Mining tax headache returns

first_img whatsapp Tags: NULL KCS-content Tuesday 7 September 2010 10:51 pm Share whatsappcenter_img Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily 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 ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity 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.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Mining tax headache returns Show Comments ▼ AUSTRALIAN Prime Minister Julia Gillard secured a wafer thin parliamentary majority yesterday, ending a political impasse but hardly cheering investors worried about the fragility of her government and its plans to tax mining profits.Gillard’s Labor Party, which was punished by voters in 21 August inconclusive elections despite a robust economy, secured enough support from three independents and one Green lawmaker to form a one-seat majority in the lower house of parliament.Her narrow victory means Labor can implement its proposed 30 per cent mining tax, a prospect that dented resources stocks and the dollar, as well as pursue a $38bn telecoms project, which supported shares in phone company Telstra.Shares in mining heavyweights BHP Billiton and Rio Tinto extended losses yesteray after the independents backed Labor, dashing hopes that the conservatives -– who were opposed to the tax — would take power.BHP Billiton closed at 1895p after falling by 1.3 per cent, while rival Xstrata was down 1.56 per cent to 1072p.Similarly, Rio Tinto dropped 1.78 per cent to 3447.50p and Vedanta was down 1.1 per cent to close at 1980p. A group of miners had earlier threatened to exit Australia when former Prime Minister Kevin Rudd had proposed a 40 per cent mining tax.FAST FACTS | AUSTRALIAN ELECTION● The new goverment has been formed after 17 days of political deadlock.● Welsh-born Gillard now controls 76 seats, and can finally call herself Australia’s first elected female Prime Minister. last_img read more

Weir snaps up American Hydro Corp to boost its presence in renewable energy

first_img Tags: NULL ENGINEER Weir Group has snapped up an American firm that makes wind turbines and hydro-electric power stations.The Glasgow-based group refused to say how much it is paying for American Hydro Corporation, which has revenues of £27m and assets worth £18m.Weir also said it would invest £6m in a new Canadia service centre, to further boost growth in North America. American Hydro has had a tie-up with Weir over the past five years and also worked with the company on hydro projects in Scotland during the 1990s. Weir’s chief executive, Keith Cochrane, said: “Hydro-power is the world’s largest source of renewable energy.”He added: “Combined with American Hydro, we have the engineering depth and skills to accelerate our development in established hydro markets throughout the Americas and Europe”“Weir has worked with American Hydro before, so knows the business well,” said RBS analyst Andrew Douglas. whatsapp Thursday 18 November 2010 8:10 pm whatsapp Show Comments ▼center_img Share KCS-content 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap 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 ScottsdaleMoneyPailWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldHistorical 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 Weir snaps up American Hydro Corp to boost its presence in renewable energy last_img read more

Ofgem to review retail energy market

first_imgFriday 26 November 2010 6:36 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCuteness56 Animal Puns For a Quick LaughCutenessBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadacutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comDinnerZUTop 5 Foods That Help Lose Weight FastDinnerZUHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasgetFoundation FixFoundation Repair Cost In Scottsdale May Surprise YouFoundation Fixwomengetfreebies.comGet free samples sent to your home. 100% free. Sign up Nowwomengetfreebies.comAmoMediaRich Guy Mocks Disabled Waiter, Regrets It ImmediatelyAmoMediaPlumbing ServicesPlumber Prices In Scottsdale might surprise YouPlumbing Services whatsapp whatsapp Tags: NULL More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.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.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Sharecenter_img Ofgem to review retail energy market alison.lock ENERGY regulator Ofgem is to launch a review of the UK’s energy retail market today after flagging concerns that suppliers are charging too much.Its latest analysis of retail prices shows the margin on a standard dual fuel tariff is now about £90, up 38 per cent from September’s level of £65. Ofgem said that while it expects energy companies to be profitable, it wants to clarify whether the market is transparent and protects consumers enough.“Consumers have the right to expect that the energy retail market is providing them with value for money,” said Chief executive Alistair Buchanan.He said the rise in company margins at a time of rising energy prices “causes Ofgem to rightly ask if companies are playing it straight with consumers.”The review will go beyond Ofgem’s regular quarterly price reports to review the retail market overall and how recent reforms are affecting consumers.It will assess how effective the retail market is as well as how comprehensively energy suppliers have implemented Ofgem’s reforms.It will investigate “the facts behind these numbers,” Buchanan said, and should be completed by March 2011.Ofgem’s Electricity and Gas Supply Market Report found that three of the “Big Six” Uk energy suppliers have already announced price rises for the winter.RWE Npower and Eon are still to announce whether they will raise prices while EDF Energy has pledged to fix its prices until March 2011. Show Comments ▼last_img read more

