FTSE 250-listed copper miner Kazakhmys yesterday said it has agreed to sell its 50 per cent stake in Kazakhstan’s largest power station for $1.3bn (£790m), as it warned that development of its Bozshakol mine would cost more than expected.
IN A bid to break the stranglehold of the big six, independent energy supplier First Utility yesterday said it has secured a partnership with Shell Energy to get better deals from the wholesale market.
FTSE 100-listed Tullow Oil’s share price slumped over three per cent yesterday, after the energy explorer said it would plug and abandon a dry well in Ethiopia.
FTSE 100 heavyweight Vodafone helped lift Britain’s benchmark equity index yesterday, as gains in the telecoms group offset weaker mining stocks that had earlier pegged back the market.
US STOCKS edged higher yesterday, with the S&P 500 closing at a record high last night, as traders awaited more clues from the Federal Reserve on whether the it would soon begin winding down its economic stimulus.
Former Barclays chief executive plans his City comeback
BOB DIAMOND is launching a new investment vehicle in London to fund a venture into African banking, his first big move since leaving Barclays in last year’s Libor scandal.
KUWAITI firm St Martins Group has paid around £1.7bn to buy the More London complex next to Tower Bridge, which includes Boris Johnson’s headquarters City Hall.
A SEASONAL boost in consumer spending began last month, with new figures from millions of credit and debit cards showing a three per cent increase from October.
REAL wages are still falling, on average, and nobody seems to know what to do about it. Even though the economy is growing, millions are seeing their incomes depressed by low nominal pay rises and highish inflation.
THE MAYOR’s plans for a hub airport in the Thames Estuary could get the axe in a report out later this month, Boris Johnson’s own aviation adviser has warned.
WORLD leaders including David Cameron, Barack Obama and Angela Merkel will join stars such as Bono, Oprah Winfrey and the Spice Girls for a four-hour memorial service for Nelson Mandela in Johannesburg tomorrow.
CABINET MINISTERS and MPs have rejected plans to increase the amount they are paid by 11 per cent.
THE CONFEDERATION of British Industry (CBI) today revealed it is moving to the City in the New Year, a major symbolic move reflecting the important of financial services in the capital.
THE GOVERNMENT’S plan to sell off its stake in nuclear business Urenco has stalled for a second time, after an MP in the Dutch parliament said she could see no reason for the sale.
PRIME minister David Cameron has hailed a “historic” world trade agreement, which will boost the UK economy by more than £1bn a year.
BUSINESS confidence is at a three-and-a-half year peak in the UK, as a new survey reveals firms’ rosy outlook for the first half of 2014.
MARKETS still do not trust Europe’s banks, leaving them with higher funding costs than the banks they want to service, the bank of International Settlements (BIS) said yesterday.
BUSINESSES and investors should be cautious in issuing junk bonds which are repaid in kind, central bankers group the Bank of International Settlements (BIS) said yesterday.
THE BRITISH tax system is one of the most well-equipped in the world to benefit from further trade and globalisation, coming joint third in the ranks of 27 countries’ systems.
PRIVATE equity-backed insurer Saga yesterday named Domino’s Pizza boss Lance Batchelor as its new chief executive.
CAPITAL REAL ESTATE PARTNERS
CAPITAL Real Estate Partners was brought in alongside Rothschild to advise London Bridge Holdings on the sale of More London.
LABOUR would include the state pension in a welfare cap, the shadow chief secretary to the Treasury Chris Leslie has said.
THE AMOUNT of space being added by UK supermarkets has overtaken that being added by shopping centres for the first time, despite some retailers calling an end to the space race as consumers shift to shopping online.
JOHN Lewis posted a 1.8 per cent rise in sales to £144.5m in the week to 7 December, boosted by another record performance by its online business.
IF YOU need reminding of the grocery sector’s continuing ambition, all you have to do is step outside your office to the nearest supermarket convenience store.
OCADO chair Sir Stuart Rose yesterday hit out at people who complain immigrants are taking too many UK jobs, saying they should stop complaining and accept any work on offer.
BRITAIN’S recovery will prompt a surge in firms asking investors for more money to fund growth, Capita Asset Services predicted today.
MINISTERS pledged to support small businesses during small business Saturday this weekend.
NEGOTIATIONS between European governments and regulators over how to compensate mobile operators for caps on roaming charges are yet to be resolved, City A.M. has learnt.
BRITAIN’S biggest businesses are struggling to support their defined benefit (DB) pension schemes despite rising stock markets and renewed confidence in the economy, a study out today reveals.
THE UK division of Leica Cameras, the iconic camera brand used by celebrated photographer Henri Cartier-Bresson, reported a slowdown in sales last year despite rolling out a new flagship camera.
PAWNBROKER H&T has entered the race to take over its troubled rival Albemarle & Bond (A&B) after entering into early stage talks with the company.
ENCORE Tickets, the West End ticketing provider for shows including From Here to Eternity (above), is on the cusp of being sold by private equity backers Isis Equity Partners.
ANGLO American yesterday confirmed that it has already axed 7,500 jobs out of a planned 14,000, as part of the restructuring of its struggling platinum subsidiary.
INMARSAT yesterday launched Britain’s biggest commercial space project as the first of its three satellites took off.
MOST gold miners expect the metal price to fall or stay the same in the next year, as confidence in the sector continues to plummet.
THE VATICAN’S bank could this week be blacklisted by the international finance community after investigators found poor anti-money laundering controls in place.
BANKS expect their litigation costs to rise another 30 per cent in the coming year, after already spending an extra 60 per cent in the last 12 months, according to research from Legal Business.
GROWTH in the UK management consulting sector has outpaced the wider economy in the last two years, according to a new report.
THE MINISTRY of Defence is close to making an announcement on the future of its procurement arm, after a privatisation scheme failed to attract enough interest.
The asset finance provider has announced the hire of Lee Simms as head of agriculture. He joined Lombard 10 years ago, and has since held various roles in sales and strategy.
The accountant and investment manager duo who are on the hunt for growth tell Marion Dakers about their long-term plans
FIRMS are reporting healthy growth across England and Wales, with parts of the south of England reporting the quickest improvement in business activity on record.
Mexico’s oil monopoly, Petroleos Mexicanos, is set to face international competition if a number of reforms proposed by the government this weekend are passed into law.
New Iranian president Hassan Rouhani revealed his first budget yesterday, pledging to rid the country of the stagflation that it currently suffers from.
The Greek parliament approved the government’s budget for the next financial year in the early hours of yesterday morning, with a razor-thin majority in the country’s parliament.