Markets
London - UK stocks closed higher on Friday, as strength in pharmaceutical and energy stocks offset falls in banking stocks after investors drew confidence from the stimulus statements from the G20 conference. Leaders of the G20 pledged to keep emergency economic supports running until a durable recovery was secured. The news saw investors shrug off disappointing durable goods data in the US, as order fell 2.4 percent in August after rising 4.8 percent in July. The FTSE100 closed 2.93 points higher at 5082.20.

Posted: September 29th, 2009 under Asset Management.
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On the 21st September 2009, the European Commission issued a press release publicising the ECJ decision in the long running AKZO Nobel case.
Background
The press release states “.. On 9 December 2004, the Commission fined Akzo Nobel NV and four of its subsidiaries jointly and severally €20.99 million for price fixing, market sharing and agreeing [...]

Posted: September 24th, 2009 under Competition Law & Regulatory.
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Markets
London - The FTSE 100 is currently 41.94 points lower at 5,097.43. 3i Group tops the faller’s board, sliding 3%, after a disappointing trading update. British Airways declines 2.9% after Citigroup cut its rating on the stock to Hold from Buy. AstraZeneca slips 1% after Goldman Sachs downgraded the stock to Sell from Neutral, as it sees little scope for upside. On the upside, Autonomy Corporation announced that it has entered into a license agreement with the European Commission to license Autonomy’s Intelligent Data Operating Layer software. Shares are 1.9% higher. Intertek Group adds 1.4% after being raised To Overweight from Equalweight by Morgan Stanley.

Posted: September 24th, 2009 under Asset Management.
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The Offie of Fair Trading (OFT) has issued the first ban against an Estate Agent for failing to take part in the redress scheme. More information is in the OFT press release availabe here http://www.oft.gov.uk/news/press/2009/116-09.

Posted: September 23rd, 2009 under Business Regulation, Miscellaneous.
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Markets
London - The FTSE 100 is currently 20.81 points higher at 5,163.41. Broker re-ratings drive a number of stocks higher including Prudential adds 2.4% after Cazenove upgraded the stock to Outperform from In Line. Liberty International tops the fallers board, down 5.5%, following an announcement of a placement of up to 56.1 million new ordinary shares. Elsewhere, according to The Times, Two independent directors are to stand down from the board of Lloyds Banking Group. Carolyn McCall, chief executive of Guardian Media Group, will leave the board at the end of the year, while Philip Green, chief executive of United Utilities, will leave next month. According to The Guardian, Cadbury investors have urged the US food giant Kraft to make a firm offer of around 850 pence per share, which would value the company at £11bn.

Posted: September 23rd, 2009 under Asset Management.
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