Lex

Ocado to take Morrisons online

Fri, 17 May 2013 03:47:00 GMT

Ocado shares leapt 29 per cent on news of its deal to take Morrisons into online groceries. Lex's Vincent Boland and Oliver Ralph discuss how Ocado partner Waitrose will view the tie-up.

Luxury lull

Thu, 16 May 2013 04:23:00 GMT

Luxury goods group Richemont has seen sales improve in the US but not enough to counter a clampdown on gift giving in China. Lex's Nikki Tait and Julia Grindell on the tougher trading environment for luxury.

Oil pricing probe

Wed, 15 May 2013 03:21:00 GMT

The European Commission is investigating the energy industry's price-setting mechanisms for oil and gas products after antitrust raids on BP, Shell and Statoil. Lex's Stuart Kirk and Vincent Boland discuss whether investors should be concerned.

Vodafone's $3bn windfall

Tue, 14 May 2013 03:18:00 GMT

Vodafone is to receive $3.2bn in dividends from its 45 per cent stake in Verizon Wireless. Lex's Oliver Ralph and Nikki Tait discuss what Vodafone would do if Verizon buys out its stake.

Elan's poison pill

Mon, 13 May 2013 03:41:00 GMT

Elan, the Irish drug company, is fending off a hostile bid by Royalty Pharma by buying royalties itself ‑ a $1bn investment in Theverance, a speciality respiratory drug company. Lex's Stuart Kirk and Vincent Boland discuss whether the strategy will work.

Not building enough

Thu, 09 May 2013 05:08:00 GMT

UK homebuilding has been boosted by government initiatives, and Barratt has described the market as the most favourable in five years – but supply is trailing demand. Lex’s Stuart Kirk and Nikki Tait discuss what this means for housebuilders.

Hard act to follow at Man Utd

Wed, 08 May 2013 03:56:00 GMT

Sir Alex Ferguson, Manchester United's manager, has announced his retirement after 26 years in charge of the English football club. Lex's Oliver Ralph and Vincent Boland discuss what Sir Alex's departure means for Manchester United's owners, the Glazer family, and the challenges in store for his successor.

Banks cutting costs

Tue, 07 May 2013 04:39:00 GMT

The banking sector has produced a series of less than encouraging first-quarter results in recent days, and many have turned to cost-cutting to improve performance. Lex asks how much further cuts can go before revenue generation is hampered.

The great RBS sale debate

Fri, 03 May 2013 05:50:00 GMT

With first quarter numbers out and talk once again turning to a sale of the government's stake in bailed-out bank RBS, Lex's Vincent Boland and Oliver Ralph discuss whether conditions are right for the sell-off to begin.

Shell should seek long-play chief

Thu, 02 May 2013 03:10:00 GMT

Peter Voser is to step down as chief executive of Royal Dutch Shell next year. Lex's Oliver Ralph and Vincent Boland discuss Mr Voser's unexpected move and what type of CEO the Anglo-Dutch oil major should now be looking for.

Deutsche or UBS - which bank would you choose?

Tue, 30 Apr 2013 16:18:41 GMT

Shares in UBS and Deutsche Bank both climbed 8 per cent on Tuesday morning, but since 2010 the Swiss bank's shares have outperformed Deutsche by 30 per cent. Lex's Oliver Ralph and Stuart Kirk discuss whether Deutsche now offers a better opportunity than UBS.

Imposing 'speed limits' on HFT

Mon, 29 Apr 2013 04:27:00 GMT

High-frequency trading has been blamed for stoking market volatility and regulators have it in their sights. In a pre-emptive move, EBS, one of the two dominant foreign exchange trading platforms, is considering 'speed limits' on electronic trading. Lex's Stuart Kirk and Nikki Tait discuss why the group is thinking about taking action early.

Some austerities are more austere than others

Fri, 26 Apr 2013 04:19:00 GMT

Attitudes towards austerity are diverging across the globe. Some, like the UK, want to stay the course, others feel it is time to ease the pain. Lex columnists Nikki Tait and Vincent Boland discuss how austere policy needs to be.

Bad normal for Santander

Thu, 25 Apr 2013 15:01:17 GMT

A return to normality was promised by Santander for this year, but that's not how it's turned out. Lex's Julia Grindell and Oliver Ralph discuss what is awry.