Perform Group names banks for £500m IPO

first_img KCS-content Tags: NULL Share whatsapp Sunday 5 December 2010 11:04 pm More From Our Partners A 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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com DIGITAL sports media specialist Perform Group has named investment banks Morgan Stanley and Credit Suisse to work on a planned £500m flotation for next year, according to weekend reports.People familiar with the matter said last month that owner and billionaire Len Blavatnik was considering an initial public offering of Perform Group on the London Stock Exchange next year.Perform Group builds and operates branded websites for sports clubs, federations and broadcasters – including the Premier League and Chelsea Football Club – as well as providing live sports footage and news to media groups and bookmakers such as William Hill and Ladbrokes.Perform was formed in 2007 by the merger of Inform Group and Premium TV. A spokesman for Perform Group’s parent, Access Industries, declined to comment on the report. Perform Group names banks for £500m IPO whatsapp Show Comments ▼last_img read more

Moody’s warns on Spain’s debt rating

first_imgWednesday 15 December 2010 8:42 pm Show Comments ▼ Moody’s warns on Spain’s debt rating whatsapp whatsapp KCS-content Share Moody’s yesterday warned that it had put Spain on review for a downgrade on its sovereign debt due to its refinancing needs over the next year.But the ratings agency added that it does not expect the country will need a bailout, saying it “does not believe Spain’s solvency is under threat”.Spain will need to refinance €210bn’s (£178bn) worth of debt next year, according to Goldman Sachs, and Spanish banks’ refinancing needs will hit €35bn.Stocks and the euro fell after Moody’s warning: the Eurostoxx 50 closed down 0.69 per cent, while the euro had dropped 0.7 per cent against the greenback by yesterday evening. However, bond investors appeared reassured: the yield on 10-year Spanish debt closed down at 5.5 per cent. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.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.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Tags: NULLlast_img read more

World still addicted to easy money

first_imgWednesday 2 February 2011 8:47 pm whatsapp Share KCS-content World still addicted to easy money More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comColin Kaepernick to publish book on abolishing the policethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comKansas coach fired for using N-word toward Black playerthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comcenter_img whatsapp Most of the world is enjoying a strong economic rebound, with corporate profits, trade and output roaring ahead. But it is vital to make a distinction between short-term buoyancy (which many pessimists under-estimate) and the long-term structural problems at the heart of the global economy. The latter are worse than most people realise. Bill Gross, the fund manager who runs America’s Pimco, the influential bond markets investor, puts his finger on a key problem. Credit remains too cheap, promoting excessive leverage and the misallocation of capital on a giant scale. Central bankers have lowered the cost of money for 30 years now. Some of this was legitimate: inflation fell substantially, while the variability of prices declined, reducing uncertainty and cutting nominal interest rates as well as the real cost of money. So far, so good: but Gross is spot on when he argues that what we are seeing today is very different. The present ultra-low yields cannot be justified. They are merely providing fuel for leverage, propping-up asset-based economies, unsustainable wealth creation and above all a misplaced belief in large and perpetual capital gains. As Gross points out, real 10-year US interest rates (with inflation stripped out) have fallen from over five per cent in the early 1980s to under one per cent in recent months. Because of the way government bond yields are used to calculate discount rates and plugged into asset valuation models, this collapse in real yields may be responsible for 3,000–4,000 Dow points (in other words, up to a third of the index’s value) as well as two to three per cent annual appreciation in bonds over those three decades. Of course, a good chunk of this readjustment was good news, the result of better economic policies – but a decent part, at least in recent years, can only be described as absurd overshooting. The problem is that yields have fallen so much that even the most determined followers of bubblenomics within the central banking fraternity can no longer push them down any further – mathematical reality has kicked in. There is now a negative real yield on five-year Treasury Inflation Protected Securities, which is senseless. Average five-year real yields on Aaa sovereigns over the past century suggests that investors ought to be demanding and receiving around 1.5 per cent in real terms instead of the present -0.1 per cent. Investors are paying the government to lend it money, thus subsidising the US national debt. In a way, this is tantamount to a secret default, a haircut by any other name. Followers of the Austrian school of economics have long argued that artificially low interest rates send out flawed signals to investors, causing them to borrow and invest too much in things such as overpriced housing. Recessions occur when people finally realise their mistake and always involves capital destruction and reallocation. There was a good exposition of that view in a BBC Radio Four documentary on Monday (Yo Hayek!, available on the BBC website) presented by Jamie Whyte, of Oliver Wyman, a consulting firm. Manipulating the price of credit – be it by low Bank base rates, excessive quantitative easing (as in the US) or mass purchases of government bonds by Asian central banks – always ends in tears. At some point, the bond markets will readjust – let us hope the global economy is able to cope when the day of reckoning finally [email protected] me on Twitter: @allisterheath Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute Workoutautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼last_img read more

