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Obama: JP Morgan Loss Shows ‘Exactly Why Wall Street Reform’s So Important’

May 16, 2012 By admin Leave a Comment

JP Morgan Chase’s $2 billion trading loss is “exactly why Wall Street reform” is so important, President Obama said in his first interview since the bank announced the massive loss last week. Obama signed the Dodd-Frank Wall Street Reform Act

, which could ban risky trades like the one that hit JP Morgan, in 2010.

JP Morgan CEO Jamie Dimon announced the loss last Thursday, sparking stock losses and reminders of the 2008 financial crisis across Wall Street. In Obama’s interview, which will air this morning on ABC’s “The View,” the president referenced the federal bailout that resulted from that crisis and said a similar loss at a weaker bank may have caused yet another bailout, ABC News reports:

“JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”

“This is the best, or one of the best-managed banks. You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we might have had to step in,” Obama said. “That’s exactly why Wall Street reform’s so important.”

What Obama didn’t mention was how successful Dimon and JP Morgan were in watering down Wall Street reform. The bank has spent nearly $10 million since the beginning of 2011 on lobbying, focusing largely on the Volcker Rule, a regulation that would largely prohibit risky proprietary trading at federally-insured banks. The trade that caused JP Morgan’s losses would likely still have been legal under the Volcker Rule, but only because of a loophole that JP Morgan lobbied for.

Obama is right that JP Morgan’s situation demonstrates the need for Wall Street reform. But it also makes clear that the new rules need to be strong and immune from Wall Street’s lobbying influence if we don’t want a repeat of the 2008 crisis.

Filed Under: International News Tagged With: abc, Jamie Dimon, JP Morgan, Jp Morgan Chase, loss, morgan, president, Stock Losses

Webcast Alert: Vale Announces 2nd Quarter 2010 Results Webcast

July 24, 2010 By vani Leave a Comment

RIO DE JANEIRO, July 23 /PRNewswire-FirstCall/ — Vale (NYSE: VALE & VALE.P) (BM&FBOVESPA: VALE3 & VALE5) (EURONEXT PARIS: VALE3 & VALE5) announces the following Webcast:

What:

2nd Quarter 2010 Results of Vale

When:

Friday, July 30 2010 @ 10:00 a.m. US EDT time

@ 11:00 a.m. Rio de Janeiro time

Where:

http://www.mediatown.com.br/prnewswire/player/?id=336

How:

Live over the Internet — Simply log on to the web at the address above.

Contact:

Patricia Ulrich from Vale, + 55 21 3814-4540, or
e-mail, rio@vale.com

If you are unable to participate during the live webcast, the call will be archived at http://www.vale.com. To access the replay, click on Investor Relations Section.

Vale is the largest diversified mining company in the Americas and the second largest company in the global metals & mining industry, with an average market capitalization of approximately US$ 123.6 billion in 2Q10. Vale shares are traded on the NYSE (VALE and VALE.P), on the Euronext Paris (VALE3 and VALE5), on the BM&FBOVESPA (VALE3 and VALE5). The ADR depositary agent is JP Morgan Chase. Vale is the world’s largest producer and exporter of iron ore and pellets, the world’s second largest producer of nickel and one of the leading producers of manganese and ferro-alloys. It also produces coal, copper, bauxite, kaolin, potash, alumina and aluminum. Vale is the largest logistics service provider in Brazil, where it owns and operates a series of railroads and ports.

Filed Under: International News Tagged With: Alumina, e-mail, Edt Time, Euronext Paris, ferro alloys, Global Metals, investor relations section, JP Morgan, Jp Morgan Chase, Kaolin, live webcast, Logistics Service Provider, Market Capitalization, Player Id, potash, PRNewswire, Rio de Janeiro, Rio De Janeiro Time, Vale3, vale5

AgBank shares up as Morgan Stanley lifts stake

July 24, 2010 By vani Leave a Comment

(Reuters) – Hong Kong-listed shares of Agricultural Bank of China (1288.HK) rose more than 4 percent on Friday morning after Morgan Stanley (MS.N) lifted its stake in the Chinese lender’s H shares by about 1 percentage point.

