News

Asian exchanges could miss M&A wave on regulation

Asia runs the risk of being left behind in the sudden wave of transatlantic stock exchange consolidation, given the tough regulatory regimes, cumbersome ownership structures and protectionist minded governments. The proposed tie-up between NYSE Euronext and Deutsche Boerse along with the London Stock Exchange’s move for Canada’s TMX Group has prompted talk the global exchange…

India’s railways puff slowly to private sector reform

Tentative reforms and some eye-catching projects could herald a private sector-driven shake-up of India’s creaking railways, but deeper change is needed to tackle the supply bottlenecks that still crimp growth. Once seen as a shining legacy of the British Raj and still one of the world’s biggest employers, India’s rail network crams 18 million people…

EU to present draft law curbing auditors

Auditing firms in the European Union face more competition and curbs on their activities to restore their “tarnished” image, the bloc’s financial services chief has announced. “One can no longer say ‘move on, there is nothing to see’ on audit issues,” EU Internal Market Commissioner Michel Barnier told a webstreamed hearing on auditing in Brussels….

LSE to buy Toronto bourse making $4trn exchange

The London Stock Exchange (LSE) is to buy Canada’s TMX to claw back lost market share and create the world’s fourth-largest bourse trading $4.1trn of stock a year. Shares in the LSE, first established in 1698, jumped nine percent as markets welcomed the all-share deal, and indicating a per share valuation for TMX of C$46.7,…

Xstrata year profit up 86%, outlook positive

Miner Xstrata reported a better-than-expected 86 percent jump in annual profit on stronger commodity prices and gave a positive outlook for 2011. The Anglo-Swiss miner said it was still assessing the impact on this year’s results from the recent flooding and cyclones in Queensland – where it has coal, copper and zinc operations – after…

McBride warns of second wave of material cost rises

A second wave of commodity price increases and a deteriorating British grocery market will hit profits at cleaning products maker McBride, it said on February 7, sending its shares to a 24-week low. McBride, Europe’s biggest maker of own-brand household cleaning products for retailers, said a surge in the price of plastics and vegetable oils…

WTO report said to condemn Boeing subsidies

Plane maker Boeing received unfair subsidies from the US government, a World Trade Organisation report said recently, according to Boeing’s European rival Airbus. The two companies disagreed over the extent of the subsidies outlined in the report, which was delivered to the US government and the EU Commission but not released publicly. Airbus said the…