RBS thankfully bins bad-bank spinoff folly 1 Nov 2013 The UK bank will not dump its worst assets into an independent entity, its state shareholder has decided. Raising capital via a speeded-up runoff of non-core assets and a sale of U.S. businesses always made more sense. It’s a shame the government took so long to work it out.
Sony stumble gives Loeb headache and opportunity 1 Nov 2013 The Japanese group’s quarterly loss knocked 12 pct off its market value. Poor results from both the entertainment and electronics arms suggest there’s limited upside in the spinoff proposed by activist Dan Loeb. However, it could allow him to push for more radical restructuring.
China banks inch towards being global competitors 1 Nov 2013 CCB’s purchase of a small Brazilian bank for $730 million is easy for Western rivals to ignore. So are plans for lenders to open branches in the UK. But as China’s outbound financial flows expand, its banks will follow - especially if they get a taste for investment banking fees.
Gazprom can’t shake shareholder-unfriendly habits 1 Nov 2013 Better volumes and pricing have helped the Russian gas giant outperform the main Moscow index since the summer. Investors should be cautious. Swollen capex and a fresh row with Ukraine are reminders that Gazprom works more like an arm of the Kremlin than a normal listed company.
Banks share the blame for Britain’s credit drought 1 Nov 2013 Since 2008, lending to small UK firms has slumped. Banks always cite a lack of demand. A new study into market leader RBS’s lending practices suggests supply is, as you might expect, equally to blame. Alas, its recommendations are too late for companies that have gone bust.
Macau results show not all casinos can be winners 1 Nov 2013 Gambling in the former colony has boomed this year as high rollers defy China’s slowing growth and corruption crackdown. Most gaming stocks have doubled in the past twelve months. But disappointing results from MGM point to growing competitive pressures.