Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Banks

RBS falls 2% after failing BoE stress test

Royal Bank of Scotland shares have slipped 2 per cent in early trading this morning, after the state-controlled lender emerged as the biggest loser in the Bank of England’s latest round of annual stress tests. The lender has now given regulators a plan to bulk up its capital levels by cutting costs and selling assets, […]

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Categorized | Equities

Spanish banks surge on acquisition talk


Posted on November 30, 2012

Spanish banks surged this week amid optimism about dealmaking in the sector.

Banco de Sabadell
gained on speculation it would buy Banco Mare Nostrum. The shares gained 8.8 per cent to €2.15 over the week.

    “The proposed acquisition . . . highlights opportunities for stronger institutions to acquire assets put up for sale by banks with weaker balance sheets in Spain,” Fitch Ratings wrote in a note about Spanish lenders.

    Caixabank’s agreement with Berkshire Hathaway to shift its life insurance portfolio to Warren Buffett’s investment group sent its shares rallying 6 per cent to €2.94.

    Sanguine investors bought into Banco Popular’s €2.5bn rights issue
    , adding more than a quarter to its market capitalisation. The lender tapped capital markets after an independent audit revealed it needed an extra €3.2bn. Its shares climbed 17 per cent to €0.64.

    Not all analysts were positive. “The shares are pricing a more optimistic outcome,” wrote RBC Capital Markets, which has a €0.35 price target and “underperform” rating on the shares.

    The FTSE Eurofirst 300 gained 0.8 per cent to 1,119.36 over the week.

    ThyssenKrupp
    lost ground after it said a deal with Sogefi
    , the Italian car parts maker, had fallen through. “Expect a ‘messy’ Q4,” Deutsche Bank analysts wrote.

    The German steelmaker’s shares lost 7.3 per cent to €15.57.

    Nokia shares fell 7.4 per cent to €2.55 as it stepped up a patent battle with Research In Motion

    , launching lawsuits in Canada, the US and the UK.