Sterlite to raise almost 1bn July 16, 2009 Indian metals producer Sterlite said yesterday it is raising about $1.5bn (£916m) in an issue of American Depository Shares (ADS), with parent Vedanta to buy $500m of the issue. The proceeds would be used to develop its power generation business in India, capital expenditure and for planned acquisitions, it said in a statement. The deal [...]
Petrofac wins Abu Dhabi deal July 16, 2009 Petrofac, the British oil and gas services firm, has sealed a $2.1bn (£1.3bn) deal to construct the fourth natural gas to liquids train at the Abu Dhabi-based Ruwais complex. It is the first project that Petrofac Emirates – a joint venture between Petrofac and Abu Dhabi’s Mubadala Petroleum Services – has been awarded and work [...]
MARTHA LANE FOX REVEALS SHE COULD HAVE BEEN A PRISON GUARD July 15, 2009 GORDON Brown’s new digital inclusion tsar Martha Lane Fox has had a stellar career to date, but it’s reassuring to learn that she could happily turn her hand to something else should she tire of running Lucky Voice and charitable foundation Antigone. Because Lane Fox has revealed that, in another life, she would have been… [...]
Sainsbury’s chair faces two jobs row July 15, 2009 J SAINSBURY chairman Sir Philip Hampton yesterday faced questions over his £396,000 pay packet and whether he had enough time to be the chairman of both Sainsbury’s and Royal Bank of Scotland (RBS). One shareholder at the retail giant’s annual meeting called on Hampton to halve his pay as long as he did both jobs. [...]
Microsoft topples Google as consumers’ top brand July 15, 2009 SOFTWARE giant Microsoft has reclaimed its title as the number one UK brand in the UK, overthrowing rival Google, which claimed the crown last year. Bill Gates’ firm moved from second to first place in the 12th annual Superbrands survey, dealing its latest blow in the ongoing battle between the firms for industry dominance. In [...]
SHAREHOLDER VIEWS: WHAT SHOULD SAINSBURY’S DO DIFFERENTLY? July 15, 2009 BERNIE FIELDING“I think they could do more to boost the share price. Despite all the updates and improved trading, it still hasn’t lifted the market value by much. Tesco and Morrisons have achieved that. I don’t understand why Sainsbury’s is lagging and I want answers.” DIANA DENNIS“I think under the current conditions Sainsbury’s have done [...]
CITY MOVES WHO’S SWITCHING JOBS July 15, 2009 GE CapitalJames Fenner has been named as the new Head of capital markets for GE Capital in EMEA. Based in London, he will be responsible for all strategic lease and loan syndication activities and will oversee securitisation and alternative funding strategies, in partnership with GE’s Treasury function, for GE Capital businesses in the region. Fenner [...]
Blacks confident on refinancing July 15, 2009 Outdoor goods retailer Blacks Leisure Group said yesterday it was confident of securing new funds crucial for its turnaround plan, as it reported a further fall in sales. The firm said it was in an “advanced state of negotiation” with Lloyds Banking Group for the renewal of its existing working capital facility of £35m. In [...]
Retail sales fall to 2001 levels July 15, 2009 Retail sales per square foot have fallen to levels last seen in 2001, according to the business advisory firm Deloitte. While consumer spending has weakened in the recession, it is the relentless growth in capacity that has dramatically brought returns per foot down, Deloitte said. It estimates that the industry has added more than 50m [...]
Trump lawsuit thrown out July 15, 2009 A New Jersey judge yesterday dismissed a lawsuit for defamation filed by Donald Trump against an author whose book gave an estimate of the real estate developer’s wealth much lower than Trump’s own. Superior Court Judge Michele Fox rejected arguments by Trump’s lawyers that he had been the victim of “actual malice”.