Morgan Stanley raised its holding in AgBank’s H-shares to 16.31 percent from 15.28 percent earlier this week, according to data on the website of the Hong Kong stock exchange.

“This has helped boost confidence among retail investors that the bigger players are interested in buying into the bank,” said Jonathan Siu, an analyst at Core Pacific-Yamaichi in Hong Kong. “There was some uncertainty during the first couple of days, but this has helped improve sentiment.”

At the midday trading break, AgBank H shares were up 3.6 percent at HK$3.42 after hitting an intraday high of HK$3.45. The benchmark Hang Seng Index .HSI was up 1.09 percent.

AgBank’s (601288.SS) Shanghai-listed A shares were up 3.3 percent at 2.82 yuan, beating the Shanghai Composite Index’s .SSCE 0.38 percent advance.

Morgan Stanley, and rivals Deutsche Bank AG (DBKGn.DE), Goldman Sachs Group Inc (GS.N), JP Morgan Chase & Co (JPM.N), Macquarie Group (MQG.AX) and China International Capital Corp (CICC), handled AgBank’s Hong Kong offering that raised about $10.5 billion.

While it is common for underwriters to buy the shares of a company they helped list, only Goldman Sachs has received the mandate to stabilize AgBank shares during the first month following its offering, according to the lender’s prospectus.

AgBank made modest debuts in Hong Kong and Shanghai last week, reflecting wider concern over valuations and investor cautiousness amid market volatility.

Its price of HK$3.42 midway through the Hong Kong trading day represents a near 7 percent increase from its IPO price of HK$3.20 per share.

(Reporting by Kelvin Soh and Kennix Chim; Editing by Chris Lewis)

Filed Under: International News Tagged With: agricultural bank of china, Core Pacific Yamaichi, Deutsche Bank Ag, Goldman Sachs, goldman sachs group, goldman sachs group inc, Hang Seng Index, Hk 3, Hong Kong Stock, hong kong stock exchange, Ipo Price, Jp Morgan Chase, Jp Morgan Chase Co, kong stock exchange, Macquarie Group, market volatility, Midday Trading, sachs group inc, Shanghai Composite Index, Ssce

REG-JP Morgan Chase JPMorgan Chase & Co. Redeems 6.15% Cumulative Preferred Stock, Series E, 5.72% Cumulative Preferred Stock, Series F, and 5.49% Cumulative Preferred Stock, Series G

July 20, 2010 By vani Leave a Comment

JPMorgan Chase & Co. (NYSE: JPM) today announced that it will redeem on August
20, 2010, all outstanding shares of its 6.15% Cumulative Preferred Stock, Series
E (“Series E Preferred Stock”), 5.72% Cumulative Preferred Stock, Series F
(“Series F Preferred Stock”) and 5.49% Cumulative Preferred Stock, Series G
(“Series G Preferred Stock” and, together with the Series E Preferred Stock and
the Series F Preferred Stock, “Preferred Stock”).

The Series E Preferred Stock is represented by depositary shares which are
currently traded on the New York Stock Exchange under the symbol JPM PR E (CUSIP
46625H720), the Series F Preferred Stock is represented by depositary shares
which are currently traded on the New York Stock Exchange under the symbol JPM
PR F (CUSIP 46625H712) and the Series G Preferred Stock is represented by
depositary shares which are currently traded on the New York Stock Exchange
under the symbol JPM PR G (CUSIP 46625H696). Each depositary share represents a
one-fourth interest in a share of the corresponding Preferred Stock. The
redemption price per share for each series of the Preferred Stock will be $200
(equivalent to $50 per depositary share) plus an amount per share equal to all
accrued but unpaid dividends thereon up to the date of redemption.

