Jazztel’s shareholders continue to value the company as if it’s planned dilution wasn’t in the works. 4 Nov 2002
Hutch launch plans in chaos 4 Nov 2002 So what's new? The Hong Kong group's European 3G startups have long been caught between Canning Fok's vaunts and common sense. With others' 3G plans on hold, a delay matters little. What's important is Hutch's ability to steal their customers and it looks limited.
ABN Amro’s 3Q profits rise on lower bad debt charge 4 Nov 2002 It would be more reassuring if other items in the results were improving too. Unless the worst is really past on credit, this profit improvement may be shortlived.
US election may bring economic regime change 4 Nov 2002 At first blush, Tuesday's vote looks like a snooze for financial markets. Bereft of campaign glare, corporate governance may wither. But investors may find solace from a new Bush economic squad.
Benetton family plans crafty bid for Autostrade 4 Nov 2002 The offer is structured to allow the bidder to get control for the minimum cost. That is good for the Benettons, of course, but less so for minorities.
Alfa Laval struggles to calm asbestos fears 4 Nov 2002 Why weren t the asbestosrelated claims disclosed in the prospectus of the Swedish engineer s IPO? Whether or not the claims are material, the company's credibility has suffered. If they are, the underwriters may be at risk.
Benettons planning Autostrade bid 1 Nov 2002 One can see why the Benetton family wants to take control of the motorway group. It is spewing out cash. But does the family plan a full takeover or just a partial one? Minority shareholders wouldn't like the latter.
Are ABB’s bonds oversold? 1 Nov 2002 The longterm bonds are trading at 45% of face value after the struggling engineer lost its investmentgrade credit rating. Estimating the recovery value of the debt suggests the bonds aren t hugely attractive at these levels.
RSA hit by asbestos liability suit 1 Nov 2002 How big are the holes in Royal & Sun Alliance s balance sheet? A new asbestos liability suit is a reminder that nobody really knows. The more doubts there are about British insurer s balance sheet, the more doubtful its future becomes.
BT should abandon growth targets 1 Nov 2002 New chief executive Ben Verwaayen s goal of growing sales 6% to 8% a year simply isn t credible. Abandoning the target would be good for shareholders provided BT accepts the consequences for its dividend.
Time for SEC’s Harvey Pitt to go 1 Nov 2002 The man entrusted with Wall Street disclosure has shown an inability to, well, disclose. His judgment has been poor. And his failure to respond to the lynching mood of the afterbull market created a vacuum quickly filled by vigilantes.