UBS starts to make hay in the US 3 Feb 2004 For the first time ever, the Swiss bank will report that the US arm of the investment bank made more than its European sister. While this partly reflects lacklustre European performance, it also vindicates the firm s approach to building out in the US.
Serono’s easy growth coming to an end 3 Feb 2004 To keep up this growth rate, the company needs to acquire new drugs and soon. Europe s largest biotech has almost quadrupled profits over the past five years largely as the result of one drug.
Expected UK rate rise highlights US oddity 3 Feb 2004 The two economies similarities are striking. Both are highlyindebted, growing strongly, with rising deficits and low inflation. Yet UK rates are expected to rise to 4% this week four times higher than in the US. A rise in US rates may come sooner than many believe.
Myners tells investors to take voting seriously 3 Feb 2004 The former Gartmore boss is sensibly not calling for compulsory voting. That would lead to unthinking voting. Rather he wants fund managers and trustees to account for their voting behaviour, giving a good shove to the progress already taking place.
Ryanair starts to lose it 2 Feb 2004 The nofrills airline topped off a disastrous week by threatening to sue its rivals and fighting a case against a disabled man. This smacks of an airline in desperation. Ryanair ought to cool it.
P&O sells shipping jv to Nedlloyd 2 Feb 2004 The venture will be listed to exploit the shipping boom. But the break is not a clean one. Nedlloyd will need to raise money in a discounted rights offering. And P&O will still be left with a quarter of the company.
Volvo faces Scania deadline 2 Feb 2004 Five years since it acquired a 31% stake in its Swedish rival, Volvo is still struggling to interest buyers. But instead of demerging Scania, and potentially losing any control premium, why not roll the shares into a new company and spin that off?
BBVA buys out Bancomer for E3.3bn 2 Feb 2004 Spain s secondlargest bank is gobbling up the rest of its Mexican subsidiary amid mounting evidence the economy is on the mend. But the move can also be seen as part of a wider trend among banks to beef up their retail banking foundations.
Italy hit by bondphobia 2 Feb 2004 PostParmalat, investors are running scared of Italian unrated and junk bonds. That doesn t bode well for companies needing to refinance. But the baby may have been thrown out with the bathwater. For the lionhearted investor there are buying opportunities around.
Kuwaitis would likely sell Aventis at better price 2 Feb 2004 The drugs maker s largest shareholder, the Kuwait Petroleum Corporation, has already rejected Sanofi s initial bid as too low. Any successful merger will hinge on the Kuwaitis. Recent experience suggests they are willing to sell at a higher price.
Italian bank mega-merger takes shape 2 Feb 2004 Behindthescenes preparations are being made for the mother of all Italian deals, a E40bn merger of Unicredito and Sanpaolo Imi. Until recently, this might have been blocked by the Bank of Italy. But the central bank may be losing its grip on power.