Banks for sale

Wed, 24 Apr 2013 03:53:00 GMT

The Co-operative has pulled out of a deal to buy 630 Lloyds bank branches. Santander pulled out of a similar deal to buy RBS branches last year. Lex's Stuart Kirk and Oliver Ralph discuss whether UK retail banking has lost its attractiveness.

Swedbank- steady as she goes

Tue, 23 Apr 2013 03:58:00 GMT

Swedish banks are the sector's stalwarts at the moment, with Swedbank reporting first-quarter results that beat expectations. Lex's Stuart Kirk and Oliver Ralph discuss whether the bank can benefit if the European economic landscape improves and whether its higher share price, compared with European counterparts, is justified.

Italy's indefinite inertia

Mon, 22 Apr 2013 15:18:47 GMT

Italy's stocks climbed on news its 88-year-old president Giorgio Napolitano has been re-elected. This raises hopes that the political deadlock which set in since February's elections will be broken. Lex's Oliver Ralph and Vincent Boland discuss whether the rise can be justified.

Lenovo – moving into servers?

Fri, 19 Apr 2013 03:41:00 GMT

China's Lenovo, IBM's erstwhile PC business, says it is in negotiations with a third party over a possible acquisition, with market predictions pointing to IBM's x86 server business. Lex's Oliver Ralph and Julia Grindell discuss whether it makes sense for Lenovo to move into a sector currently dominated by HP, Dell and IBM.

Nokia's mole problem

Thu, 18 Apr 2013 14:38:33 GMT

As soon as Nokia fixes one hole, another appears. Now that sales of its Lumia smartphones are picking up, their stalwart basic phones hit further trouble. Lex's Stuart Kirk and Nikki Tait discuss the latest travails of the Finnish mobile phone maker.

Tesco after not so easy US

Wed, 17 Apr 2013 15:20:33 GMT

Tesco, the UK's biggest retailer, has written off £1bn on its failed Fresh & Easy operation in the US. Lex's Stuart Kirk and Oliver Ralph discuss what a bruised Tesco will do now.

Copper follows gold fall

Tue, 16 Apr 2013 04:05:00 GMT

All eyes have been on the big fall in the price of gold but there's been a sell-off of metals across the board, including copper. Lex's Stuart Kirk and Julia Grindell discuss the outlook for copper and how slowing demand from China will affect the price.

Ladbrokes takes a tumble

Mon, 15 Apr 2013 03:44:00 GMT

Ladbrokes shares fell eight per cent after a disappointing set of first-quarter numbers, which the bookmaker blamed on the Cheltenham horseracing festival and winter race cancellations. But with shares now at a discount to those of rival William Hill, Lex's Stuart Kirk and Oliver Ralph consider whether the group's problems are more structural rather than a temporary blip.

Foggy forecast from Infosys

Fri, 12 Apr 2013 14:55:09 GMT

Shares in Infosys lost a fifth of their value on Friday as it missed its full-year revenue forecast and provided vague and low top line guidance for the coming year. Lex's Stuart Kirk and Julia Grindell discuss where the problems lie for India's second largest software outsourcer and whether the decline creates an opportunity.

Deutsche Telekom's final offer to MetroPCS

Thu, 11 Apr 2013 05:01:00 GMT

Will Deutsche Telekom's final offer win over MetroPCS's investors? And where does it leave the German telco? Lex's Stuart Kirk and Nikki Tait discuss the improved offer.

Will the tide turn for ICAP?

Tue, 09 Apr 2013 15:13:16 GMT

ICAP has been dragged into an investigation over the manipulation of a derivatives benchmark that it administers. The world's largest interdealer broker is also part of the Libor rate-rigging investigation. Lex's Stuart Kirk and Oliver Ralph discuss the fundamentals of the business aside from the one-off issues, and whether there's value in the share price.

Portugal's bailout woes

Mon, 08 Apr 2013 05:15:00 GMT

Portugal's constitutional court has blocked some austerity measures being implemented by the government to meet the terms of the country's €78bn bailout in 2011. Lex's Stuart Kirk and Vincent Boland discuss the implications of this unusual move and examine whether Portugal will be able to re-enter the financial markets or if it will need a new bailout.

