France Says China Backs Lagarde for IMF Chief
Source: AFP China would back France’s finance minister Christine Lagarde to head the International Monetary Fund, French government spokesman Francois Baroin said Tuesday. “The Chinese are favourable to the candidacy of Christine Lagarde,” Baroin, who is also France’s budget minister, told Europe 1 radio, adding that it was too soon to know whether Lagarde would...
Marks & Spencer Posts 16-per cent Jump in Annual Profits
Source: AFP British retailer Marks & Spencer’s (M&S) annual net profits soared 16 per cent, as the company was boosted by higher clothing and food sales. Earnings after taxation climbed to GBP612 million (US$986 million, or EUR704 million) in the group’s financial year to April 2, M&S said in a results statement. That compared with...
Moody’s Puts 14 British Banks on Watch for Downgrade
Source: AFP Moody’s Investors Service will review 14 British banks, including Lloyds TSB Bank and Royal Bank of Scotland, for a possible downgrade due to less government support in case of a bailout, it said on Tuesday. According to Moody’s, the review would reassess the level of systemic support incorporated in the ratings of UK...
Julius Baer Gets US$100 million QFII Licence, Set to Launch China Fund
by Ernie B. Calucag Swiss private banking group Julius Baer on Monday announced that it has been granted a quota of US$100 million under its qualified foreign institutional investor (QFII) licence by the State Administration of Foreign Exchange in China (SAFE) and will launch a China fund to give investors exposure to Chinese securities. The...
Threat of Icelandic Volcano Ash Cloud Hits Airline Shares
Source: AFP The threat of ash from an Icelandic volcano shutting European airspace hit airline shares on Monday. Shares in German airline Lufthansa plunged by 4.56 per cent, while the DAX slid 1.5 per cent. Air France-KLM fell more than 4 per cent at the opening of trading, the biggest loser on the Paris stock...
Ryanair Annual Profit Up 26 Per cent
Source: AFP Ryanair, Europe’s biggest no-frills airline, achieved an increase in net profit to EUR401 million (about US$575 million) during the group’s financial year that ended in March despite rising fuel costs, it said on Monday. “We were pleased to deliver a 26-per cent increase in profits and 8-per cent traffic growth, despite higher oil...
Euro Sinks Further on Greek Sovereign Debt Woes
Source: AFP The euro fell against other major currencies in Asia on Monday, weighed down by rekindled worries about eurozone sovereign debt after Greece’s credit rating was slashed, dealers said. The euro fell to US$1.4083 in Tokyo morning trading from US$1.4155 in New York late Friday. It fetched JPY115.50, down from JPY115.66. It also dropped...
Societe Generale Seeks to Make M&A Inroads
Source: Bloomberg Societe Generale is striking into a business the French bank once eschewed for its paltrier profits: mergers and acquisitions. The Paris-based lender added 15 senior M&A executives since June and plans hires in places including Turkey and the Middle East as it seeks to be among the top 10 merger advisers in Europe...
Glencore Raises US$10 billion through IPO
Source: AFP Swiss commodities giant Glencore had raised about US$10 billion (EUR7 billion) through an initial public offering set at 530 pence per share, it said on Thursday. At this price, the group is valued at about US$59.2 billion and the flotation marks the biggest IPO so far this year. Strong unofficial trading immediately pushed...
IMF Leadership Battle Begins as Chief Resigns
Source: AFP The resignation of International Monetary Fund head Dominique Strauss-Kahn promises to set off a succession battle to lead the global lender, pitting the developing world against the West. Five days after Strauss-Kahn was arrested for allegedly sexually assaulting a maid in a posh New York hotel, the Fund, a crucial player in protecting...
Rosneft Receives New Proposals from BP
Source: AFP Russia’s state-run oil firm Rosneft received new cooperation proposals from BP after their joint Arctic exploration agreement collapsed this week, Rosneft said on Wednesday. The Russian giant did not give details or make clear whether they included a potential new Arctic agreement covering joint exploration of Russia’s northern reserves. The statement said the...
Germany and France Power Euro-area Growth
Source: Bloomberg Germany and France powered economic growth in the euro area in the first quarter as booming exports fuelled domestic spending in the bloc’s core, offsetting turmoil sparked by sovereign debt woes in Greece, Ireland and Portugal. German gross domestic product jumped 1.5 per cent from the fourth quarter and the French GDP rose...
