Eurozone debt sales succeed

first_img Show Comments ▼ Tags: NULL whatsapp 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 ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Share KCS-content center_img Tuesday 17 August 2010 8:28 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timeszenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle Eurozone debt sales succeed whatsapp INVESTORS snapped up €1.5bn (£1.2bn) of Irish debt at auction yesterday, though the Dublin government was forced to offer high yields to tempt buyers. The auction attracted bids of €5.1bn yesterday, the strongest demand in an auction so far this year, in part due to yields far above the German gilt benchmark. Ireland will pay 3.62 per cent on four year bonds and 5.38 per cent to €1bn worth of 10 year bonds. Eurozone counterpart Spain also secured strong demand for its debt sale yesterday, offloading €5.51bn of bonds to tighten yield spreads against German government debt. Irish central bank governor Patrick Honohan warned that governments needed to convince investors they were committed to cutting budget deficits, even as he suggested in a speech yesterday that the cost of the Irish bank bailout may rise further.“There is, for these stressed sovereigns, no question as to whether national growth is best served by bringing the public finances back promptly to a convergent path,” he said yesterday. Honohan restated that Ireland was committed to reducing its deficit to an EU target of three per cent of GDP by 2014 last_img read more


Stagecoach sees sales rise

first_imgWednesday 18 August 2010 2:51 am 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 ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof John Dunne whatsapp Show Comments ▼ Stagecoach sees sales rise Stagecoach said underlying sales rose across its UK and US bus and rail operations over the last three months and that it expects to meet its profit expectations for the year.Like-for-like revenues at its British rail business, which includes London commuter franchise South West Trains, grew seven per cent in the 12 weeks to 25 July.Meanwhile Virgin Rail, in which it owns a 49 per cent stake, achieved sales growth of 18.7 per cent.Sales at its UK bus unit rose two per cent during the period, while its North American coaches operation posted a 6.9 per cent rise in underlying revenues in the three months to the end of July, shrugging off tough economic conditions and reduced capacity.“Trading conditions have improved across the group, with improving revenue trends in both the UK and North America,” the company said in a statement.“The group remains on course to meet its expectations of profitability for the year ending 30 April 2011.”Stagecoach said the outlook for its businesses was positive despite uncertainty surrounding the effect of the change in the UK government and the sustainability and pace of economic recovery.Shares in Stagecoach have fallen ten per cent in the last month. Share whatsapp Tags: NULLlast_img read more


Dubai to go on road to ease investor fears

first_img whatsapp Friday 20 August 2010 2:40 am whatsapp The Dubai government, which is restructuring $23.5bn (£15.1bn) in debt, will launch a roadshow for fixed-income investors in Asia starting on 26 August, a statement said.The plan follows a similar program for European investors in June, as part of the government’s strategy for “providing regular updates to both existing and prospective fixed income investors around the world.”The roadshow was a non-deal one, indicating no immediate bond issue.The meetings, organized by HSBC and Mitsubishi UFJ Financial Group, which are scheduled to take place on August 26 in Hong Kong and August 27 in Singapore, the statement said.Dubai launched a $6.5bn bond programme last October, made up of $4bn euro medium term notes and a $2.5bn Islamic loan. It placed almost $2 billion in five-year Islamic bonds in late October.Dubai’s troubles shut international debt markets to primary issuers from the region for months, but several firms, notably Saudi ones, have tapped the market this year. Despite the uptick in issuance, pricing remains a worry.In April, Dubai utility DEWA DEWATF.UL raised $1 billion in an issue that offered a coupon of 8.5 per cent.The Dubai finance ministry’s 2014 Islamic bond was off 0.35 points to a mid-point of 94.6, with a yield of 7.86 percent.The Gulf Arab emirate is grappling with the debt restructuring of its core state-linked firms in the wake of a long boom that abruptly ended in the collapse of its property market.Last year, Dubai stunned global markets with news it would delay debt payments linked to its flagship conglomerate Dubai World. The firm said in May it had reached a deal in principle to restructure $23.5bn with core bank creditors. Dubai to go on road to ease investor fears John Dunne center_img Share Show Comments ▼ More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.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.comAstounding 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.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndo Tags: NULLlast_img read more