Safe deposits?

Fri, 05 Apr 2013 03:18:00 GMT

The bail-in of bank deposits over €100,000 in Cyprus introduced risk where it was previously perceived not to exist. Lex's Stuart Kirk and Oliver Ralph discuss how savers could circumvent this and the implications that would have for banks.

QE4: Now Japan eases and in earnest

Thu, 04 Apr 2013 04:51:00 GMT

Two decades of deflation have driven Japan to instigate an aggressive monetary easing programme - the fourth major central bank to take such unconventional measures. Lex's Vincent Boland and Stuart Kirk discuss whether Japan's plan will work and whether the global financial system gorged on easy money can be weaned.

What's new at Barclays?

Wed, 03 Apr 2013 15:41:10 GMT

Lex's Stuart Kirk and Oliver Ralph discuss the Salz Review, a 230-page report into what went wrong at Barclays before and during the financial crisis, and ask whether it tells investors anything new about the bank.

Rosneft: it's big but is it beautiful?

Tue, 02 Apr 2013 03:18:00 GMT

Rosneft is now the world's biggest oil company by production after its takeover of TNK-BP, but is it a wise investment? Lex's Stuart Kirk and Vincent Boland discuss.

Frothy coffee?

Thu, 28 Mar 2013 16:35:12 GMT

Joh A. Benckiser is after a triple coffee with its proposed takeover of DE Master Blenders 1753. Lex's Stuart Kirk and Nikki Tait discuss what JAB sees in the glorified consumer staple.

Enders achieves EADS overhaul

Wed, 27 Mar 2013 16:13:53 GMT

EADS' share price is at an all-time high, and at an extraordinary general meeting chief executive Tom Enders secured a new corporate governance structure. Lex's Stuart Kirk and Vincent Boland discuss the changes and a planned share buyback.

Kazakhmys takes a hit

Tue, 26 Mar 2013 04:12:00 GMT

Shares in Kazakhmys fell sharply after the copper miner reported a 30 per cent fall on underlying earnings and a $2bn writedown on its stake in fellow Kazakh miner ENRC. However, these earnings results had been expected. Lex's Vincent Boland and Julia Grindell discuss the share price fall and operational challenges facing Kazakhmys.

Cyprus: a big moment for eurozone

Mon, 25 Mar 2013 04:09:00 GMT

As Cyprus reached an 11th-hour €10bn bailout deal with international lenders, Lex's Stuart Kirk and Vincent Boland discuss how the agreement means senior bondholders are no longer sacrosanct.

AstraZeneca's patent cliff

Thu, 21 Mar 2013 03:28:00 GMT

Like many pharmaceutical companies AstraZeneca is facing a patent cliff. Lex's Stuart Kirk and Oliver Ralph discuss how new chief executive Pascal Soriot is tackling the slide in revenue.

Iron ore oversupply outlook

Wed, 20 Mar 2013 15:22:04 GMT

Share prices for miners are suffering on concerns over the outlook for iron ore prices. Lex's Stuart Kirk and Julia Grindell discuss the large amounts of supply expected to come online from the miners in the medium term and how this will meet future demand.

Arm after East goes

Tue, 19 Mar 2013 04:56:00 GMT

Warren East, chief executive of chip designer Arm Holdings, is to retire. Lex's Stuart Kirk and Nikki Tait discuss how the new chief Simon Segars can continue the company's phenomenal growth.

Breaking bank capital taboo

Mon, 18 Mar 2013 16:50:32 GMT

The Cypriot plan to tax bank deposits is breaking a taboo that savings are sacrosanct. Lex's Stuart Kirk and Oliver Ralph discuss the ramifications of this plan for the industry.

European car gloom slows VW

Thu, 14 Mar 2013 03:37:00 GMT

Volkswagen's 2012 numbers were not particularly positive and its outlook for the current year was for stalling in second gear. Lex's Julia Grindell and Nikki Tait discuss the continuing impact of the depressed European car industry on VW.

Pru's progress

Wed, 13 Mar 2013 03:24:00 GMT

UK insurer Prudential has reported forecast-beating results, particularly in Asia. Lex's Vincent Boland and Oliver Ralph discuss how the Pru is outperforming the sector in its recovery from the aborted AIA takeover.

