Monthly Archives: April 2012

Monster shares quake on deal reports

©Bloomberg Shares of Monster Beverage gyrated after reports – later denied – that Coca-Cola was in talks to acquire the US energy drink company. The company’s share price rose as much as 28 per cent on Monday afternoon after the Wall Street Journal reported that Coke was in discussions over a potential takeover. According to people familiar with the matter,…

Harvey Nash warns on recruitment slowdown

This year’s UK hiring market will be the worst since the onset of the financial crisis, Albert Ellis, chief executive of Harvey Nash, warned on Monday, as the London-listed recruiter reported a slowdown in permanent hiring. “In Europe and the UK, we’re not expecting much growth,” said Mr Ellis. Harvey Nash said in its annual results statement that concerns about…

Barnes & Noble enlivens Wall St

Shares in Barnes & Noble soared as much as 90 per cent on Monday after it announced a joint venture with Microsoft to compete in the digital book market. The book retailer said it had received $300m from the software group to set up an ebook subsidiary that would go into competition against Amazon , the world’s largest internet retailer…

Aviva faces pressure on pay plans

Leading shareholders in Aviva have warned that the insurer still faces significant opposition to its pay plans and leadership even after its chief executive waived his salary increase. Andrew Moss, who last year received £2.69m in salary and bonuses, made a concession to investors unhappy with the group’s performance by turning down a £46,000 pay rise. But several leading institutional…

SSE has wind taken out of its sails

Debt concerns left SSE among the fallers yesterday as the FTSE 100 drifted to its second consecutive monthly loss. Investment in renewable energy such as wind farms could put pressure on SSE’s credit rating, said JPMorgan Cazenove. Losing its single A credit rating would substantially increase the utility’s collateral requirements, it said. JPMorgan forecast SSE’s net debt to have risen…

China stocks battle the growth paradox

When it announced new stock listing rules over the weekend, the Chinese securities regulator was trying to end a decade of underachievement. The best economic growth story of the 21st century has been a poor investment play. While its gross domestic product has shot up, China’s equity market has languished. Click to enlarge Part of the blame has been an…

Small caps: Sirius Minerals slides 11.4%

Sirius Minerals slipped 11.4 per cent to 19.5p after flagging up that it was looking to raise about $2.5bn in debt to finance the first stage of a proposed potash mine in the UK. Sirius said initial construction of the York Project would cost $2.7bn, with phase two coming on line three years later at a cost of $3.3bn subsidised…

Banks lead falls after Spanish downgrades

Share prices across Europe fell yesterday, reversing gains last week, after Spain slid into recession. “This is a rolling crisis that goes up and down. Markets were generally up last week and they are down this week,” Karen Olney, strategist at UBS, said. The FTSE Eurofirst 300 index inched down 0.8 per cent to 1,043.28. In Madrid, the Ibex 35…

Haven status lifts pound to annual high

The pound hit a fresh annual high against the euro and the dollar, rising above $1.63 for the first time since August as the UK currency benefited from haven demand in Europe. Sterling rose above €1.23 against the single currency, gaining 0.1 per cent to reach an annual high of €1.2311, its strongest level against the euro since June 2010….

Extra compensation for Arch Cru investors

As many as 15,000 investors in the failed Arch Cru funds will be in line for an additional £100m in compensation under a redress plan announced on Monday by the City watchdog. The Financial Services Authority estimates that up to three-quarters of the investors who lost money when the funds were suspended in 2009 had received unsuitable advice. Making the…