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Archives for: September 4, 2021

Digital investment pays dividends

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first_img Share ICAP’s decision to invest $250m in new technology last year is going to pay dividends. Having attracted over €10bn worth of interest rate swaps (IRS) to its new electronic platform during its first week of operation, it is now reaping the rewards. Big investment banks like Citi, BarCap, Deutsche Bank and JP Morgan are market makers on the new system, and are clearly trading with gusto. They will be hoping that the decision to move IRS on to an electronic platform will satisfy regulatory demands for greater transparency in the over-the-counter (OTC) derivatives market; until now, the IRS market has been controlled by dealers who did not disclose prices publicly. The advantages of electronic trading go much deeper. Banks are able to execute more complex trades than they could over the phone, such as a series of different trades simultaneously. The possibilities for ICAP are obvious. IRS account for almost three quarters of the OTC market, with euro IRS worth some $4 trillion. Phone broking is dead, long live electronic platforms. Tuesday 14 September 2010 8:56 pm whatsapp whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼ KCS-content Digital investment pays dividends last_img read more

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Emerging markets M&A high

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first_imgSunday 19 September 2010 10:52 pm whatsapp whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULL Mergers and acquisitions (M&A) in emerging markets has pushed above the European level of deal-making for the first time. This year, emerging market targeted M&A volume is up by more than two-thirds to $575.7bn (£368bn) while the European level has increased by just 20 per cent to $550.2bn, according to Dealogic data. Figures show emerging markets deal now make up 30 per cent of global M&A activity, while European deals account for 29 per cent, which is the lowest level in 12 years. KCS-content Emerging markets M&A high Share last_img read more

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DEO to resume trading on the AIM market following its first acquisition

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first_img Show Comments ▼ Share whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco RelishUpbeat NewsThese 25 Celebrities Ruined Their Career in a Matter of MinutesUpbeat News Thursday 7 October 2010 8:01 pm center_img DEO to resume trading on the AIM market following its first acquisition KCS-content DEO’s purchase of a 42.08 per cent stake in the North Sea assets from the UK arm of Canadian oil giant Nexen will cost around £10.5m. The company must get shareholders’ approval for the deal before it goes ahead. DEO chief executive David Marshall said: “This is an exciting time for DEO as we make our first acquisition. We have a proven and experienced management team who have successfully developed and commercialised North Sea assets in recent times.“By applying advanced subsea technology and first class drilling operations to stranded assets we aim to become the leading independent operator of high value subsea developments in the Central North Sea,” he said. This is the company’s first acquisition since it hired a new management team and changed its name from Microcap in December 2009.HUGH SANDERSONFIRST ENERGY CAPITALFROM the finer points of corporate finance through to the mucky business of building oil pipelines, DEO has taken no chances and drafted in advisers to cover all corners of its first acquisition. Broker and lead book runner First Energy Capital has its roots in Canada, having starting life as an energy-focused adviser in one of the frontiers of oil exploration. Managing director of corporate finance Hugh Sanderson has been with the company since 2000, and moved to London to help launch First Energy’s office here. Before joining, he was an assistant vice president of research at Merrill Lynch, where he covered oil and gas, energy utilities and pipelines. He holds an MBA from Dalhousie University, and a BA in economics from McGill University. Derek Smith is also advising on behalf of First Energy. Acting as nominated adviser and placing agent is Merchant Securities, an Aim-listed company with a focus on institutional research and corporate finance. Bidhi Bhoma, director of corporate finance and qualified solicitor, heads the team. He specialised in corporate finance and M&A while at law firm Denton Wilde Sapte, before joining Merchant in 2004. Virginia Bull, assistant director of corporate finance, is also advising. She has a degree in maths from Liverpool University. BRITISH oil explorer DEO Petroleum said last night it expects to start trading again on the Aim market this morning after agreeing a deal to buy a large stake in oil fields off the coast of Perth. DEO also announced a £16m share placing to fund its first ever acquisition, buy new exploration licences and provide further working capital. Its shares have been suspended since 22 September under the Aim admission rules. Tags: NULLlast_img read more

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CITY MOVES | WHO’S SWITCHING JOBS

