What the other papers say this morning – 08 April 2014 April 7, 2014 FINANCIAL TIMES EU bank failures deal risks unravelling A landmark EU agreement on a common rulebook for handling bank failures is in danger of unravelling over the fine print restricting when a state can intervene to rescue a struggling bank. Britain is facing objections from several other member states as it scrambles to revise a [...]
Record growth across sectors as wages jump April 7, 2014 MANUFACTURERS and services firms are reporting the strongest investment and export growth in more than a century, according to the British Chambers of Commerce (BCC), suggesting they may begin to add more to the UK’s economic recovery. The group says services exports surged in the first quarter: 38 per cent more firms say outward trade [...]
UK tech stocks sink as US bubble fears hit market April 7, 2014 LONDON’S tech stocks stumbled yesterday after US jitters surrounding the sector late last week reached the City, having sent Asia’s tech stocks into freefall overnight. The FTSE 100’s three week rise abruptly ended as the index fell 72.7 points to 6,622.84 after a sell-off on a number of blue-chip tech stocks hurt investor sentiment. Microchip [...]
Billionaire Mike Ashley offloads a £218m stake in Sports Direct April 7, 2014 SPORTS Direct founder Mike Ashley is to sell £218m of his majority stake in the retailer in the latest twist in a series of events that saw him snap up a stake in House of Fraser just days ago. Ashley is selling up to 25m shares in Sports Direct through an accelerated bookbuilding run by [...]
JP Morgan reshuffles top execs at corporate and investment bank April 7, 2014 A NEW top team was appointed to head JP Morgan’s corporate and investment banking (CIB) arm yesterday in a major reshuffle of talent at the institution. Daniel Pinto became the sole head of the arm of the giant bank last month, when his co-head Mike Cavanagh quit the firm. Pinto sent out a memo to staff, seen by [...]
Cambian flotation heading for low end of price range: bankers April 7, 2014 CAMBIAN, the provider of specialist behavioural health services, looks like having to settle for a valuation towards the lower end of the price range in its forthcoming flotation. Market sources told City A.M. yesterday they expected the group, which has had a low-key marketing campaign, to price its new shares at a value that will [...]
Bottom Line: Mixing up a strong case for the regulators April 7, 2014 EXECUTIVES at Lafarge and Holcim must be hoping their investors buy into the idea that good things come to those who wait. Regulatory approval for deals of this size are notoriously drawn out, and yesterday’s admission that the planned merger could face scrutiny from up to 15 different antitrust authorities will have added months – [...]
Cement giants outline £25bn merger April 7, 2014 THE WORLD’S two largest cement companies yesterday confirmed their plans to merge, outlining £4bn of divestments in an attempt to assuage competition concerns. France’s Lafarge and Swiss firm Holcim unveiled a share-for-share deal, which would create a self-proclaimed “merger of equals” with sales of €32bn (£26.5bn) and core earnings of €6.5bn. Bruno Lafont, chairman and [...]
Irish pharma giant joins deal bonanza April 7, 2014 IRISH-based pharmaceutical giant Mallinckrodt joined the merger frenzy yesterday by announcing it will buy drugmaker Questcor Pharmaceuticals for around $5.6bn (£3.37bn). The US firm, which has headquarters in Dublin, was keen to gain access to Questcor’s multiple sclerosis drug, Acthar Gel, which is forecast to hit sales of $1bn this year and $1.9bn by 2018. [...]
Architects reveal Battersea Power Station designs April 7, 2014 ARCHITECTS Frank Gehry and Norman Foster unveiled their designs yesterday for the next phase of development at Battersea Power Station that will include 1,300 homes and a new high street forming the gateway to the landmark building. It will be the first building in London for the Canadian-American Gehry, whose works include the Guggenheim Museum [...]