Sinead's Feed
May 31, 2013

PIMCO braces for euro zone debt writedowns as revival disappoints

LONDON, May 31 (Reuters) – PIMCO, the world’s largest bonds
house, is weighing up a fresh sell-off in “expensive” euro zone
debt, fearing policymakers could ask investors to forgive more
sovereign debt.

Sketching out a three- to five-year investment outlook this
week, managers at the $2 trillion fund firm said they believed
the European Central Bank was reviewing its Fairy Godmother role
in money markets after months of stubborn recession, a switch
PIMCO says could herald painful losses for complacent investors.

May 24, 2013

Severn Trent investors say would hold out for 23 stg/share bid

LONDON, May 24 (Reuters) – Any bid for British water company
Severn Trent Plc would have to be pitched at 23 pounds
per share or more to have any chance of success, top investors
said after an approach for the company earlier this month.

Investors said they would happily remain shareholders if no
such bid appears by a June 11 deadline set by the Takeover
Panel, citing Severn Trent’s secure dividend prospects, combined
with a dearth of similar investments.

May 9, 2013

An eye for a deal could replace Ferguson’s football focus

LONDON, May 9 (Reuters) – Retiring as coach of English soccer team Manchester United will give Sir Alex Ferguson, who famously described himself as “such a bloody talented guy”, more time for the other strings in his bow, including a little-known talent for investment.

The most celebrated manager in the British national game will bid farewell to a stellar career in sport on May 19, but few who know Ferguson outside the world of soccer are predicting an idle retirement for the 71-year-old Scotsman.

May 7, 2013

Diageo names Menezes CEO with eye on emerging markets

LONDON, May 7 (Reuters) – Diageo named Ivan Menezes
as chief executive on Tuesday, turning to an Indian-born company
insider whose role in the British drinks firm’s push into
emerging markets points to where it sees its future.

Chief Operating Officer Menezes, 53, replaces Paul Walsh,
who is stepping down after 13 years, the maker of Johnnie Walker
whisky said in an announcement that surprised few investors,
even if the timing of Walsh’s exit had not been certain.

May 2, 2013

UBS shrugs off break up call, with shareholder support

ZURICH/LONDON, May 2 (Reuters) – UBS won broad
shareholder backing for its strategy and pay policies on
Thursday, dealing a blow to a surprise call from activist
investor Knight Vinke Asset Management for the Swiss bank to
hive off its investment bank.

Knight Vinke’s intervention, in an open letter to UBS
management, staff and investors, was not taken up by other
shareholders during hours of questioning at the bank’s annual
general meeting (AGM) on the outskirts of Zurich.

May 2, 2013

UBS faces calls for break-up at investor meeting

ZURICH/LONDON (Reuters) – UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) faces a renewed call to break up its investment banking operations and wealth management division at an investor meeting on Thursday, after activist investor Knight Vinke Asset Management demanded a review of the bank’s structure.

New York based Knight Vinke, which owns just less than 1 percent of the Swiss bank, said its investment banking activities between 2007 and 2009 “nearly destroyed” its prized private banking business, which was still reeling from a slew of scandals during financial crisis.

Apr 30, 2013

Deutsche Bank shares jump after 3 bln euro stock issue

FRANKFURT/LONDON, April 30 (Reuters) – Deutsche Bank AG
completed a 2.96 billion euros ($3.9 billion) share
issue on Tuesday, quashing lingering worries about its finances
and showing renewed appetite among investors for European bank
stocks.

Its shares jumped more than 6 percent to their highest in
some two months.

The capital increase by Germany’s biggest lender bolsters
its balance sheet and puts it comfortably in line to meet bank
safety rules ahead of a 2019 deadline. It also means it can
forge ahead with acquisitions and win new business as rivals
retrench, co-Chief Executive Anshu Jain said.

Apr 28, 2013

IPO flurry to give investors pick of new UK banks

LONDON, April 29 (Reuters) – Investors will have their pick
of British banks in the next couple of years with up to five
lenders looking to float on the stock market, offering a
potentially lucrative, and nostalgic, punt on high street
banking.

A failure to attract buyers from the banking sector means
that state-backed groups Lloyds and Royal Bank of
Scotland are racing to prepare stock market flotations
of hundreds of branches they have been told to sell by European
regulators.

Apr 27, 2013

Vodafone investors want bigger bid or full takeover by Verizon

LONDON (Reuters) – Six major Vodafone investors said $100 billion was not enough for the British company’s stake in its U.S. joint venture with Verizon Communications, and urged the latter to come up with an offer of at least $120 billion.

Their comments followed a Reuters report on Wednesday that Verizon had hired advisers to prepare a possible $100 billion bid to buy Vodafone’s 45 percent stake in their Verizon Wireless joint venture, likely to be structured as a roughly 50:50 cash and stock bid.

Apr 18, 2013

Insurer Aviva to cut 2,000 jobs worldwide

LONDON, April 18 (Reuters) – British insurer Aviva Plc
will cut as many as 2,000 jobs worldwide in the latest
cost-cutting drive aimed at revitalising its flagging fortunes,
the company confirmed on Thursday.

Chief Executive Mark Wilson told staff the cuts would equate
to around 6 percent of Aviva Group’s global workforce over the
next six months and reiterated a commitment to deliver more than
400 million pounds ($609 million) in cost savings by year-end.