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first_imgSunday 10 October 2010 10:54 pm Show Comments ▼ Share Tags: NULL whatsapp whatsappcenter_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times CITY MOVES | WHO’S SWITCHING JOBS More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comConnecticut man dies after crashing Harley into live bearnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com LV=Bournemouth based LV= has appointed Philip Moore as its new finance director and replacing Keith Abercromby. Moore, who has over 30 years experience in the industry, will join from the Pensions Corporation, where he was group finance partner and chief risk officer. Prior to that he’s held roles at Friends Provident, where he was group finance director and latterly group chief executive. He has also worked at AMP, NPI and PwC.Jurys InnHotel chain Jurys Inn has named Andre Martinez as a non-executive director. His appointment comes just after the arrival of new chairman, Brian Collie. Martinez joins Jurys Inn from a long career in the hotel industry, after spending ten years with Accor Group, where he served as both the chief executive of Accor Economy Hotels and chief executive of Accor Hotels EMEA. Up until 2009, Martinez retained the chairman of global lodging at Morgan Stanley.MercerGiles Archibald at global consultancy group Mercer, has been handed the new title of head of M&A consulting for the Europe, Middle East and Africa region. Archibald, who first joined the group over 30 years ago and is a senior partner, will split his time between the group’s London and Manchester offices. He will transfer from his current role as head of the client services group. Archibald was also head of Mercer’s international retirement group.Renaissance CapitalRenaissance Capital has hired Robert Towers and Christopher Brown to run its new trading business. Both Towers and Brown join from Canaccord. Over the last six years Towers has developed a competitive market making model, and worked with Brown for the past three years. Prior to joining Canaccord, Brown spent nine years with Charles Stanley.Permal GroupAlternative asset management group Permal Group has hired Marilyn Schaja to its Americas focused sales team as senior vice president and head of US distribution channels. Schaja joins from Ivy Asset Management, where she was director of client development and managed high net worth channel client relationships. In her role, which has been newly created at Permal, she will report to Joshua Levine, head of institutional markets at Permal. Prior to joining Ivy, Schaja was with Donaldson, Lufkin and Jenrette for 17 years, where she was a senior economist. last_img read more

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Warning over Blackberry timewasting

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first_img BRITISH bosses are banning Blackberries and other smart-phones over fears they cost more in lost productivity than they gain, according to employment law experts.Employers initially rushed to buy smartphones for staff as they allow users to send and receive emails when away from the office – keeping them in contact at all hours. But bosses are now beginning to turn their backs on the devices, including Apple’s iPhone, for fear that the amount of time staff waste on them when they should be working far outweighs the benefits of 24 hour access to e-mails.Peter Mooney, of Employment Law Advisory Services, said the curse of the “Crackberry” – so named for its addictive quality – started a run earlier this year on employers looking to downgrade their staff’s company mobiles. Many worried the change might constitute a change in their remuneration package.He said: “What started as a trickle is certainly building up to a stream as more and more employers start looking at what they really need from their employers.”The distraction of social networking sites and internet shopping were among the drawbacks, he said. whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com whatsapp Sunday 17 October 2010 10:43 pm Warning over Blackberry timewasting Sharecenter_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Tags: NULL Show Comments ▼last_img read more

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Cable demotion cheers Murdoch

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first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times James Murdoch, the chairman of British Sky Broadcasting, was said to be “cock-a-hoop” last night, after Vince Cable was stripped of his role in deciding whether the satellite broadcaster can be taken over by News Corp. Sources close to Murdoch, who is also chief executive of News Corp in Europe and Asia, said Cable’s demotion was the “best Christmas present he could have wished for”.Cable’s responsibilities for media, broadcasting and telecoms were handed to another cabinet minister, after he claimed to have declared war on media mogul Rupert Murdoch.Referring to his power to block News Corp’s proposed takeover of BSkyB, Cable told undercover reporters: “I have declared war on Mr Murdoch and I think we’re going to win.”As business secretary, Cable was supposed to decide whether News Corp’s proposed buyout of BSkyB would damage media plurality in Britain, although that job will now go to culture secretary Jeremy Hunt. Although there was relief within News Corp at Cable’s demotion yesterday, senior insiders said the firm was considering mounting a legal challenge against his decision to refer the deal to media watchdog Ofcom on the grounds of public interest. Earlier in the day, News Corp said it was “shocked and dismayed” by Cable’s comments.Cable was also recorded saying his departure from government would cause the coalition government to implode. “I have a nuclear option; it’s like fighting a war… If they push me too far then I can walk out and bring the government down and they know that.” In the event, Cable’s claims proved more credible than many thought. Although David Cameron said his comments about News Corp were “unacceptable and inappropriate”, he stopped short of sacking him or moving him to another cabinet job. But John Denham, the shadow business secretary, told City A.M. that Cable was a “complete lame duck”.He added: “He doesn’t have the confidence of the Prime Minister and key decisions have been taken away. “They’re keeping him for political cover, not for anything he brings to the job.“If he were a minister in any other government he would have been sacked.” MORE: P2, P3, P5 KCS-content Cable demotion cheers Murdoch whatsapp Show Comments ▼ whatsapp Share Tuesday 21 December 2010 8:59 pm Tags: NULLlast_img read more