BILL OF THE WEEK

first_img Show Comments ▼ Sunday 13 February 2011 10:17 pm Share whatsapp 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 Tags: NULL BILL OF THE WEEK center_img whatsapp KCS-content A THIRSTY bunch crashed newly opened family restaurant Chabrot in Knightsbridge recently, taking advantage of the reasonable food prices to explore the fine wines menu put together by sommelier Philippe Messy.Balancing their liquids and solids, the four dinner guests kicked off their meal with a couple of plates of fois gras, salmon, oysters and a charcuterie.In a mood for sharing, they then moved on to partake of a whole leg of lamb alongside the obligatory greens and not-so-obligatory cheese platters. The feast was followed by a rich round of desserts, including a rice pudding and several slices of cake.All that food must surely have been enough to absorb some of the effect from a £600 bottle of Musigny, a bottle of Corton and a round of vintage Armagnacs. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal 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 ItUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndolast_img read more

OECD index is pointing to growth

first_imgMonday 14 February 2011 8:37 pm OECD index is pointing to growth whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Share whatsappcenter_img Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap KCS-content Show Comments ▼ THE growth outlook for major industrialised economies is picking up, although big differences in momentum remain between countries, the OECD’s leading indicator for December showed yesterday.The Paris-based Organisation for Economic Development and Co-operation (OECD) said its December composite leading indicator (CLI) for 29 of its member countries rose to 102.8 from a revised 102.5 in November, pointing to stronger growth momentum.Japan, the United States and Germany were leading the charge, it said, with a more moderate outlook for Canada, France and Britain, and signs emerging of a downturn in Italy. It had previously given its OECD-area indicator for November as 102.8. Japan’s reading jumped to 103.9 from a revised 103.3 and Germany’s rose to 105.0 from 104.7. France’s indicator inched up to 102.3 from 102.2, while Italy’s reading slipped to 102.3 in December from 102.4 in November.The OECD revised down its recent readings for China, which is not a member of the club of industrialised nations, and said the CLI for December slipped to 100.5 from a revised 100.7 the previous month.“New data for China point to a downturn, reversing the tentative signs of regained growth momentum reported in last month’s assessment,” said the OECD. Tags: NULLlast_img read more