Payment of the redemption price will be made on or after August 20, 2010, upon
presentation and surrender of certificates representing the Preferred Stock and
the depositary shares to be redeemed, to BNY Mellon Shareowner Services,
Redemption Agent, by hand or by overnight delivery at 480 Washington Boulevard,
27th floor, Jersey City, New Jersey 07310, Attention: Reorg Dept., or by mail at
P.O. Box 3301, South Hackensack, New Jersey 07606.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.0 trillion and operations in more than 60 countries. The firm
is a leader in investment banking, financial services for consumers, small
business and commercial banking, financial transaction processing, asset
management and private equity. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of consumers in the United States and many
of the world`s most prominent corporate, institutional and government clients
under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co.
is available at www.jpmorganchase.com.

JPMorgan Chase & Co.
Investors:
Lauren M. Tyler, 212-270-8205
or
Media:
Joseph Evangelisti, 212-270-7438

JPMorgan Chase & Co.

Filed Under: International News Tagged With: bny mellon, Chase Co, Cumulative Preferred Stock, Cusip, Depositary Share, Global Financial Services, Hackensack New Jersey, JP Morgan, Jp Morgan Chase, Jpmorgan Chase, mail, New York Stock, New York Stock Exchange, Nyse Jpm, Redemption Price, Shareowner Services, South Hackensack New Jersey, Unpaid Dividends, Washington Boulevard, York Stock Exchange

JPMorgan Chase’s Coal Problem

May 6, 2010 By vani Leave a Comment

Do we really want to keep blasting the tops off mountains, destroying forests and dumping the rubble into waterways, in order to extract and burn coal that is messing up the climate?

For now, the answer to that question is yes, despite vigorous efforts by environmentalists and activists in Appalachia to stop mountaintop removal mining. Some are behind a bill in Congress sponsored by Lamar Alexander, a Republican, to end the practice. Others are calling on big banks — in particular JP Morgan Chase — to stop financing mountaintop mining.

The pressure on JP Morgan Chase is coming from activist groups including the Sierra Club, the Rainforest Action Network and an Appalachian group called Climate Ground Zero which calls itself an “ongoing campaign of nonviolent civil disobedience in southern West Virginia to address mountaintop removal coal mining.” All are stepping up their efforts in advance of JP Morgan Chase’s annual shareholder meeting on May 18. They plan to release a list of the worst funders of MTRmining before then, and chances are Chase will be at or near the top.

What’s wrong with mountaintop removal mining? Lots. Here’s an overview from a coalition of anti-mining groups. This article from Science magazine (payment required) takes a more dispassionate view and concludes that it is difficult, if not impossible, to mitigate the damage caused by clearing forests, exploding the tops of mountains and choking streams with rocks and dirt. The scientists say:

current attempts to regulate MTM/VF ["mountaintop removal mining with valley fills"] practices are inadequate. Mining permits are being issued despite the preponderance of scientific evidence that impacts are pervasive and irreversible and that mitigation cannot compensate for losses.

This is not an activist group speaking. This is a publication of the American Association for the Advancement of Science.

JP Morgan Chase says all the right things when it comes to the environment. For example:

Our goal is to make a positive contribution to sustainability by integrating environmental principles into our business model.

And

JPMorgan Chase will assume a leadership role in the financial services industry by helping to reduce greenhouse gas emissions in our value chain

But the record does not support this overblown rhetoric. According to the many activists (see this and this and this), who cite data from Bloomberg, JP Morgan Chase has been a major financier of MTR mining, as recently in 2008 and 2009. In 2008, JP Morgan acted as lead manager (with UBS) on a $690 million bond offering and $234 million stock offering by the now-notorious Massey Energy, the largest MTR producer of coal and a company with a terrible environmental and safety record. Massey, of course, operates the Upper Big Branch deep mine in West Virginia where 29 miners died last month in the worst U.S. mine disaster in decades.

