Financial news roundup: Oracle Corp, Glencore, Volcanic ash, Nestle´ and Greek Government privatisation.
Oracle Corp (NASDAQ:ORCL) has been maintained at a Buy at investment bank Jefferies who have told investors to expect a strong finish to Financial Year 2011.
Glencore onto the FTSE 100
Glencore International last night became the first company in 25 years to go straight into the FTSE 100 after its £36bn flotation. The Swiss commodity trader’s enormous market capitalisation qualified it for immediate entry — only the third company to do so after British Telecom and British Gas in the mid 1980s. Companies usually have to wait months before they can apply to join. Glencore’s appearance meant Invensys was relegated to the FTSE 250. The control systems provider had been vying with Investec for the dubious privilege of making way for the newcomer, according to the Times.
Volcanic ash plume
The volcanic ash plume causing havoc in airspace over western Europe is expected to have cleared by this morning, according to air traffic control company Nats. A spokesman for the company said that it was predicted to clear UK airspace in the early hours of this morning. Dozens of flights to and from Scotland and Newcastle were cancelled but transport secretary Philip Hammond held out hope that the worst was over and was unlikely to disturb holidaymakers hoping to fly away for the bank holiday, writes the Guardian.
Nestlé has bought a Californian company that helps diagnose bowel problems, as the KitKat maker steps up its efforts to develop foods that can be used in the treatment of disease. The Swiss giant is thought to have paid about $1bn (£617m) for San Diego-based Prometheus Laboratories, which makes equipment used to diagnose bowel complaints such as Crohn's disease, as well as treatments for them, the Telegraph reports.
Greek government pushed on privatisation
European leaders are pushing to impose measures that would ensure the Greek government lives up to its promise to deliver €50bn ($70bn) in privatisation proceeds, amid scepticism that Athens can carry out the sell-offs. The privatisation plan, spelt out in detail for the first time by the Greek government on Monday, has become a central issue in Europe-wide deliberations over how to overhaul Greece’s faltering €110bn bail-out programme, says the Financial Times.