Seymour Pierce deal is in doubt

first_img Show Comments ▼ whatsapp whatsapp Share Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Seymour Pierce deal is in doubt KCS-content Sunday 20 February 2011 11:15 pm SEYMOUR Pierce’s transatlantic merger with Gerova Financial Group could fall through this week as Seymour Pierce’s outspoken chairman Keith Harris demands clarification on issues plaguing the New York-listed reinsurer.The failure of the planned three-way merger would be an embarrassment for investment bank Seymour Pierce, which is handling its own £60m takeover by Gerova. It is understood that Harris was blind-sided by personnel changes at Gerova last week, when its incoming chairman Dennis Pelino quit in a shock move that has contributed to a plunge in the firm’s share price. The firm cited an inability “to reach agreement on the terms of his appointment” as the reason for Pelino walking out on the role: its stock has since dropped 51.6 per cent, or $6.05. Harris also wants clarification on issues relating to Gerova’s asset base and the overhaul of its board, several of whom quit when Pelino’s appointment was announced.Gerova, which was turned from a special investment vehicle into a financial services firm just over a year ago, has in the past been queried by the US Securities and Exchange Commission over its disclosure of asset values, though no action was taken. Even if the deal with Gerova falls through, however, Harris is likely to press ahead with plans to merge with US firm Ticonderoga Securities, headed by Joel Plasco, former chief executive of Collins Stewart.The Gerova deal was to form part of a three-way merger with Plasco’s firm, with the resulting entity to be branded Seymour Pierce and to take up Gerova’s listing on the New York Stock Exchange.Seymour Pierce declined to comment. last_img read more

Late rally fails to push FTSE up to 6,000

first_img whatsapp 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 ScottsdaleMoneyPailUndoNight DailyHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeNight DailyUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropUndoJournalPregnant Woman Takes a Nap – You Won’t Believe What She Discovered When She WokeJournalUndoBetterBe20 Stunning Female AthletesBetterBeUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoUpbeat NewsThese 25 Celebrities Ruined Their Career in a Matter of MinutesUpbeat NewsUndo Tags: NULL Tuesday 22 February 2011 4:23 pm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller 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.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Late rally fails to push FTSE up to 6,000 center_img Show Comments ▼ whatsapp Share The FTSE rallied valiantly this afternoon on the back of strong US consumer confidence data, after incurring a morning of losses from concern over the ongoing Libya crisis.Banks and commodities suffered from concerns that crude oil prices would spike and knock the global recovery, and the FTSE 100 closed down 0.3 per cent at just 5,996.76. The FTSE 100 volatility index, a barometer of investor anxiety, has risen more than 30 per cent so far this week: the higher the index, the lower investors’ appetite for risky assets.Brent and US crude traded at two and a half year highs on concerns that supply could be disrupted by further Middle East protests.“Investors are likely to be keeping a wary eye on oil in the coming days. Although the price has dropped back today, the concern is that the market will continue to put a risk-premium on the price of oil in reaction to the recent unrest,” said Yusuf Heusen, senior sales trader at IG Index.“If this means we see $100 (£61.60) a barrel much sooner than we expect, it is clearly going to impact on global economic recovery.”Royal Bank of Scotland bucked the weak banking sector trend, closing up 2.32 per cent at 47.72p with traders citing optimism about its full-year results on Thursday.BHP Billiton also rose 1.62 per cent to finish at 2,413p after it boosted its oil and gas division by buying shale gas assets from Chesapeake Energy for $4.75bn. 
Defence firm BAE Systems was the biggest blue chip faller, falling back 4.3 per cent to 26.8p on concerns more UK defence contracts will be cancelled as the government slashes military spending.Serco, also heavily reliant on government spending, lost 2.2 per cent to 532.5p.On the FTSE 250, investors welcomed chemicals manufacturer Croda International’s full-year results, pushing its price up 9.71 per cent to 1,639p on the news that it more than doubled pre-tax profit to £192m in 2010.Engineering services provider Lamprell jumped 8.93 per cent to 305p on the news that it had won a new contract from Singapore-based Greatship Global Energy Services. Groceries delivery firm Ocado fell most, closing down 6.35 per cent at 224p after chief executive Tim Steiner sold £5m of his stock yesterday.US markets closed in the red, despite news that consumer confidence has risen to an almost three-year high. “US equity markets returned from their long weekend in solidly negative territory on the back of lower European markets and the continued unrest in the Middle East,” said Michael Hewson, market analyst at CMC Markets. “Hewlett Packard’s first-quarter earnings will also be closely scrutinised after the bell tonight, with the jury still out on new chief executive Leo Apotheker.”The Dow Jones industrial average closed down 178.46 points, or 1.44 per cent, at 12,212.79. The S&P 500 fell 27.57 points, or 2.05 per cent, to 1,315.44 while the Nasdaq Composite Index lost 77.53 points, or 2.74 per cent, to 2,756.42. alison.lock last_img read more