EVERBRIGHT BANK PRICES IPO AT TOP OF RANGE
China Everbright Bank, the last of China’s big national lenders to sell shares to the public, is set to raise up to Rmb21.7bn in its initial public offering after pricing its shares at the top end of an indicative range. The country’s 11th-largest bank will sell its shares at Rmb3.10 each in what will probably be the second-largest IPO so far this year in Shanghai, following the listing of Agricultural Bank of China last month.
DIAMOND SALE SETS OFF ROW IN HARARE
Zimbabwe has begun selling 900,000 carats of rough diamonds from the controversial Marange-Chiadzwa field, amid a political row over control of revenue from the sale. Sales from the field in eastern Zimbabwe were suspended in November 2008.
UKRAINE CONSIDERS CAP ON WHEAT EXPORTS
Ukraine, one of the world’s top grain exporters, said yesterday it was considering a cap on wheat exports, a move that would put more pressure on surging global grain prices. The announcement was made after Russia had introduced a ban on grain exports until the end of the year following the devastation of its crops by the worst drought in a century. The World Bank has urged countries not to restrict trade in grain.
IRAN HIT BY TOUGH FUEL SANCTIONS
Tougher sanctions against Iran appeared to have halved the country’s petrol imports last month, according to the International Energy Agency. As a result Iran has been forced to pay a 25 per cent premium to market prices for its petrol deliveries as many companies shy away from supplying the country, the western countries’ oil watchdog said yesterday. The US introduced new sanctions in June.
UNHEALTHY WEALTHY SCRAP BUPA PLANS
Fewer Britons and Americans are taking out private health plans, sending profits from illness insurance at Bupa in the UK and US tumbling. Bupa said yesterday its surplus before taxation came in at £162 million in the first half of the year, down 1 per cent.
SECURITY FEARS RAISED OVER PALM AND ANDROID SMARTPHONES
Concerns surrounding the security of data sent over smartphones have emerged after a technology consultancy proved how easy it is to commandeer a mobile phone and use it to record conversations or steal passwords. MWR Labs took less than three days to crack the security of smartphones running the Palm and Android operating systems and is currently testing the integrity of similar phones.
The Daily Telegraph
NUNS ACCUSE BANKS IN $5M LAWSUIT
Germany’s Deutsche Bank and US investment bank Morgan Stanley are facing a $5m lawsuit led by a group of Irish nuns. The nuns allege the two banks profited at their expense by failing to redeem an investment linked to the debt of German financial group Dresdner Bank and in so doing cost them millions of pounds.
BURBERRY CHIEF ANGELA AHRENDTS TAKES PROFITS ON SHARES
Angela Ahrendts, the chief executive of Burberry, has raised about £3.4m by selling almost 400,000 shares in the luxury goods retailer. The sale has left her with just under 364,000 shares in the company, although she has options over 1.8m more. Of the amount that Ms Ahrendts raised, about £814,000 was used to cover tax liabilities. Burberry shares have risen 332.5p over the past year.
WALL STREET JOURNAL
FASTWEB FOUNDER TO STAND TRIAL
A judge ordered Italian billionaire and Fastweb founder Silvio Scaglia to stand trial on Nov. 2 on charges of belonging to a criminal association aimed at tax fraud, Rome prosecutors said. Mr. Scaglia, along with other former executives of Italian telecommunications operators Fastweb and Telecom Italia’s cable unit Sparkle, are accused of involvement in a €2 billion ($2.64 billion) money laundering and tax fraud scheme.
LAVAZZA BREWS DEAL WITH GREEN MOUNTAIN
For an extra jolt to its finances, U.S.-based Green Mountain Coffee Roasters is selling a 7% stake to Luigi Lavazza, Italy’s best-selling espresso brand, for $250 million. Together, the companies plan to develop new single-serving espresso machines and espresso capsules.