In 2009, JP Morgan helped Arch Coal, the second-biggest coal company in the U.S., raise $600 million, according to JP Morgan’s War on Nature, an article in Mother Jones by Andy Kroll. Arch Coal, the article says, “mined 4.7 million tons of coal using MTR” in 2009 alone and has for a decade been trying to develop an MTR operation called Spruce that, as originally planned, would have been the largest ever. (Currently, less than 10% of Arch’s coal production comes from Appalachia.) Merrill Lynch, Citigroup and Morgan Stanley also participated in the deal with Arch, according to an industry source who asked not to be identified.

I spoke last week to Mike Roselle, who helped start the Rainforest Action Network and now leads Climate Ground Zero, which is based in West Virginia coal country. The group has organized more than a dozen nonviolent protests at coal mines, at the U.S. EPA and at the offices of West Virginia environmental regulators. (Or should I say “regulators”?) Mike and his allies have been arrested, they have served jail time and they have been condemned as “domestic terrorists” by Massey. Ken Ward, the outstanding environmental reporter at the Charleston Gazette, has written extensively about the protests at his Coal Tattoo blog.

Climate Ground Zero has just launched an online campaign called Mountains Rule, asking supporters to close their Chase bank account, take video of the experience, promote the campaign on social media and spread the word by wearing this campaign badge.

“Ultimately, we have to go after their customer base — the people who have accounts in their bank and the people who use Chase credit cards,” Roselle told me. “This is something that our allies can do in their neighborhoods, without having to come down to West Virginia.”
!–pagebreak–

Chase, he said, should be worried about potential damage to its brand. “One thing that’s important to them is their potential to grow and increase market share,” he said.

Because there’s no single metric against which to measure the banks, it’s hard to determine which bears most responsibility for mountaintop removal mining.

The Mother Jones story says:

Wells Fargo has cut ties with coal giant Massey Energy. And a Credit Suisse official says the bank has a “global mining policy” that ensures “we explicitly do not finance the extraction of coal in a mountaintop removal setting.” [Note: I couldn't find any reference to this on the Credit Suisse website.]

In 2008, after being targeted by activists, Bank of America published a coal policy (PDF) that says the bank will phase out financing for companies whose “predominant method of extracting coal is through mountain top removal” mining. This is less sweeping than it sounds because of the word “predominant.” Most coal companies get most of their coal from underground mining, so under the policy, BofA could theoretically finance a lot of MTR.

Just last week, Citi reported on its mountaintop removal policy, which was released last August. The bank said that it screened three MTR transactions in 2009 for their environmental risks, with two being approved and one turned down. Citing Bloomberg records, RAN’s Amanda Starbuck says Citi financed Teco Energy and Consol Energy. The bank won’t say which deals it approved or turned down, citing client confidentiality.

I asked JP Morgan Chase’s James Fuschetti, who is managing director of the office of environmental affairs, to respond on the record to the activists’ campaign. He declined but in a letter to a Chase client obtained by RAN, he wrote:

JPMorgan Chase has made a substantial effort to better inform itself about the environmental and social impacts of mountaintop removal coal mining in Appalachia. As a result of our own analysis and benefiting from information and perspectives provided by others, our senior management’s awareness of these impacts has increased significantly. Consequently, early in 2009 we took concrete action to ensure appropriate assessment and review procedures are in place to evaluate these impacts when considering working with companies engaged in MTR. We also began including our Reputation Risk Committee when examining transactions for companies engaged in MTR.

In that same letter, Fuschetti wrote that JP Morgan “has not arranged or underwritten a capital markets transaction for Massey Energy since August 2008.” Interestingly, Massey raised another $425 million this past March, aided by UBS and other banks but not JP Morgan Chase. What we don’t know is whether JP Morgan Chase turned down the opportunity to be part of that deal.

Fuschetti also said that finding a solution to the MTR controversy is “the proper role of representative government, not NGOs with their own agendas or banks with their business interests.” This last point is questionable. People who feel a moral obligation to agitate for change — think of the civil rights activists of the 1950s — can’t be expected to write polite letters to Congress and hope for the best.