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A smaller state means faster growth

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first_img Tags: NULL A smaller state means faster growth Monday 31 January 2011 9:20 pm Share Show Comments ▼ THERE are many reasons why the coalition is losing the public debate on austerity – but one of them is that it is conceding too much intellectually to its opponents. Neither Tories nor Lib Dems made the positive case for a smaller state and a stronger, larger private sector during the bubble years, and this legacy continues to neuter their arguments today. Their post-crisis conversion to reducing spending has been entirely framed in terms of staving off national bankruptcy, implying that ever-more state spending would still be a good thing in different circumstances. There was some sense in this strategy – but it should have been accompanied by another message: with public spending at 51 per cent of GDP, it is economically right to reduce the size of the state – and would be so even in the absence of a spiralling national debt. There is plenty of academic research that highlights how bloated states impoverish countries, regardless of whether or not they are technically affordable. The latest comes from two Swedish economists, Andreas Bergh and Magnus Henrekson, published by the Research Institute of Industrial Economics. It reports that an increase in government size of 10 percentage points of GDP is associated with a 0.5 to one per cent lower annual growth rate in rich countries. This suggests that the rise in spending from 36.6 per cent of UK GDP in 2000 to 51 per cent in 2010, to use the OECD measure, has been disastrous. This 14.4 percentage point increase in the public sector’s share translates into a reduction in the growth rate of the British economy of between 1.4 per cent and 0.7 per cent a year. Paychecks and living standards are thus much lower today than they would otherwise be. Had spending been restrained, we would be living in a substantially wealthier country today, regardless of the recession, with more jobs and resources at our disposal.All the tightening to date has come from higher taxes – current spending hit a fresh record in November, and only capex has so far come under pressure – so it is no wonder growth remains weak. We need less spending, not just because we cannot afford to borrow as much, but because proper growth is impossible as long as the state sector, with its low productivity, high wastage and limited ability to innovate, remains this large.Bergh and Henrekson find that the only way high tax and spending can co-exist with decent growth, at least temporarily, is if other policies are pro-market: low regulation, low inflation and the maximisation of other kinds of economic freedom. Sweden combined high (though falling) public spending as a share of GDP with decent growth because it liberalised many other parts of its economy in the 1990s (the modern Swedish model is no longer semi-communist). Again, the UK is going the wrong way: marginal tax rates on income and capital are rising, as is the overall burden of regulation, foreign investors are being frightened away, and inflation is out of control. The research also finds that high-trust societies are good for growth and cancel out some of the problems of bloated welfare states – but even if true, that observation is of limited use to George Osborne. Rather than being so defensive over the size of the cuts, he should confront his critics with the findings of these and other economists. Smaller governments are better for growth than larger ones – it is that [email protected] me on twitter: @allisterheath whatsapp KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo whatsapplast_img read more

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Producer prices up more than forecast

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first_img whatsapp John Dunne Show Comments ▼ Producer prices up more than forecast Friday 11 February 2011 5:18 am Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Manufacturers’ input costs rose at their fastest annual rate in more than two years in January, led by sharp increases in the cost of oil and imported metals and materials, official data showed.The Office for National Statistics said producer input prices rose 13.4 percent on the year in January, the biggest rise since October 2008. That compared with a revised 12.9 percent in December and was well above forecasts for an annual rate of 12.6 percent.Producer output prices rose 4.8 per cent on the year, the highest rate since May 2010 and also above forecasts for an annual rise of 4.4 per cent.The figures are likely to worry Bank of England policymakers at a time when consumer price inflation is already nearly double its 2 percent target.The rise in input prices was mainly driven by a 28.8 percent annual rise in the price of crude oil –the biggest increase since May 2010.Prices of imported metals and materials also contributed to the upward pressure.The Bank of England voted to hold interest rates at 0.5 per cent at its monthly meeting on Thursday, but some economists think that it may use next week’s quarterly inflation forecasts to prepare the ground for an increase in the coming months. whatsapp Tags: NULLlast_img read more

