Panmure gets a reprieve
Offer from Diamond
Shareholders in Panmure Gordon (PMR) have received a rare piece of good news. Atlas Merchant Capital - founded by former Barclays (BARC) chief Bob Diamond - and Qatari investment bank QInvest have launched a joint takeover bid for the troubled broker, sending the shares up more than two-thirds on the day of the announcement. Shareholders will receive 100p cash per share, a 68 per cent premium to the trading price the day before the announcement. Like its rivals, the 146-year-old broker has been battling falling corporate retainer fees, fewer corporate deals and increased regulation in recent years. Management has recommended the deal. The plan is to create a larger boutique investment bank.
Google's ad blunder
Clients pull ads
Google has been forced to apologise to advertisers after companies including Audi and Royal Bank of Scotland (RBS) found their adverts had appeared alongside extremist videos on its YouTube site. Marks and Spencer (MKS) has become the latest client to pull its online ads due to the issue. Google's European chief, Matthew Brittin, said the group would review its policies and strengthen enforcement. Ministers at the Cabinet Office have also summoned Google management after it issued temporary restrictions on government adverts on the site, including for blood donation.
Tesco drops Heineken
Price increases
Following on from 'Marmite-gate', Heineken might be the latest brand to be dropped from the shelves of Tesco (TSCO) in a dispute over price increases. Around 30 lager and cider brands, including Amstel, Sol and Tiger, are being withdrawn from sale at the supermarket chain. The Dutch brewer increased its prices by 6p a pint in January due to the weaker sterling increasing import prices. A spokesperson for Tesco said it frequently reviews its ranges to ensure they meet the needs of customers.
Coal in demise
Power source diminishing
Demand for coal-fired power plants is in decline, according to research published by environmental campaign groups including Greenpeace. There was a 48 per cent fall in planned coal units and a 68 per cent decline in construction commencing last year, the study said. This was attributed to a reduction in coal consumption from China and India, which accounted for around 85 per cent of coal generators built globally during the past decade. Yet with rapidly growing populations and industrialisation in the regions, it's very likely they will remain reliant on coal for a chunk of energy production.
FCA wins reporting case
Supreme Court finds in favour
The Financial Conduct Authority (FCA) has been saved from overhauling its methods of conducting investigations by a Supreme Court ruling. Achilles Macris had argued that the watchdog improperly identified him when it fined JPMorgan £138m in 2013 for $6.2bn losses run up by the investment bank's credit derivatives team he managed. The FCA's public notice labelled him "CIO London management". The ruling - which has been seen as a test case for other traders under investigation - overturned the decisions of the Court of Appeal and Upper Tribunal.
Deutsche concern
US banks on top
Deutsche Bank's position in the investment banking market seems to have weakened, according to industry data. The German bank was forced to share its title as the second-biggest investment bank in its home Emea region with Goldman Sachs, in rankings compiled by industry monitor Coalition. In a sign that US investment banks are solidifying their dominance in Europe, JPMorgan retained its title as top-performing investment bank by revenue on the continent, as well as globally.
Manufacturers output to rise
UK confidence
UK manufacturers are feeling their most bullish about prospects for the sector in two decades, according to the CBI's industrial trends survey for March. Around 45 per cent of companies expect to grow over the next quarter, against 10 per cent that expect to contract. Industry confidence is backed by export order books, which hit their highest level in more than three years, aided by sterling's post-referendum decline. The improvement was particularly noticeable in the pharmaceutical and mechanical engineering sectors. The CBI tempered the news by pointing out that earnings could come under pressure as a consequence of fast rising input prices.