Xstrata plumps for iron ore with $381m takeover

first_img More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comPuffer fish snaps a selfie with lucky divernypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com COAL and base metals miner Xstrata pushed deeper into the iron ore sector yesterday with a $381m (£246.5m) agreed takeover of Australian-listed Sphere Minerals, which holds magnetite iron ore deposits in Mauritania.The sale will provide FTSE-100-listed Xstrata with its first producing assets, to supplement its iron ore explorations in the Republic of Congo and planned iron ore extraction plant in Australia.“This will give Xstrata a footprint in a reasonably established iron ore province, with a lot of development potential and resource upside,” said RBC Capital Markets analyst Chris Drew.Xstrata sent Sphere’s shares soaring with its $2.50 cash offer, while its own London-listed shares closed 2.9 per cent down at 989.6p. KCS-content Share Xstrata plumps for iron ore with $381m takeover Show Comments ▼center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic Mirrorautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald whatsapp Tuesday 24 August 2010 7:21 pm Tags: NULLlast_img read more


Tesco among companies circling for Carrefour’s Asian assets

first_img France’s Casino and Britain’s Tesco are among the bidders still in the running to buy Carrefour’s stores in Southeast Asia, Reuters sources have said.Carrefour, Europe’s No.1 retailer, has set a 5 November deadline for second round bids, two other sources said. The $1bn (£644m) auction has attracted a number of potential bidders.Carrefour wants to sell its shops in Malaysia, Singapore and Thailand to focus on markets where it holds leading positions.Dairy Farm, which owns Giant and Cold Storage chains in Southeast Asia, has also made it to the next round for buying Singapore and Malaysian assets, sources said.Dairy Farm is backed by Jardine Group in its pursuit of the assets.Japan’s second-largest retail group Aeon has also advanced to the next round, sources said, though it was not clear if they were still bidding for all the three assets.Malaysia-based private equity firm Navis Capital Partners has also progressed to the next stage for buying Malaysia and Singapore assets, a separate source said.Dairy Farm and Navis declined to comment, while Aeon could not be reached for a comment immediately.Thai conglomerate Berli Jucker said it had also got through the first round of bidding for Carrefour’s Thai stores, while a source close to the matter said Thai energy giant energy giant had also made it through the first round for the same assets.Tesco, the world’s No.3 retailer behind Carrefour and US group Wal-Mart is market leader in both Thailand and Malaysia.Casino is also a force within the region, and part-owns Thailand’s Big C Supercenter.Carrefour, Casino and Tesco have all declined to comment on the sale process. Tesco among companies circling for Carrefour’s Asian assets Tags: NULL Wednesday 15 September 2010 5:32 am Share whatsapp John Dunne Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily 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 Show Comments ▼ whatsapplast_img read more


Australia pushes Hays’ fees up as the UK continues to struggle

first_img Australia pushes Hays’ fees up as the UK continues to struggle Show Comments ▼ HAYS said buoyant economies in Australia and Asia boosted first quarter results, offsetting a limp UK market which was dragged down by public sector job cuts.The UK-based recruitment business said in a first quarter trading update yesterday that overall fee income during the period rose reported a 21 per cent, and 18 per cent on a like-for-like basis. Australia and New Zealand, Hays’ largest market outside of Britain, rose 54 per cent, supported by a recovery in the mining sector, which is driving demand for both permanent and temporary jobs, Hays said.Back in Britain, Hays said it is already feeling the squeeze from the coalition government’s drive to slash public sector spending and jobs, which account for 10 per cent of Hays’ overall sales. Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Thursday 7 October 2010 9:45 pm KCS-content whatsapp whatsapp Share Tags: NULLlast_img read more


