ICG returns to full year profit June 2, 2010 BUYOUT lender Intermediate Capital Group returned to a full-year profit on capital gains and lower provisions at its investment arm and said it expects to make further progress. The mezzanine finance specialist’s new chief executive said it will reach its ambitious target to double assets under management both through acquisitions and organic growth, adding it [...]
BA strike drags on another day June 2, 2010 BRITISH Airways dragged through its fourth day of a five day strike yesterday, with negotiators still failing to find common ground. Arbitration body Acas said: “More talks took place in London yesterday between BA and Unite under the auspices of Acas with the assistance of the TUC. The talks were adjourned late last night and [...]
Isis gets £12m in Occam sale June 2, 2010 ISIS Equity Partners, the small-cap buyout house, is eyeing new investment opportunities after selling marketing software maker Occam to services company St Ives for £12m. Isis said it made between 1.5 and two times its investment of £4.1m on the sale of Occam, which it bought into through a management buyout in 2004. The company, [...]
Mezzanine funds in vogue during debt drought June 2, 2010 MIDDLE-market companies are facing a refinancing gap unprecedented in modern times as they struggle to raise much-needed capital for expansion. With banks currently unwilling to lend following the global financial crisis, companies and private equity firms are being forced to explore alternatives and mezzanine debt is shifting up the pecking order. This hybrid between debt [...]
CITY MOVES | WHO’S SWITCHING JOBS June 2, 2010 BDO The accountancy firm has appointed Tim Kirk as head of its advisory services practice, leading its offering in the risk, regulatory and management consulting areas. Prior to joining BDO, Kirk was managing director of The Kirk Consultancy, a specialist marketing and customer experience consultancy serving FTSE 100 and global companies. Prior to that, he [...]
Record period tops forecast for VTB bank June 2, 2010 VTB, Russia’s second biggest lender, returned to the black with a record 15.3bn rouble (£335m) profit for the first three months of 2010 after six quarters of losses. The company beat analysts’ estimate of 10.2bn roubles, but decided not to raise its full-year forecast. Chief financial officer Herbert Moos said: “We do not expect that [...]
Russia’s Lukoil doubles quarterly profit June 2, 2010 LUKOIL, Russia’s number two crude oil producer, yesterday said first-quarter net profit more than doubled, beating analysts’ forecasts, due to rising oil prices. Lukoil, in which US rival ConocoPhillips decided to sell half of its 20 per cent equity stake, said first-quarter net profit, attributable to shareholders, jumped to $2.05bn against a forecast of $1.84bn. [...]
BEST OF THE BROKERS June 2, 2010 FERROVIAL Citigroup issues Ferrovial with a “buy” recommendation and said that since January 2009 Ferrovial has sold €3bn (£2.5bn) of assets. Citi said new greenfield projects which require less up-front equity are the preferred target for new investments and management noted higher returns due to more limited competition. DIAGEO Evolution Securities said Diageo is increasingly [...]
EX-CITI BANKER CLAIMS UNFAIR DISMISSAL – FOR BEING GORGEOUS June 2, 2010 WE’VE all heard of lawsuits being fired back and forth due to foxy females being sexually harassed at work, but bringing a legal complaint because managers insist a lady is too attractive to wear her normal office attire? That’s got to be a new one. Latino bombshell Debrahlee Lorenzana has filed a lawsuit in New [...]
Mortgage lending in slim rise June 2, 2010 MORTGAGE approvals by a forecast-beating two per cent in April. The Bank of England said approvals edged up to 49,871 in April from 49,008 in March and the highest since December. However, net mortgage lending rose less than expected, up £490m in April from £168m in March and below forecasts for a rise of £700m. [...]