In the Spotlight: Greek Election Results, New IAG Bid for Aer Lingus, Shire Rises After FDA News
January 26, 2015 8:20 am
Greek Election Results
The Greek election results are in, and if anything the results are even better than expected for the far-left Syriza party than expected. Syriza is on course to win 149 out of 300 seats in the Greek Parliament, leaving it just 2 seats short of an overall majority and giving it far less of a necessity to tone down either its rhetoric or its policies, in particular those concerning economic austerity. The leader of the party, Alexis Tsipras, has openly talked about removing the financial ‘Troika’ of debt inspectors supervising Greece’s bail-out repayments but being ‘willing to… negotiate for a fair solution’. However, it seems likely that Mr Tsipras and other European countries – Germany in particular – are likely to have a very different conception as to what ‘fair’ means. The likelihood of such forthcoming disagreements sent the Euro to a new eleven-year low against the Dollar this morning of $1.1088. Although still a long way from the dark days of late 2000 when the Euro went below the $0.84 mark, it’s been a predominantly downhill journey for the Euro vs. The Dollar over the last ten months, and the latest chapter in the ongoing Euro-saga suggests that there will be plenty more plot twists before we get to any sort of happy ending – if indeed there is any happy ending to be had at all.
IAG Returns with New Bid for Aer Lingus
Third time lucky? IAG is proving to be a determined suitor; it’s back for a third bid for Aer Lingus at an improved €2.55 a share (€1.36 billion altogether), an offer that is being reported by the BBC as being viewed more favourably by the Irish airline. However, any acceptance would be predicated on investor reaction from both the Irish government and Ryanair, both of which own sizeable portions of Aer Lingus.
The FTSE This Morning; Shire Rises, Mining and Energy Firms Slump
Shire is currently up significantly on the FTSE this morning after two pieces of positive drug-related news; one of its drugs has been fast-tracked by the FDA, with another drug belonging to NPS Pharma (currently in the process of being acquired by Shire for $5.2 billion) being approved. Shire stock is currently up by 2.72%. Meanwhile, a tough start to the week for energy and mining companies, with oil and a wide range of metals down this morning. BHP Billiton and Rio Tinto are down by 3.23% and 2.24% respectively, whilst BP is down by 2% and Tullow Oil is down by more than 3%.
Greek Election Results
The Greek election results are in, and if anything the results are even better than expected for the far-left Syriza party than expected. Syriza is on course to win 149 out of 300 seats in the Greek Parliament, leaving it just 2 seats short of an overall majority and giving it far less of a necessity to tone down either its rhetoric or its policies, in particular those concerning economic austerity. The leader of the party, Alexis Tsipras, has openly talked about removing the financial ‘Troika’ of debt inspectors supervising Greece’s bail-out repayments but being ‘willing to… negotiate for a fair solution’. However, it seems likely that Mr Tsipras and other European countries – Germany in particular – are likely to have a very different conception as to what ‘fair’ means. The likelihood of such forthcoming disagreements sent the Euro to a new eleven-year low against the Dollar this morning of $1.1088. Although still a long way from the dark days of late 2000 when the Euro went below the $0.84 mark, it’s been a predominantly downhill journey for the Euro vs. The Dollar over the last ten months, and the latest chapter in the ongoing Euro-saga suggests that there will be plenty more plot twists before we get to any sort of happy ending – if indeed there is any happy ending to be had at all.
IAG Returns with New Bid for Aer Lingus
Third time lucky? IAG is proving to be a determined suitor; it’s back for a third bid for Aer Lingus at an improved €2.55 a share (€1.36 billion altogether), an offer that is being reported by the BBC as being viewed more favourably by the Irish airline. However, any acceptance would be predicated on investor reaction from both the Irish government and Ryanair, both of which own sizeable portions of Aer Lingus.
The FTSE This Morning; Shire Rises, Mining and Energy Firms Slump
Shire is currently up significantly on the FTSE this morning after two pieces of positive drug-related news; one of its drugs has been fast-tracked by the FDA, with another drug belonging to NPS Pharma (currently in the process of being acquired by Shire for $5.2 billion) being approved. Shire stock is currently up by 2.72%. Meanwhile, a tough start to the week for energy and mining companies, with oil and a wide range of metals down this morning. BHP Billiton and Rio Tinto are down by 3.23% and 2.24% respectively, whilst BP is down by 2% and Tullow Oil is down by more than 3%.
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