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Friday, 31 July 2015

EMEA

Numbers add up to HSBC leaving London

31 July 2015

The global bank is reviewing its head office location based on 11 criteria such as economic importance, transparency and tax. A ranking based on data compiled by Breakingviews shows Singapore, Hong Kong and even Toronto are more attractive than HSBC’s current home base.

A cardboard cutout of Canadian actor Ryan Gosling is seen in the Buzzfeed headquarters in New York  January 9, 2014.

BuzzFeed investors could be playing Price is Right

30 July 2015

The digital publisher and Vox are poised to get fresh capital from NBC. BuzzFeed’s $250 mln share would value it at $1.5 bln. That’s not far off the price of recent media deals. With the promise of millennials and advertisers strong, this begins to look like a reality show.

Fiber optic cables carrying internet providers are seen running into a server room at Intergate.Manhattan in lower Manhattan, in New York, March 20, 2013.

Delphi deal crudely hitches to connected-car hype

30 July 2015

The auto supplier is paying $1.7 bln for a UK maker of “bundle management solutions.” HellermannTyton may be a solid company whose cable ties and such are integral components, but there’s a whiff of dot-com fever in the rhetoric. That’s not enough to justify the 45 pct premium.

Gasoline prices are advertised at a gas station near Lindbergh Field as a plane approaches to land in San Diego, California.

Shell finally hunkers down for soft oil prices

30 July 2015

The Anglo-Dutch major’s shares have underperformed peers since it announced the $70 bln BG takeover, which seemed to need expensive oil to work out. Cheaper crude is hurting profit, but the company is cutting costs and capex sharply. Debt is low and the dividend looks safe. 

A WWI soldier's boot is seen in underground caves accessible by small spiral stairs in the village's church.

Italy’s corporate grandees ditch concrete boots

30 July 2015

HeidelbergCement’s acquisition of cement maker Italcementi marks the end of an era in Italian corporate finance. The Pesenti family’s empire was a part of the salotto buono of cross-shareholdings created by Mediobanca’s Enrico Cuccia. Its sale shows Italy is open, and healthier.

Deutsche Bank headquarters in Frankfurt

Deutsche Bank smart on growth, shabby on costs

30 July 2015

Germany’s biggest bank grew capital buffers and revenue briskly in the second quarter. But expenses devoured 85 pct of the top line – the same as a year ago. New co-CEO John Cryan needs to pull Deutsche out of some of the 60-plus countries it aims to be in, and cut headcount.

A man walks out of an RBS building in the City of London

RBS moves closer to still-distant goalposts

30 July 2015

The state-controlled UK bank is building capital, shrinking assets and expunging historical nasties. The second quarter’s 11 percent operating profit growth reassures. Yet non-state investors’ greatest desires – dividends and an end to government meddling – are not yet in sight.

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