Brighter outlook from Munich Re

Tue, 12 Mar 2013 03:28:00 GMT

Munich Re's profit outlook is better than expected but down on the previous year. Lex's Vincent Boland and Oliver Ralph discuss what lower catastrophe losses and weaker investment returns mean for the reinsurance sector.

Ladbrokes plays catch up

Mon, 11 Mar 2013 04:56:00 GMT

Ladbrokes has announced an agreement with gambling software provider Playtech to bolster its online business. However, the gambling group is trailing behind rival William Hill. Lex's Vincent Boland and Julia Grindell discuss the importance of an online strategy to betting companies, and the future for UK gambling operators in the US.

Chrysler revs up for the IPO road

Fri, 08 Mar 2013 04:08:00 GMT

A public listing of US carmaker Chrysler could be on the horizon after banks were approached to discuss an IPO. This could help settle a valuation dispute between the group's owners, a union healthcare trust and Fiat, which holds 58.5 per cent and wants to buy more. Lex's Oliver Ralph and Nikki Tait discuss why Fiat is so keen to take full control of Chrysler and if the Italian carmaker is in a position to buy the rest of Chrysler.

Surprise result from Aviva

Thu, 07 Mar 2013 03:42:00 GMT

Shares in Aviva dived 15 per cent after the UK insurance company cut its final dividend by 44 per cent. The group also announced poor results, with profits down in all of the group's subsidiary businesses. Lex's Stuart Kirk and Oliver Ralph discuss why the dividend cut was a surprise to investors and what new chief executive Mark Wilson will do with the additional funds.

Venezuela's oil sector after Chávez

Wed, 06 Mar 2013 03:30:00 GMT

Venezuela has the world's largest reserves of oil. Lex's Stuart Kirk and Vincent Boland discuss how the death of President Hugo Chávez could be an opportunity for the country to better exploit that vast resource.

Glencore/Xstrata – merger in sight

Tue, 05 Mar 2013 04:02:00 GMT

Both Glencore and Xstrata reported a fall in underlying earnings in 2012. Yet the Swiss trader-cum-miner is optimistic that the deal to merge with Xstrata will gain final approval from Chinese regulators by mid April. Lex's Stuart Kirk and Julia Grindell look at the results and assess the chances of Chinese approval.

Getting the HSBC house in order

Mon, 04 Mar 2013 03:46:00 GMT

HSBC's shares dipped after the bank reported a 6 per cent fall in profit, mainly due to claims for insurance mis-selling and money laundering fines. However, the stock has gained 35 per cent since the start of last year and revenues were up 7 per cent, better than most other Europe-based banks. Lex's Oliver Ralph and Stuart Kirk discuss Stuart Gulliver's tenure as he enters his third year at the helm of HSBC, and what he needs to do to lift the group's share price.

Sorrell's shopping spree pays off

Fri, 01 Mar 2013 03:55:00 GMT

WPP seems to be riding the storm which has hit much of the advertising market. Like-for-like sales growth in 2012 was up slightly, ahead of expectations, and the group's share price has been rising. Lex's Stuart Kirk and Vincent Boland discuss whether the acquisition-led strategy of WPP's chief, Sir Martin Sorrell, has paid off.

Selling the state’s stake

Thu, 28 Feb 2013 04:01:00 GMT

The spotlight on Stephen Hester, RBS chief, is unlikely to abate any time soon. Results revealed that despite a jump in operating profits, regulatory fines and restructuring charges left the bank with a £500m loss. The lender is also likely to miss its deadline to sell 300 branches to comply with EU state aid rules. Lex’s Stuart Kirk and Oliver Ralph discuss how the lender’s restructuring programme is shaping up and when the government might start to sell down its 82 per cent stake.

EADS – happy flying solo

Wed, 27 Feb 2013 04:41:00 GMT

EADS' failed deal with BAE seems to be a distant memory, as EADS revealed strong results for 2012. Revenue was up 15 per cent and the group has raised its dividend. With its shares up a third since the BAE proposal died in October, and a 15 per cent share buyback in sight, Lex's Stuart Kirk and Vincent Boland discuss how long EADS can exploit the boom in commercial aerospace.