Monthly Archives: August 2013

Salesforce tops S&P 500 on upbeat guidance

Salesforce.com was the best performer in the S&P 500 after raising its fiscal 2014 sales outlook while reporting better than expected revenue and earnings. The business software company jumped 12.6 per cent to close at $49.13. More broadly, US stocks fell in a thinly traded session on Friday as the S&P 500 index recorded its steepest decline since May 2012…

Aviva falls after ‘sell’ advice

Profit taking weighed on Aviva yesterday as the London market chalked up its fourth straight weekly fall. Aviva lost 2.5 per cent to 386.8p after Barclays advised selling. Investors had already given chief executive Mark Wilson full credit for his turnround plan and were overestimating potential cash returns. “We believe investors have annualised the first-half results, and believe the company…

Oil-related shares rise on Syria fears

Oil-related shares were the best performers on weaker European indices this week as crude prices rose on concerns over the rising violence in Syria and the threat of the conflict becoming an international war. The FTSE Eurofirst 300 fell 2.4 per cent over the week to 1,195.01 with losses during the five sessions for carmakers, airlines and a selection of…

America Movil fails to heed Dutch rules

From the start of Carlos Slim’s effort to acquire KPN, there have been questions over whether the Netherlands would let the former state telecoms monopoly fall into foreign hands. Those doubts seemed vindicated on Thursday when an independent foundation charged with protecting KPN’s stakeholders exercised a poison-pill option and blocked the deal, at least for now. But the sticking point…

Eurozone shares outperform as inflows rise

Optimism that the eurozone is turning the corner has seen regional equity markets outperform the US, UK and Japan during a volatile trading environment for August. While the broad European market was rattled this week by expectations that a military strike on Syria looms, sentiment has generally remained resilient, buoyed by a record-breaking $12bn of inflows into eurozone shares over…

Everbright fined for exploiting spike

China’s securities regulator has hit Everbright Securities with a record Rmb523m ($85m) fine, banned four senior employees for life and put restrictions on its operations after an investigation revealed insider trading and other illegal activities. The probe by the Chinese Securities Regulatory Commission was sparked by a trading error at Everbright two weeks ago the broker said was caused by…

Arm Holdings leads FTSE after upgrade

London markets lacked direction on the last trading day of the month, after the UK prime minister’s defeat in parliament last night on taking action against the Assad government in Syria. The FTSE was 30 points lower after an hour of trade, down 0.5 per cent to 6,452.79. On London’s main index, Arm Holdings was the leading gainer, up 1.7…

Telecoms sector lifts US stocks on Verizon hopes

The US telecommunications sector led a positive session on Wall Street as two of the largest companies in the sector, Vodafone and Verizon Communications, discussed a deal to sell a contentious stake in a US joint venture. The potential agreement would move the companies closer to resolving one of the longest-running stand-offs in recent dealmaking history, which revolves around Vodafone’s…

Ignore banks over capital requirements

©Getty An unhelpful confusion mars the public debate on banking, and therefore the quality of banking policy itself. It concerns whether stricter capital requirements on banks make them lend more or less to businesses and households. The importance of the answer is obvious. If it is “less”, there is a trade-off between making banks safer and boosting the economy through…

Stronger Carrefour lifts European stocks

Equity markets were broadly higher on a big day for results in Europe, helped by a strong showing for the region’s biggest retailer. Carrefour, which is the world’s number two retailer after Walmart, reported first-half operating profit up nearly 5 per cent to €766m, broadly in line with expectations, as earnings in its biggest market of France jumped 75.4 per…