Pfizer buys King to beef up portfolio

first_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Tuesday 12 October 2010 9:09 pm whatsapp Pfizer buys King to beef up portfolio Share PFIZER is to buy drug manufacturer King Pharmaceuticals for $3.6bn (£2.26m) to strengthen its portfolio before key patents on drugs such as its flagship cholesterol-reducer Lipitor expire next year.The world’s biggest pharmaceutical company will pay $14.25 (£8.95) per share for King from existing cash, a 40 per cent premium on King’s closing share price on Monday.Pfizer expects the deal to add about two cents to adjusted earnings per share in 2011 and 2012 and about three to four cents from 2013 to 2015. It has also reaffirmed its earnings forecast for 2012, when patents will have expired.Analysts said Pfizer is paying a relatively high premium but cost savings from absorbing King may be higher than announced. Pfizer expects to make savings of over $200m, half of which should be realised in the first year, but some believe it could be as high as $500m.The deal follows last year’s $67bn acquisition of Wyeth and is a move to address the huge anticipated revenue loss as Lipitor, the world’s biggest-selling prescription drug, starts to compete with generic alternatives from June 2011. Lipitor is expected to generate over $11bn revenues this year.The acquisition will give Pfizer a bigger share in the large and growing prescription pain relief market, where King is a leader. King recently launched Embeda, the first approved opiate-based pain reliever resistant to narcotic abuse, but generic competition to its drugs has hit profits.FAST FACTS | PfizerDeal brings bigger market share in pain relief. Pfizer expects to make $200m cost savings realised over three years.King Pharmaceuticals made $150.6m pre-tax profits on $1.8bn sales last year. Show Comments ▼ KCS-content Tags: NULL whatsapp 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.comHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Geniuslast_img read more


…as King calls again for total banking split

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ whatsapp whatsapp BANK of England governor Mervyn King called again yesterday for radical reform in the banking sector that would see some large institutions dismantled. King used a speech in New York to outline several options for the industry, including a capital ratio far above the levels set by the Basel III agreement last month, and a complete separation of retail and investment banking to eliminate what he described as financial alchemy. “If there is a need for genuinely safe deposits the only way they can be provided, while ensuring costs and benefits are fully aligned, is to insist such deposits do not coexist with risky assets,” King said in his Bagehot Lecture at the Buttonwood Gathering. He said Basel III should be complemented by a “basket of different measures” to rein in risk-taking. “In the area of financial stability, it makes sense to have both belt and braces,” he added. He dismissed claims in the industry that the nine-year timetable for implementing the Basel III capital rules was too quick, and warned that the international rules were not a silver bullet. “If it is a giant leap for the regulators of the world, it is only a small step for mankind. Basel III on its own will not prevent another crisis,” he said. Monday 25 October 2010 8:31 pm center_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 Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesGardensTricks.comDon’t Throw Away Your Teabags Yet, This is Genius!GardensTricks.comMedical MattersThis Picture Shows Who Prince Harry’s Father Really IsMedical MattersHealth.recetasget5 Common Cancer Signs to Pay Attention ToHealth.recetasgetTheFashionBallPrince Harry Has Changed His Mind About Meghan MarkleTheFashionBallFinancialAdvisorHeroesSean Hannity New Girlfriend Might Look Familiar To YouFinancialAdvisorHeroes Tags: NULL KCS-content …as King calls again for total banking split Sharelast_img read more