JP Morgan Chase may have more to say at its annual meeting. One sign that it is listening to critics: Boston Common Asset Management, an institutional investor and activist shareholder, withdrew a shareholder resolution about the company’s coal lending practices, after engaging in discussions with the company.

Down in coal country, Mike Roselle is confident that JP Morgan Chase will stop financing MTR mining.

“I know we’ll win this campaign,” he says. “It’s just a question of how long it’s going to take and how many mountains get blown up before we do.”

[Disclosures: I was paid to speak at a JP Morgan Chase event in 2005 and more recently consulted with Citi as the bank developed an idea that it is calling responsible finance.]

GreenBiz.com Senior Writer Marc Gunther is a longtime journalist and speaker whose focus is business and sustainability. Marc maintains a blog at MarcGunther.com. You can follow him on Twitter @marcGunther.

Mining photo CC-licensed by The Sierra Club.

Filed Under: International News Tagged With: Activist Group, activist groups, american association for the advancement of science, Appalachia, JP Morgan, Jp Morgan Chase, Jpmorgan Chase, Lamar Alexander, Mining Permits, Mountaintop Mining, Mountaintop Removal Coal Mining, Mountaintop Removal Mining, mtm, Nonviolent Civil Disobedience, preponderance, Rainforest Action Network, Science Magazine, Sierra Club, Southern West Virginia, Vigorous Efforts

Europe Factors- Shares seen higher; Intel results strong

April 15, 2010 By vani Leave a Comment

LONDON, April 14 (Reuters) – European shares are set to open higher on
Wednesday, with technology stocks expected to be in focus after forecast-beating
results from chip maker Intel Corp (INTC.O) reinforced the view of a recovery in
the sector.

Britain’s FTSE 100 .FTSE is seen opening as much as 19 points higher, or
up 0.3 percent; Germany’s DAX .GDAXI is seen opening up 31 to 35 points, or
0.6 percent higher; and France’s CAC 40 .FCHI is seen rising 19 to 24 points,
or up 0.6 percent, according to financial spreadbetters.

Intel Corp’s sales and margin forecasts trounced Wall Street expectations
and the stellar showing from the world’s top chip maker, an industry bellwether
and among the first tech stocks to report first-quarter earnings, lifted Asian
tech shares.

Investors will focus on earnings from the U.S. banking sector on Wednesday
with JP Morgan Chase (JPM.N) posting results before U.S. markets open.

The pan-European FTSEurofirst 300 .FTEU3 index of top shares fell 0.3
percent to close at 1,098.56 points on Tuesday, having moved in a range of 7.89
points during the session.

———————-MARKET SNAPSHOT AT 0515 GMT———————-

LAST PCT CHG NET CHG
S&P 500 .SPX 1,197.30 0.07 % 0.82
NIKKEI .N225 11,200.32 0.35 % 39.09
MSCI ASIA EX-JP .MIASJ0000PUS 506.31 0.76 % 3.81
EUR/USD EUR= 1.3651 0.26 % 0.0035
USD/JPY JPY= 93.24 0.02 % 0.0200
10-YR US TSY YLD US10YT=RR 3.836 — 0.02
10-YR BUND YLD EU10YT=RR 3.146 — 0.00
SPOT GOLD XAU= $1,154.90 0.41 % $4.75
US CRUDE CLc1 $84.38 0.39 % 0.33
———————————————————————–

* GLOBAL MARKETS-Tech propels Asian stocks after solid Intel[ID:nTOE63D01V]

* US STOCKS-Market gains modestly; Intel rises late [ID:nN13100386]

* Nikkei rises 0.3 pct as Intel boosts tech stocks [ID:nTOE63D02N]

* FOREX-Dollar, yen slip on cocktail of Singapore, Intel [ID:nTOE63D00W]

* TREASURIES-Fall in Asia as regional shares firm [ID:nTOE63D01J]

* Oil up above $84 as equities, dollar offset stock build [ID:nSGE63D02S]

