Liberals strike out alone March 15, 2010 Liberal Democrat leader Nick Clegg has quashed suggestion of a pre-election coalition with Labour or the Tories. “I am not the kingmaker,” he said.
Budget will not cut spending March 15, 2010 Chancellor Alistair Darling has revealed next week’s Budget will not include any new spending cuts but he has refused to rule out tax rises. Darling said the package on March 24 will focus mainly on measures to encourage economic growth. He is expected to use money gained from lower-than-expected unemployment to pay off part of [...]
Guardian takes a loss on Emap March 15, 2010 Guardian Media Group is set to take a big hit on its investment in publisher Emap, with an impairment of up to £150m. The group, which is undertaking a buy-back of about £100m of its £700m debt, is expected to write its original investment down by 50 per cent. That would push the group to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 15, 2010 THE SUNDAYS The Sunday Telegraph NIGERIA’S STATE OIL TO GO PRIVATE Nigeria’s state-owned National Petroleum Corporation (NNPC) has initiated talks with investment banks including Standard Chartered, JP Morgan, and Deutsche Bank to explore financing options as it changes into a fully privatised commercial company. GAMING GIANT TO SEEK LISTING Gala Coral, which is set to [...]
Pru boss goes north to woo shareholders March 15, 2010 PRUDENTIAL chief Tidjane Thiam will visit Edinburgh today in a bid to convince the insurer’s Scottish shareholders to back its bid for American Insurance Group’s Asian assets. Thiam will speak to fund managers from Standard Life, Scottish Widows and Baillie Gifford over Prudential’s planned $35.5bn (£23.4bn) swoop on American International Assurance. The British giant needs to [...]
EU chiefs prepare €25bn support deal for Greece March 15, 2010 EUROZONE finance ministers will discuss plans to support the beleaguered Greek government through a programme of bilateral loans or loan guarantees today. Under terms being thrashed out, the 16 single currency members – led by Germany – are preparing a rescue package worth up to €25bn (£16.4bn). The aid will only kick in if Athens [...]
Arrow is set to reject £2bn Shell takeover March 15, 2010 Australian energy firm Arrow could sensationally block a £2bn takeover bid by Royal Dutch Shell. Analysts have written a stream of notes saying the joint bid with PetroChina undervalued Arrow and the length of time the firm has taken to mull over the bid has caused alarm bells to ring. If the offer is rejected [...]
Fans oppose a rival bid to Red Knights March 15, 2010 A mysterious rival bidder hoping to exploit the unrest at Manchester United will face criticism from fans as fierce as that directed at the Glazers. Last week we revealed a second bidder was mulling over making an offer for the club in the wake of recent protests. But Manchester United Supporters’ Trust (Must) president Duncan [...]
Unlikely lifeline for stricken Portsmouth March 15, 2010 THE fortunes of Portsmouth FC – from FA Cup victory to administration in just two years – have been akin to a soap opera. Now a reality TV star says he can change their fortunes. Rob Lloyd, a Cheshire based property tycoon who starred in Channel 4 hit Secret Millionaire, says he is preparing to [...]
US private equity vehicle Rhone Group makes £119m Liverpool bid March 14, 2010 Liverpool FC is considering a bid of £118.5m from US private equity firm Rhone Group. The bid would give Rhone a 40 per cent stake in the club, making it the majority shareholder. American co-owners Tom Hicks and George Gillett would each reduce their stake from 50 to 30 per cent. The bid was prompted [...]