|Twitter likely to favour NYSE listing after Nasdaq Facebook Inc IPO glitches|
|Monday, 16 September 2013 10:03|
News round up: Twitter, Facebook, NYSE, Nasdaq, Vodafone, BAE Systems, Diageo, Dixons, Co-operative Bank, Asos, Royal Mail, House Prices and Federal Reserve.
Twitter is likely to favour a listing on the New York Stock Exchange (NYSE:NYX) over the Nasdaq (NASDAQ:NDAQ) on the back of glitches and problems with the exchange that marred Facebook Inc’s (NASDAQ:FB) initial public offering (IPO).
Vodafone is considering acquisitions in India, the Financial Times reported. The UK mobile giant sees itself as a "natural consolidator" in India once changes to merger rules allow consolidation in the country’s telecoms market, Vodafone’s Indie Chief Executive Marten Pieters, told the paper.
BAE Systems faces pressure from the Government to take more responsibility for the rising costs of a £5.3bn contract to build two aircraft carriers, the Sunday Times said. The Ministry of Defence and the Cabinet Office also want to alter a deal that gives BAE a monopoly on military shipbuilding. The original estimate to build the carriers was £3.6bn in 2008 but it has jumped to almost £5.3bn, the paper said.
An investor revolt is on the cards at Diageo’s annual meeting over an £18.2m pay deal for former Chief Executive Paul Walsh, the Mail on Sunday said. Shareholder advisory firm Manifest has accused the Guinness maker of "excessive" pay for executives. Manifest told the paper some investors were likely to vote against the remuneration report which it said had executive incentives that were not testing enough.
Dixons is considering adding a local electrician and repairs service after revamping its stores, the Sunday Telegraph reported. Dixons’ Chief Executive Sebastian James said: "We have trump cards we haven’t played yet. I have an electrician in most postcodes most days. What more could we do?"
A group of Co-operative Bank bondholders has accused it of overstating its losses to force through a bail-out deal that makes bondholders accept a loss, the Sunday Times said. Some rebel bondholders have raised questions about write-offs totalling £379m taken in last month’s first-half results.
Asos is expected to say that fourth-quarter sales jumped 43% to £208m when it updates investors on September 19th, the Sunday Express said, citing analysts. Simon French, retail analyst at Panmure Gordon, said:
Plans to privatise the Royal Mail faced potential disruption on Sunday after First Minister Alex Salmond said the move should be put on hold until after the Scottish independence referendum. Mr. Salmond demanded the moratorium so people in Scotland can have their own say on what do with the 'public asset' in the event of a Yes vote next September.
A crash in the soaring London housing market could derail the tentative recovery of the entire British economy, one of the world’s leading economists has warned. As fears rise of a new bubble in house prices, Paul Ballew, global chief economist for credit-rating group Dun & Bradstreet, said:
Lawrence Summers has taken himself out of the running to be the next chair of the Federal Reserve after a bloc of key Democratic senators indicated they would oppose his nomination. Janet Yellen, the Fed vice-chair, is now the frontrunner to replace Ben Bernanke in January, in an appointment that would make her the first woman to hold the post.
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