* PRECIOUS-Gold recovers after falling nearly 1 pct [ID:nSGE63D00Y]

* METALS-LME copper gains; in narrow ranges ahead of data [ID:nSGE63D02J]

(Reporting by Harpreet Bhal)

Filed Under: International News Tagged With: Asian Stocks, Cac 40, Chip Maker Intel, dollar yen, Fchi, ftse 100, Gdaxi, Intc, Intel Corp, JP Morgan, Jp Morgan Chase, market snapshot, Pct Chg, Posting Results, shares investors, spot gold, stocks market, technology stocks, Usd Jpy, wall street expectations

UK Stocks — Factors to watch on April 12

April 13, 2010 By vani Leave a Comment

LONDON, April 12 (Reuters) – Britain’s FTSE 100 .FTSE index is seen
opening up 21-24 points, or 0.4 percent on Monday, according to financial
bookmakers, extending Friday’s strong recovery in tandem with overnight gains in
Asia as a rescue plan for debt-laden Greece was put in place.

The UK blue chip index closed 58.28 points, or 1.0 percent higher on Friday
at 5,770.98, recovering all of a 0.9 fall on Thursday which had been the biggest
single-day decline for six weeks.

Asian stocks hit 22-month highs on Monday after a giant emergency aid plan
for Greece boosted demand for riskier assets across the board.

In what may be the biggest multilateral financial rescue ever, the euro zone
and the IMF threw debt-laden Greece a lifeline over the weekend by pledging at
least 30 billion euros ($40 billion) in aid, though Athens has yet to activate
it. [ID:nLDE63A0BO]

Commodity issues are expected to lead the gainers on Monday as metal prices
rose and crude CLc1 pushed above $85 a barrel, buoyed by a drop in the U.S.
dollar and bullish data that showed Chinese crude imports jumping to their
second-highest monthly level in March. [ID:nSGE63901H]

On the domestic macro front, no important data is due for release on Monday,
with little scheduled all week, though investors will look to the March RICS
house price survey for some clues as to the state of the British economy, with
that report due for release at 2301 GMT on Monday night.

Investors will also look ahead to the March U.S. Federal budget numbers,
also due after the London close at 1800 GMT.

U.S. first-quarter earnings will also be a focus over the next few weeks,
with the traditional curtain-raiser coming on Monday from aluminium group Alcoa
(AA.N), while banking giants JP Morgan Chase (JPM.N), Goldman Sachs (GS.N), and
Bank of America (BAC.N) report numbers later in the week.

* GLOBAL MARKETS-Euro surges on Greek aid, stocks climb [ID:nSGE63A036]

* US STOCKS-Wall St up with energy sector, Dow hits 11,000 [ID:nN09139071]

* Nikkei rises 1 pct; Dentsu up on earnings estimate [ID:nTOE63B02Q]

* FOREX-Euro jumps on Greek package in short squeeze [ID:nTOE63B03E]

* TREASURIES-Dip in Asia on Greek aid; data, earnings eyed [ID:nTOE63B041]

* Oil rises above $85 on weak dollar, China data [ID:nSGE63B06G]

* METALS-LME copper hits new 20-month high on weak dlr [ID:nSGE63B04U]

* PRECIOUS-Gold hits 4-mth high on euro, investor demand [ID:nTOE63B03U]

UK stocks to watch on Monday are:

LLOYDS BANKING GROUP (LLOY.L)

The bank is holding discreet talks with various stockbroking firms,
including Numis Securities, Evolution (EVG.L), and Execution Nobel on setting up
a joint venture which would cement its presence in equity capital markets, The
Sunday Times said.

BARCLAYS (BARC.L)

Lehman Brothers Holdings Inc (LEHMQ.PK) told a U.S. bankruptcy judge on
Friday that Barclays should be forced to return certain assets it received in
its 2008 acquisition of Lehman’s core U.S. brokerage, because Barclays arranged
a secret $5 billion discount. [ID:nN09256273]

BANKS

Australian bank National Australia Bank’s 1.5 billion pound bid for 318 high
street branches being sold by British bank Royal Bank of Scotland (RBS.L) may
require NAB to raise additional capital in the UK, the Daily Telegraph said on
Monday.

