Word: sectoral
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...past six months, Silicon Valley has been abuzz with the prospect of the first blockbuster public offering in the tech sector since the dotcom crash: the IPO of search-engine giant Google, expected this month. But Google founders Larry Page and Sergey Brin seem to be doing their darnedest to dampen the hype. The company last week gave an unusually bullish official estimate of its opening share price: $108 to $135 a share, or more than 150 times annual per-share profit. (Most large companies average about one-seventh of that.) Google watchers were split on the reason. Either Page...
...homegrown food and affordable prices of countryside vacations. Some 3 million people flocked to Italian agritourism spots last year, a 20% increase over 2002. It's hard to put a Continentwide figure on the "agritourism" trend, but it's clearly on the rise. And the European Union wants this sector to grow further. Even as it cuts back on wasteful agricultural subsidies that distort prices, the E.U. is proposing to spend €13 billion a year on rural development starting in 2007, with much of that money going to encourage farmers to diversify into agritourism and other businesses. For Europe...
...absolutely catastrophic for the recorded-music business," Universal's lawyer said. Not everyone agrees, but it's likely that other disgruntled artists (are you listening, Prince?) will try to follow Hallyday's lead. - By Lee Hudson Teslik Small Setbacks California's Nanosys, a bellwether of the infant nanotechnology sector, called off its initial public offering, citing "adverse market conditions." Despite not having any marketable products, the firm had hoped to raise more than $100 million. And ahead of its own IPO, Google admitted it may have breached U.S. securities laws after failing to register shares and stock options granted...
Ever since the euro was introduced in 1999, financial experts have predicted that it would lead to the sweeping, Continent-wide consolidation of many European industries, particularly the crowded banking sector. The dream was that a single European currency would leap over national priorities and prompt banks to reach across borders for merger partners, the better to compete with America's megabanks. But a funny thing happened on the way to banking consolidation: nothing. Except for a few small deals, such as the 2000 takeovers of Bank Austria by Munich-based HVB, and Unidanmark by Swedish-Finnish lender MeritaNordbanken, banks...
...December 2000, British rival Lloyds TSB offered €27 billion for Abbey, but the takeover was blocked by British competition authorities, who prefer to see multiple players in the €6.5 trillion U.K. banking sector. What is certain is that banks everywhere will be watching to see how Santander's Abbey acquisition, which still needs shareholder approval, pans out. No one in Europe has more experience of bank deals than Botín, 69, who built Santander into a Spanish giant by two tie-ups in his home market. Santander is also heavily invested in Latin America, where...