Category Archive: News
Record first half revenues for Tullow Oil
FTSE 100 oil company Tullow Oil published a trading and operation statement on Tuesday ahead of the group’s half-year result release showing record revenues of $1.05bn. The company raised its full-year production guidance as it said that high revenues were due to strong operational performance driven by production in Africa. The group indicated that average […]
VW takes majority stake in MAN
Volkswagen, Europe’s biggest automaker, has secured a majority stake in German-based heavy truck maker MAN SE, the company said on Monday. VW now holds 55.9 percent of the voting rights in MAN, which brings it a step closer to a tie-up with Swedish Scania. The company said it had made a mandatory offer to all […]
Axel Weber nominated as next UBS chairman
Swiss Bank UBS said on Friday it has nominated the former president of Deutsche Bundesbank, Axel Weber, for election to join its board in 2012 and to chair the board from 2013 onwards. Weber’s nomination to the board of directors will take place during its May 3 shareholders meeting according to the bank. Weber is […]
Greece set for final vote on austerity bill
The Greek government is set to hold a second vote on Thursday on an austerity bill that forms part of the bailout deal with the IMF and ECB. Amid public protests Greece is expected to pass the bill which needs to be implemented to guarantee the next tranche of financial support. Greece’s Prime Minister George […]
New IMF chief Lagarde calls for Greece unity
Christine Lagarde, the French finance minister, was late on Tuesday elected as the first woman to head the IMF. Her victory was sealed after a late endorsement from the US which saw her beat Mexican central bank governor Agustin Carstens to the post. Lagarde, who succeeds Dominique Strauss Kahn following his resignation in May to […]
TomTom shares crash after profit warning
TomTom, the Dutch navigation system maker, on Tuesday lost an estimated €325.7m in market value as investors responded to the company’s profit warning published on Monday. The company said in a statement that it expects profits to decrease by almost half in 2011 compared to the year before. The drop was attributed to a decline […]
New chief of IMF announcement imminent
The IMF board’s 24 members are due to make a decision on who will be the next IMF managing director after the two key candidates had an opportunity to present all relevant information concerning their candidacy to the executive board.
French finance minister Christine Lagarde remains a clear favourite for the top job as head […]
Does Dodd Frank meet the test of our times?
With financial reform legislation barely a year old, Republican policymakers, urged on by Wall Street’s influential figureheads, have been vehemently spinning the yarn of the Dodd Frank Wall Street Reform and Consumer Protection Act (DFA) into new regulatory fabric, trying to ignore the distraction of initiatives to tear up certain aspects of the existing law. […]
“You only feel liquidity when it’s not there”
Liquidity is a key factor in all markets. And it is often more elusive and fragile than it appears, as recent events in the commodity markets have emphasised. “Obviously liquidity is a very relevant subject,” says Peter Billington, Head of FX Trading at Commerzbank. “We’ve had a timely reminder of the importance of liquidity in […]
EU leaders agree to Greek bailout
Europe’s leaders agreed late on Thursday to release a fresh €12bn bailout for Greece provided it passes an austerity package before its parliament.
Greece is expected to introduce strict measures of €28bn in tax rises and spending cuts and in addition will have to commence a €50bn programme in privatisations of state assets.
“Greece must […]
