Saudi telecom denies India talks June 29, 2010 Saudi Telecom Company, the Arab world’s largest telecom company by market value, has denied a report it was discussing buying a stake in an Indian telecoms tower unit. India’s Business Standard, citing sources with direct knowledge of the developments, said state-owned STC was looking to take a stake of 10 to 15 per cent in [...]
Mayer Brown ends talks with Simmons June 29, 2010 INTERNATIONAL law firm Mayer Brown has walked away from a potential merger with UK based Simmons & Simmons weeks after initial talks began. Simmons management had approached the Chicago based firm a few weeks ago with hopes to sign a deal that could have created a trans-Atlantic business with revenues over £1bn and 2,400 lawyers [...]
Telefonica faces a tight vote over its bid to buy out Vivo June 29, 2010 SPAIN’S Telefonica faces a tight vote by shareholders of Portugal Telecom over its attempt to buy out their joint venture in Brazil, after Portugal’s regulator dealt a blow to its strategy. Portugal Telecom, or PT, shareholders are scheduled to vote in Lisbon today on the Spanish carrier’s €6.5bn bid to buy out PT’s stake in [...]
National Express expects improved profits for first half after cost cutting June 29, 2010 TRANSPORT group National Express said it expects first-half pre-tax profit to improve year-on-year, while cost cutting measures will bolster its performance beyond this year. The group said it traded in line with expectations in the second quarter, with its business benefiting from improved margins at its rail business. “First half normalised profit before tax is [...]
BEST OF THE BROKERS June 29, 2010 MICHELIN Bank of American Merrill Lynch (BoAML) said that it maintains a “buy” rating for Michelin and has raised its price to €67 (£54) to reflect its earnings estimate upgrade. The shares would trade on 0.85 times enterprise value on the 2010 estimates at BoAML’s new price, the bank said. LUFTHANSA UBS maintains a “buy” [...]
Tesla Motors shares surge in second-best US IPO of the year June 29, 2010 ELECTRIC car maker Tesla Motors saw its shares surge 41 per cent yesterday in the successful first day of its initial public offering (IPO). Even as other stocks plunged, Tesla sold 13.3m shares at a price above its expected range of $14 (£9.30) to $16. Its shares opened at $19 and closed at $23.89 on [...]
A TRADER NEAR YOU STARS IN KIDS’ BOOK June 29, 2010 FINALLY! Proof that City traders aren’t all heartless: Danny Wilkinson, trader at an unidentified international broker, is today publishing a children’s book written with his aunt, Linda Wilkinson. The book, the first of a trilogy planned on “The Oonford Detective Agency”, was inspired by people Wilkinson has met during his 21 years on the trading [...]
Catlin poised to set up Swiss reinsurer June 29, 2010 London-listed property and casualty insurer Catlin yesterday said it planned to set up a new venture in Switzerland to boost its presence in the European reinsurance market. Bermuda-based Catlin will provide the new operation, Catlin Re Switzerland, with capital reserves of at least $1bn (£662m). Catlin said the new venture would allow it to benefit [...]
China’s AgBank to cut costs as it tries to soothe investors June 29, 2010 Agricultural Bank of China will see its cost-to-income ratio fall by five to eight percentage points after its public offering, the bank said yesterday, as it tries to ease investor concern about its high cost base. Every one percentage point fall would lead to a subsequent 2bn yuan jump (£195m) in net profit, bank vice-chairman [...]
MINERVA SECURES £107M FLATS SALE June 29, 2010 MINERVA, the London commercial and residential developer, said yesterday that it had sold 11 apartments at its Lancaster Gate scheme, overlooking Hyde Park, for £107.5m. The off-market deals increased the level of presales at the scheme to £230m, which represents half of the space. The official launch of the scheme began last week.