Europe
Saturday, 18 May 2013 19:27
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PARIS: The French stock market authority has found LVMH secretly bought shares in rival Hermes to build a stake, and not merely make a financial investment as the luxury group has claimed, a newspaper reported.LVMH said it would fight the findings of the watchdog's probe before its sanctions committee when it meets on May 31 to hear the company's defence.Hermes was not immediately available for comment.LVMH, which owns 22.6 percent of Hermes, surprised the market in October 2010 when it announced it had a 14 percent stake, gained partly via derivatives that allowed it to not declare its holding.Le Monde reported on Saturday that the stock market authority's investigation found LVMH had in 2001-2002 acquired an initial stake of 4.9 percent through subsidiaries based in tax havens and which was not declared in its accounts.In France, companies are required to disclose when they take a stake worth more than 5, ...
LONDON: Europe's main stock markets rebounded on Friday, with Paris jumping above 4,000 points for the first time since July 2011 as traders went bargain-hunting after earlier losses, dealers said.In late morning deals, the Paris CAC 40 rallied to 4,009.15 points, which was the highest level since July 7, 2011. It later stood at 3,992.65 points, up 0.34 percent from Thursday's close.Elsewhere, London's benchmark FTSE 100 gained 0.36 percent to 6,712.02 points, while Frankfurt's DAX ...
LONDON: Britain's top share index fell on Friday, easing back further off 5-1/2-year highs, with investors cautious after US central bank officials said the Federal Reserve could begin easing up its monetary stimulus this summer.The FTSE 100 was down 3.35 points, or 0.1 percent, at 6,684.45 by 0702 GMT, having slipped 0.1 percent on Thursday - to snap a 10 session winning streak - when weak data on the US labour and housing markets dented ...
LONDON: European shares ended a touch lower on Thursday, pegged back by downbeat earnings news and US data, although some analysts expect the market to resume its grind higher.The FTSEurofirst 300 closed down 0.21 point at 1,245.45, with heavyweight Swiss insurer Zurich off 3.3 percent after a 7 percent drop in first-quarter net profit.Concerns about the global economy were heightened by weak data on the US labour and housing markets.Even so, confidence remains high in ...
LONDON: Solid corporate earnings helped push Britain's top share index to a fresh 5-1/2 year closing high on Wednesday, led by low-cost airline easyJet after a robust update.The UK benchmark ended up 7.49 points, or 0.1 percent, at 6,693.55, its highest close since October 2007.Easyjet and exchange operator London Stock Exchange were bolstered by estimate-beating updates, notching up respective gains of 8.3 percent and 5.3 percent.Traders said the positive earnings news was very much the ...
LONDON: European equities rose on Wednesday as investors shrugged off news that the eurozone recession deepened in the first quarter, dealers said.In midday deals, London's benchmark FTSE 100 index of leading shares rose 0.20 percent to 6,699.34 points.In Paris, the CAC 40 added 0.24 percent to 3,975.72, despite official data showing that France has entered recession.Frankfurt's DAX 30 index gained 0.14 percent to 8,350.86 points, amid news of slender quarterly growth, while Madrid and Milan ...
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