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Banking

WireTap 0900 24/04/12

A round-up of the key stories across the specialist financial media, including Facebook’s profits and revenues falling in the first three months of 2012


Facebook profits dip before IPO

Facebook’s profits and revenues fell in the first three months of 2012, compared with the final quarter of last year, marking a setback for the social networking company just weeks before its widely anticipated initial public offering.

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Shell agrees £1 billion cash offer for Cove

Royal Dutch Shell unveiled a £1.12 billion recommended cash bid for Cove Energy on Tuesday after agreeing to increase its initial valuation of the Aim-listed energy group in the face of competing takeover interest from Asia.

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European stocks, copper gain before US housing data

European stocks rose from a three-month low and copper gained before a Dutch bond sale and data that may show rising US home sales. Australia’s dollar weakened and government bond yields sank to record lows after inflation in the country unexpectedly slowed.

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Wen hints at demands during European tour 

Chinese Premier Wen Jiabao has steered clear of direct comments on Europe's debt crisis as he tours the region, but he has highlighted longstanding trade concerns in a subtle reminder of what Beijing wants in return for helping to bail out the eurozone.

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Hon Hai is target for Taishin fund as tax cuts valuations

Taiwan’s proposed capital-gains tax on stock trading would cut trading volumes and valuations, making stocks such as Hon Hai Precision Industry cheaper, the manager of the Taishin Mainstream Fund said.

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