on Thursday after DSG International, the European electrical goods retailer, issued its second profit warning in three months.
First quarter earnings season has kicked off on a sour note on both sides of the Atlantic,