AIA float sees 17 per cent share surge

first_img Tags: NULL AIA float sees 17 per cent share surge by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterGloriousaCouple Wins Lottery, 5 Years Later, Their House Had To Be DemolishedGloriousa Share Show Comments ▼ John Dunne Friday 29 October 2010 5:23 am AIA Group surged 17 per cent in its Hong Kong debut as investors, chasing exposure to Asia’s fast-growing life insurance business, piled into the record offering in the world’s hottest IPO market.The stronger-than-expected listing is a relief for bailed-out insurer American International Group Inc after a two-year effort to sell its Asian unit, including a failed takeover attempt from British insurer Prudential plc.The strong start boosted AIA’s market value above the $35.5bn (£22.3bn) Prudential had initially offered for AIA in March, vindicating AIG’s decision not to accept $30.4bn bid that followed.AIA CEO Mark Tucker will now battle it out with Prudential to grab a greater share of the $358bn Asia-Pacific life insurance market after spending about 17 years building Prudential’s Asian business.Diversifying quickly into bancassurance – selling insurance products through banks – is one of the battles Tucker has on his hands, as he gets underway to revive growth at AIA after the wounds inflicted by AIG’s near-collapse.“The successful IPO would turn management’s full attention back to the core business. The IPO and the separation from AIG took up some of management’s time,” said Sally Yim, senior analyst of financial institutions group at Moody’s Investor Service.“Whoever is able to diversify into bancassurance and at the same time strengthen their agency productivity will be the winner in Asia,” she added.Tucker, 52, a former professional soccer player known for his long hours and competitive nature, faces off against the likes of Prudential, ING and Manulife Financial Corp.AIA closed at HK$23.05, 17 percent above the IPO price of HK$19.68, after hitting a high of HK$23.15. A Reuters poll had, on average, forecast the shares to start trading at HK$21.79.AIA accounted for about 42 per cent of Hong Kong’s total market turnover with early trade dominated by retail demand, according to Hong Kong exchange data.Asia has led the world in IPOs this year, raising a record $124.7bn to account for more than 66 per cent of all global volume, according to Thomson Reuters data. One-third of Asia’s IPOs have been in Hong Kong, drawing on its access to the booming China market and big investor base.AIA also caps a record year of insurance IPOs, which saw Japan’s Dai-ichi Life Insurance sell $11bn in shares and Samsung Life Insurance raise $4.4bn.AIA’s IPO closed two days ahead of schedule after being swamped by orders from Chinese investors and traditional long-only funds. AIG raised $17.8 billion after selling shares at the top end of the marketing range. The offer was subscribed 9.62 times.The IPO could raise as much as $20.5bn if AIG exercises the over-allotment option, setting it on course to be the world’s third-biggest IPO. whatsapp whatsapplast_img read more


Bullish Vivendi beats forecasts

first_img EUROPE’S largest entertainment and telecommunications group, Vivendi, posted forecast-beating third-quarter results yesterday, fuelled by strong sales at its video game and Brazilian telecom units.But weaker results at its French telecom operator SFR, which is a key driver of Vivendi’s revenue and profit, showed how competition is intensifying in France, forcing SFR to spend more to recruit and retain clients and putting pressure on margins.The company also confirmed its 2010 objectives of an increase in earnings before interest, taxes and amortiSation (EBITA) and higher adjusted net income than in 2009, when it reached €2.59bn (£2.2bn).Vivendi, which competes with France Telecom in telecommunications and Electronic Arts in video games, said quarterly EBITA was €1.43bn, ahead of the €1.40bn average in a Reuters poll of 11 analysts.Third-quarter revenue was €6.89bn, compared with the average estimate of €6.70bn in the poll.Vivendi’s Brazilian telecom unit, GVT, which it acquired a year ago, raised its forecast for 2010, saying revenue would rise 40 per cent and adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, would rise 50 per cent. GVT is investing heavily in the coming years to expand its network in economically booming San Paolo and Rio de Janeiro.GVT had previously expected revenue to be up 34 per cent and EBITDA 44 per cent for the year. French telecom operator SFR, 56 per cent owned by Vivendi and the rest by Vodafone Group, posted higher revenue; but its operating profit came in lower than analysts had expected. Monday 15 November 2010 7:51 pm Tags: NULL whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.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.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterRaid Shadow LegendsDon’t play this game if you are under 40 years oldRaid Shadow Legends Bullish Vivendi beats forecasts center_img KCS-content whatsapp Show Comments ▼ Sharelast_img read more