Archive | 22:34

Happy 75th Anniversary, Morgan Stanley!

16 Sep

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Morgan Stanley's office on Times Square

Morgan Stanley's office on Times Square via Wikipedia.

The investment bank carved out by the J. Pierpont Morgan empire celebrates its 75th birthday today. The bank has had its share of troubles, but it has still survived through many financial crisis – as one of Wall Street’s greatest brokerage names – rivaled only by Goldman Sachs.

“Morgan Stanley is still in a rebuilding mode, and it is not the firm that it used to be” — it isn’t exactly on its way out, either, according to Bernstein analysts. Morgan Stanley has repaid the government, and it’s on track to have its most profitable year since 2007.”

More on MarketWatch: 75 years: most good, some bad.

Hiring Frenzy Among City Investment Banks

16 Sep

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The Business Man

Ahead of what is expected to be a busy year a push to hire bankers accelerates as they scamble to get their M&A departments in order – The movers and shakers of finance according to NYTimes DealBook:

Bank of America Merrill Lynch in particular is adding senior bankers in an effort to rebuild the franchise after many Merrill Lynch bankers left the firm following the acquisition. Bankers, who stayed put during the financial downturn, are now willing to move as many expect bonuses.

Nomura’s top M&A banker in Europe, Adrian Mee, went to Bank of America earlier this month. He will be joining Christian Meissner, who moved to Bank of America from Nomura in the summer to lead investment banking in Europe.

Goldman Sachs hired Brett Olsher from Deutsche Bank as a partner in London this week. Mr. Olsher, who was global co-head of M&A, was recently promoted to Deutsche Bank’s executive committee and put in charge of building the bank’s emerging market coverage.

The French bank, Société Générale, lost its head of M&A in Britain, Dan Clague, to the boutique advisory firm Hawkpoint. Bank of America hired four investment bankers from rivals, including Citigroup and HSBC, on Tuesday to strengthen its advisory services for banks and other financial institutions in Europe.”

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Invincible Coke Trumping Spilling Joke

16 Sep

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English and Hebrew Coke labels in an Israeli s...

Coca-Cola via Wikipedia.

“Interbrand is out with its annual top 100 “Best Global Brands” ranking, with Coca-Cola topping the list for the eleventh straight year.

“They are ruthlessly consistent in the way they deliver their brand,” says Jez Frampton, group CEO at Interbrand. “They are a fantastic case study about how to do it properly. “

On the other hand, BP could be a case study in what not to do when it comes to managing a brand. In the wake of the Gulf spill, BP fell out of the top 100 rankings after being in the mid-80s in recent years.”

You find the details from YF here: Top 100 Global Brands: Apple Soars, BP Slumps and Coke’s Still No. 1.

[Quote via MarketWatch]

Climate Cuvée: U.K To Export More Champagne And Exotic Crops

16 Sep

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Champagne Philipponnat

Philipponnat via Wikipedia

Today the U.K government’s climate change advisory committee said that the islands might benefit from a warmer climate by adjusting production:

“Lengthened growing seasons will make growing exotic crops like apricots, walnuts, champagne and wine more viable,” the committee said.

Bloomberg covered the story here.

HSBC May Double Dividend

16 Sep

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HSBC Bank in Armenia

HSBC via Wikipedia

“We think the rebound in profitability and confirmation of Basel capital requirements will allow the bank to step up its dividend materially,” said Michael Helsby, an analyst at Bank of America Merrill Lynch.

“Investor perception of HSBC is dominated by the outlook for interest rates. Consensus suggests that HSBC cannot turn around its operating performance without an [interest] rates increase. We are more bullish,” said Mr Helsby, as he raised his target price on the stock to 905p and reiterated his “buy” rating.

He concluded: “The bank’s risk appetite has recovered and in our view top line growth will respond.”

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[Quote via MarketWatch]

Asian After Hours

16 Sep

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Barron’s: Will Stock Volatility Return to Crisis Levels? With VIX futures suggesting 2008-like gyrations, options investors have clear choices ahead of them.

BBC: WTO ‘tells US to pull Boeing aid’. The World Trade Organization (WTO) has ordered more than $20bn (£13bn) in US government subsidies should be withdrawn from Boeing, according to agency reports.

Bloomberg: Japan’s Solo Run on Yen Exposes Flaw in World Export Strategy. Japan’s solo run to restrain the yen exposes a flaw at the heart of the global recovery effort: The world’s major economies can’t all export their way to prosperity.

BusinessWeek: Stock Picks: Best Buy, E*Trade, MasterCard.Wall Street analysts offer buy, sell, or hold opinions on stocks in the news.

Tokyo Stock Exchange

Tokyo Stock Exchange via Stéfan via Flickr

CNBC: Are Exchange Traded Funds Causing Wild Market Swings? Since the May 6 Flash Crash there has been growing concern that exchange-traded funds are a monster in the making—certainly something bigger than they were meant to be.

Forbes: How to succseed in Business: Really try. In a truly free market, the fly-by-night shysters who try to make a killing get killed–by the government, which outlaws force and fraud, and by the market, which shuns any company that fails to create genuine value.

MarketWatch: Nikkei Cheers Yen Move: Japan’s Nikkei rises to its highest intraday level in five weeks after government action to stem the yen’s advance against the U.S. dollar.

Reuters: Soros: China a post-crash winner. Billionaire financier George Soros says China escaped virtually unharmed when the global economy collapsed and is benefiting from a “phenomenal” power shift never seen before.

The Economist: The global labour picture.

The Business Insider: Roubini Outdoes Himself, And Explains How Recent Good Data Will Doom The Economy.

The Financial Times: US considering ways to push renminbi higher.

The Guardian: Goldman sued for sex discrimination. Ex-employees claim testosterone culture, including a push-up contest, allows bias against women.

The New York Times: China Shifts Away From Low-Cost Factories. As costs rise, factories are revamping, helping build a middle class and encouraging sustainable growth.

The Telegraph: Questor share tip: Hargreaves’ record profits show coal is still king. Hargreaves Services, the coal supply-chain group and owner of the Maltby Colliery in Yorkshire, posted an excellent set of full-year numbers, with profits at a record level.

The Wall Street Journal: Zombie Buildings Haunt Spain Recovery. Some 1.5 million unfinished, unsold or unwanted residential units stand scattered across Spain, products of a still-deflating housing bubble that could undermine the economy for years to come.

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