CHRISTIAN CANDY TO RESELL GOLD SHARES
Christian Candy, the property developer, is to sell shares back to minority investors in a gold mining company after his attempt to take the mine owner private was thwarted. The agreement is part of a deal that could strengthen the rights of small investors. It is set to be approved at today’s annual meeting of Metals Exploration, an Aim-quoted company that is mining in the Philippines.
FUNDS AXED FOR MORE THAN 200 BODIES
More than 200 arts bodies are to lose their funding from Arts Council England in the biggest shake-up of arts funding for 30 years. A further 308 institutions will suffer grant cuts in real terms, including leading bodies such as the Royal Opera House, and the National Theatre, which will have their funding reduced by 15 per cent in a three-year funding period beginning next year.
AT&T CHIEF DEFENDS US DEAL
AT&T’s proposed $39bn (£24.3bn) purchase of Deutsche Telekom’s T-Mobile USA , if approved, would result in a significant increase in mobile broadband capacity and improved coverage in key markets such as New York, according to Randall Stephenson, AT&T chief executive.
RUSSIAN TYCOON APPLIES TO TAKE CONTROL OF SAAB
A Russian entrepreneur has applied to take over Saab Automobile amid further signs of trouble at the struggling Swedish car-maker. Saab yesterday halted production for a second day after some of its suppliers stopped deliveries because of disagreements over payment and terms. Vladimir Antonov posted on Twitter he had “officially submitted the forms... for change of control”.
PROFITS PROPHET QUITS AFTER BOARD DEFIED HIS WARNING
The board of Cable & Wireless Worldwide rejected the advice of its finance director that it needed to lower its profit guidance in the run up to a positive trading statement last month, only to shock the market with a damaging warning two weeks later. Tim Weller quit the telecoms company three weeks ago, just ten months into the job.
EMERGING ECONOMIES’ TASTE FOR SCOTCH GETS STRONGER
Scotch whisky exports jumped to a record last year amid rising demand for a top-price dram in countries including India and China. Although volumes fell by two per cent, to the equivalent of 1.06bn bottles, continuing “premiumisation” of the industry ensured a 10 per cent increase in the value of those volumes to £3.45bn.
The Daily Telegraph
BLACK CAB MAKER SUED BY DRIVERS OVER MASS RECALL
The maker of London’s black cabs, Manganese Bronze, is being sued by 436 cab drivers because of a mass recall of vehicles in 2008. In a stock market announcement yesterday, the company said it was being pursued for alleged financial losses suffered by the taxi drivers following the incident.
DEBENHAMS’ LONDON BASE SOLD TO SCOTTISH WIDOWS FOR £36M
The headquarters of Debenhams has been sold for £36m, paving the way for the department store group to move to new offices. The Scottish Widows Investment Partnership, on behalf of Scottish Widows Unit Funds, has acquired 1-2 Welbeck Street in the West End with a view to redeveloping the site. Debenhams is paying an annual rent of £1.43m.
THE WALL STREET JOURNAL
BANKERS PAN LONDON STOCK EXCHANGE MERGER WITH TMX
As the Ontario government approaches a deadline for considering the proposed merger of TMX Group and London Stock Exchange Group, some top Canadian banking executives have ratcheted up their disapproval. At the same time, the country’s prime minister warned he would block foreign investment that doesn't generate a net economic benefit for Canada.
DIAMOND THEFT ROCKS JEWELLERY SHOW
Diamonds worth several million dollars have been stolen by thieves from the Baselworld watch and jewellery show, police said yesterday. A gang of five snatched gemstones from a display in Hall 3 of the giant show, the world’s largest display of luxury watches and jewellery.