Bristol-Myers settles SEC probe – report 4 Aug 2004 It s not hard to see why there may have been pressure to massage the numbers. BMS is in a vicious circle caused by historic underinvestment. Criminal charges remain possible, but drugs group BMS has taken another step towards putting $2.5bn of accounting irregularities behind it.
BSkyB’s sell-off overdone 4 Aug 2004 It s a shame the UK paytv operator unveiled a sensible strategy the same day it put out disappointing customer growth numbers. But Sky hasn t gone exgrowth. And if James Murdoch shows he can deliver, his strategy should pay off.
CSFB follows Deutsche’s lead with poor figures 4 Aug 2004 In fact, it did worse than its German rival. Fixed income trading slumped and equities were weak. CSFB s new boss Brady Dougan wants to rebuild the franchise and increase revenues. But it's not clear how or how much it will cost.
British Energy shareholders threaten rescue 4 Aug 2004 But they are unlikely to succeed. Bondholders are running the show at the UK generator. They want to recut the rescue package because the company is doing better. But they're unlikely to succeed. Bondholders are running the show at the UK generator. Denying reality will only make shareholder s situation worse.
Rising oil price spooks airline investors 4 Aug 2004 That may sound obvious. Oil is a big cost for airlines. But they don t always underperform when the oil price rises. What really matters is whether the economy is picking up. With a recovery looking less certain, expect airlines to underperform.
Cox squeeze-out is lesson in US media pitfalls 3 Aug 2004 The bid looks opportunistic and patently designed to snatch away the fruits of many years of capital investment from minority shareholders. A stingy squeezeout is exactly the kind of risk investors take when they invest in familyowned media groups like Cox. Caveat emptor.
Another trade buyer teams up with private equity 3 Aug 2004 In trying to harness Quadrangle to a bid for US ad agency Grey Global, Havas is following the UK's Daily Mail. The UK firm couldn't structure a deal that would let it bid for the Telegraph. Havas won't find it much easier.
Prudential pulls sale of Egg 3 Aug 2004 The insurer s CEO Jonathan Bloomer seems to have messed up the sale of a noncore asset. This is just the latest in a series of, er, bloomers, and will test the strength of his Teflon coating.
UK will remain interest rate outlier 3 Aug 2004 The Bank of England has increased rates faster than any other big central bank. It is likely to move even more aggressively. The Bank can use rates to fight against the rampant disease of asset price speculation. The Fed must be jealous.
Nanotech IPO shows idiocy is back 3 Aug 2004 If Nanosys float goes smoothly, the group that specialises in ultratiny things will be valued at $372m. There is no way to make an intelligible estimate of the group s worth. It should not be public.
Output gaps have a big hole 2 Aug 2004 Central bankers study the gap between actual and ideal output. But the runes are hard to read. The second quarter US growth may not actually be slow. It may be on trend. That would point towards higher rates.
Lloyds TSB frets about foreign takeover 2 Aug 2004 Why is the UK bank so worried? Abbey National says that no foreign bank, except Santander, is interested in it. Lloyds may actually be more worried about the banks that don t bid for Abbey than those that do.
Poor beat rich in trade negotiations 2 Aug 2004 The WTO deal shows a global power shift. Rich countries agree to cut agricultural subsidies. The poor have promised almost nothing. Fear gets more credit than hope. But a new deal will not be enough to deal with the challenge of Asia. Or to eliminate African poverty.
US security fears push oil in wrong direction 2 Aug 2004 It seems every day the oil price hits a new record. But the latest spike doesn't make sense. An AlQaeda style attack would lead to lower, not higher prices.
HBOS mulls counterbid for Abbey 2 Aug 2004 If it were just a question of synergies, HBOS would be home and dry. But the regulator may block its bid. The key question is whether HBOS can compensate Abbey s investors for the regulatory risk they d have to bear.