Home News Twitter likely to favour NYSE listing after Nasdaq Facebook Inc IPO glitches
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).

Confidence in the Nasdaq is low after the stock exchange has faced a spate of technical glitches in recent years. They included a three-hour shutdown on 22 August and glitches during Facebook’s IPO in May 2012 which led to the Nasdaq agreeing to pay $62m to traders affected by the incident.

Analyst Max Wolff of Greencrest Capital said that although he had expected a Nasdaq listing, there is a growing possibility of Twitter choosing the NYSE. The Nasdaq is ahead of the NYSE for tech IPOs since 2011 – 55 to 53, according to Nasdaq data – but this year the NYSE has won 17 (61 per cent) of the 28 tech IPOs, city A.M. reports.

Vodafone

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.

Pieters also said he would work on plans for an eventual initial public offering in India, despite changes allowing Vodafone to buy out its Indian minority investors. Pieters made his comments as investors expect Vodafone to look for growth in emerging markets after agreeing to sell its stake in Verizon Wireless.

BAE Systems

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.

Diageo

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

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?"

Currently, customers who damage devices often have to send them back to the manufacturer for repair. The service expansion is one of the options James is considering for the electricals retailer after he disposing of his troublesome Pixmania internet business and Turkish arm.

Co-operative Bank

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.

They have questioned why a £150m IT system was deemed worthless, among other objections. The bondholders have written to the Bank’s Chairman Richard Pym.

Asos

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:

"We anticipate another strong performance driven by penetration of international markets and market-share gains in the UK. We forecast international sales up 52% and UK sales up 32%.

Royal Mail

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.

'The Scottish Government is firmly opposed to the privatisation of Royal Mail and this proposed sell-off of an essential public service should be subject to a moratorium until the result of Scotland's referendum is known,' he said, according to The Daily Mail.

House prices

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:

"A London crash could stall the economy. It’s a big enough asset class to matter. The ripple effects of a key sector go throughout the economy in so many ways." Houses in the capital’s ten most expensive boroughs are now worth as much as the property markets of Wales, Scotland and Northern Ireland combined, The Daily Mail writes.

Federal Reserve

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.

Mr Summers, a former Treasury Secretary and senior economic adviser to Barack Obama in his first term, galvanised opposition among left-of-centre Democrats who painted him as a symbol of the wrongs of financial deregulation, the Financial Times writes.


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