Hands to ‘move on’ with fundraiser
Guy Hands, founder of private equity firm Terra Firma, aims to bolster his plans to raise funds this year by returning €3bn to investors through disposals within the next 12 to 18 months. Mr Hands is pressing ahead with a €3bn fund to buy green energy infrastructure assets, people with knowledge of the matter said.
Banks to test water with new CLOs
Bankers in Europe are testing the water with new variations of a type of structured finance product that boomed until the subprime crisis, as they seek to take advantage of strong investor demand for high-yielding assets.
Barclays and Credit Suisse are both preparing collateralised loan obligations – which bundle corporate loans primarily for leveraged buyouts into a single vehicle – for investment groups Pramerica and Cairn Capital, said sources.
BofA shifts derivatives to UK
Bank of America has begun moving more than $50bn of derivatives business out of its Dublin-based operation and into its UK subsidiary, according to sources.
Residency allowed for the wealthy
Debt-stricken European Union member states are being flooded with inquiries from wealthy Chinese seeking to capitalise on increasingly generous schemes that allow them, in effect, to buy permanent residency.
De La Rue loses Chinese deal
The banknote printer De La Rue, which celebrates its 200th anniversary this year, has been dealt a blow, missing a large contract for the Chinese government.
The Daily Telegraph
Boeing chief under pressure
Boeing chief executive Jim McNerney has been warned to fix the “black eye” inflicted on the company’s reputation as he prepares to face Wall Street for the first time since the 787 Dreamliner grounding.
Mercedes F1 boss to keep rival shares
The new boss of Mercedes’ Formula One team has no plans to sell his 15.4 per cent stake in its listed rival Williams despite possible concerns of conflict of interest.
THE WALL STREET JOURNAL
Fonterra says New Zealand milk safe
Fonterra Cooperative Group, the world’s biggest exporter of dairy products, moved to reassure global customers Sunday regarding the safety of New Zealand’s milk supply.
Truck maker Volvo to enter China
Sweden’s Volvo is betting nearly $1bn that the struggling Chinese market for big trucks will rebound, a move that could also bolster the name of its Chinese partner abroad.