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Markets slump on fears for Middle East

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first_img Markets slump on fears for Middle East alison.lock Wednesday 23 February 2011 4:10 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo whatsapp Show Comments ▼ whatsapp Share The FTSE has slumped as the political turmoil in Libya and threat of contagion across the Middle East region sent commodities and stocks sliding.The FTSE 100 closed down 1.22 per cent to 5,923.53 in a difficult day’s trading.“It’s been a trying few days for world markets, and if the situation in Libya continues to show no tangible sign of a peaceful resolution, the week could plumb greater depths yet,” said Yusuf Heusen, senior sales trader at IG Index. But Brent crude for April delivery surged to more than $109 per barrel shortly after 2pm, pulled higher by strong demand as the violence and rhetoric in Libya increased.“The uncertainty has also spread to the German DAX which is down more than one per cent after being fairly flat yesterday, as the auto sector got pummelled on the spiralling oil price. Auto parts manufacturer GKN is down as a result,” said Michael Hewson, market analyst at CMC Markets. Oil services firm Amec closed highest, though it was up just 0.89 per cent at 1,138p as traders said traders read across from a bullish outlook statement by its Australian peer Worley Parsons. Other risers were defensive stocks such as Imperial Tobacco Group, which finished up 0.5 per cent at 2,001p, Scottish & Southern Energy (up 0.17 per cent at 1,212p) and Severn Trent (up 0.14 per cent at 1,460p).Drinks can maker Rexam fell most, down 5.8 per cent to 348.4p after posting full-year results.“Company news has taken a back seat to a certain extent with one of the biggest fallers being can company Rexam, despite posting better than expected profits for 2010,” Hewson said.Miners were also hit hard as commodities weakened on the Middle East concerns, and investors opted to sell riskier stocks. Antofagasta, Xstrata, Lonmim and ENRC were all among the ten worst performers. As oil prices rose, fuel-hungry cruise operator Carnival again felt the pinch, closing down 4.17 per cent at 2,645p.On the FTSE 250, Cable & Wireless Communications stormed up 6.15 per cent to close at 49.33p after it said it was selling its Bermuda business to The Bragg Group for $70m – and buying back $100m worth of shares.And software group Logica closed down 5.37 per cent to 137.5p after results showed sales and profits were flat last year, despite a pickup in fourth-quarter revenues.US markets also opened down as concerns over Libya outweighed positive domestic sentiment and home sales data to hit technology shares.Hewlett Packard closed down 10.22 per cent to $43.30 after cutting its 2011 revenue forecasts when it posted its first-quarter earnings last night, prompting at least six brokerages to cut their price targets on the stock.The Dow Jones industrial average was down 111.03 points, or 0.91 per cent, at 12,101.76. The Standard & Poor’s 500 Index was down 7.98 points, or 0.61 per cent, at 1,307.46, while the Nasdaq Composite Index was down 30.28 points, or 1.10 per cent, at 2,726.14. Tags: NULLlast_img read more

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UBM invests in emerging markets as shifts focus

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first_img United Business Media (UBM) yesterday posted a 5.3 per cent drop in full-year pre-tax profit as the events and publishing group increased investment in data services and emerging markets.UBM, which has rationalised its print titles as advertising has moved online and shifted its focus to events and data services in faster-growing emerging markets and the US, said it had made a good start to the year.Chief executive David Levin said: “We’ve come through the massive shock of the wider financial markets in the last couple of years and in addition to that we’ve had to grapple with the structural change in our industry.”He said the group’s performance was bolstered by 20 per cent revenue growth in China, India and Brazil, and strong trading in events, such as the Hong Kong Jewellery & Gem Fair, which accounted for 54 per cent of profit. KCS-content whatsapp UBM invests in emerging markets as shifts focus Tuesday 1 March 2011 7:26 pm Show Comments ▼ whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Share Tags: NULLlast_img read more

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