BG GROUP (BG.L)

The gas producer is retreating from the UK power sector and has put its
power plants up for sale, according to a report in the Sunday Times.
[ID:nLDE63A0IB]

VODAFONE (VOD.L)

The mobile telecoms firm is to consult shareholders on the options for U.S.
Verizon Wireless, its joint venture with American partner Verizon
Communications, The Sunday Telegraph said.

BHP BILLITON (BLT.L)

The global miner has suspended operations at part of its Nickel West mining
complex in west Australia after a miner died in an accident there at the
weekend, the firm said on Monday. [ID:nSYU009699]

XSTRATA (XTA.L)

Shares in Australia’s Macarthur, the world’s biggest exporter of a
cleaner-burning coal known as PCI, surged as much as 10 percent on Monday –
their highest since mid-July 2008 — as investors latched on to media reports
that Xstrata would bid more than $3.7 billion for the firm. [ID:nSGE63A02X]

ANGLO AMERICAN (AAL.L)

The state-run China Metallurgical Corporation is among the bidders for the
800 million dollar zinc assets of Anglo American (AAL.L), the Independent on
Sunday said.

CENTRICA (CNA.L)

Centrica is to enter the shale gas business as it looks to double the size
of Direct Energy, its North American operation, to a turnover of 12.2 billion
pounds within five years, The Mail on Sunday said.

BAE SYSTEMS (BAES.L)

BAE has topped a list of the world’s 100 largest arms manufacturers,
compiled by the Stockholm International Peace Research Institute, marking the
first time that the list has been topped by a company outside the U.S., The
Guardian said on Monday.

PEARSON (PSON.L)

Parties interested in Interactive Data Corporation (IDC), the financial data
group controlled by Pearson, are preparing second-round bids before an expected
late-April deadline, the Financial Times said on Monday.

AIRLINES

Richard Branson, the founder of the Virgin Atlantic airline has hit out at
competition authorities over the “lazy” and “misguided” way they are treating a
proposed alliance between American Airlines and British Airways (BAY.L) in an
interview in the Financial Times on Monday.

QINETIQ (QQ.L)

Two U.S. private equity funds have taken stakes in the defence technology
firm, underlying hopes of a significant shake-up of the group under new CEO Leo
Quinn, according to a report in the Sunday Times. [ID:nLDE63A0HM]

ITV (ITV.L)

The broadcaster’s new chief executive, Adam Crozier, is seeking out
potential programme makers to head the broadcaster’s production arm ITV Studios,
The Sunday Times said.

DEBENHAMS (DEB.L)

The department store chain is to release a six-month trading update on
Tuesday that is predicted to report a 14.3 million pound increase in pre-tax
profits to 116 million pounds, The Independent on Sunday said.

JJB BOSS SPORTS (JJB.L)

The sportswear chain has surprised the sportswear industry by putting its
stock orders on hold only two months before a period of expected high demand
during the World Cup in June, The Mail on Sunday said.

CARR’S MILLING (CARS.L)

The agriculture, food and engineering group reports first-half results.

VERNALIS (VER.L)

The biotech firm posts full-year results.

E2V TECHNOLOGIES (E2V.L)

The electronic components maker issues a trading update.

(Reporting by Jon Hopkins; Editing by Mike Nesbit)

Filed Under: International News Tagged With: Aluminium Group, Asian Stocks, Bank Of America, blue chip index, british economy, Budget Numbers, emergency aid, Euro Zone, Federal Budget, ftse 100, ftse index, Goldman Sachs, JP Morgan, Jp Morgan Chase, Price Survey, quarter earnings, Report Numbers, sachs gs, Traditional Curtain Raiser, Uk Stocks