Xstrata looks to woo Anglo shareholders June 24, 2009 MINER Xstrata went public with the details of its offer for rival Anglo American yesterday, in an effort to convince shareholders of the merits of the deal. Releasing a letter sent to Anglo, Xstrata chief executive Mick Davis said a merger could bring in annual cost reductions of more than $1bn (£609m) by the third [...]
CBI: June retail sales show signs of halting their slide June 24, 2009 RETAIL sales fell in June for the second month in a row after a bumper April, according to the Confederation of Business Industry’s (CBI) distributive trades survey released yesterday. The balance of retailers reporting a rise in year-on-year sales volumes remained at -17 per cent in June, but above the average level of -26 per [...]
King warning on UK deficit June 24, 2009 BANK of England governor Mervyn King launched a broadside against chancellor Alistair Darling’s fiscal policy yesterday, urging the government to take drastic action to reduce the UK’s “extraordinary” deficit once the recession begins to ease. The Treasury plans to sell £220bn in gilts this year in a bid to pump money into the economy, but [...]
Trio of regulators slam EC’s hedge fund regulation plans June 24, 2009 THE EUROPEAN Commission’s (EC) proposals for regulation of the alternative investment industry are flawed, three of the world’s top regulatory reformers said yesterday. Jacques de Larosière, author of the report behind the EC’s plans for a pan-European regulatory system joined Financial Services Authority chairman Lord Turner and Conservative adviser Sir James Sassoon in criticising the [...]
INTIMAS GOES OUT OF FASHION June 24, 2009 INTIMAS, the ladies’ clothing designer which until earlier this month supplied Ted Baker, saw its Aim-listed shares suspended yesterday after it failed to post its full-year results to December 2008 by the market’s 30 June deadline. Intimas made a pre-tax loss of £1.65m in the six months to the end of June last year and [...]
Nomura aims for Top 5 ranking June 24, 2009 Japan’s Nomura is aiming for a place at investment banking’s top table after buying chunks of the Lehman Brothers empire. “Our declared goal is to become a top 5 global investment bank,” said Germany co-head Patrick Schmitz-Morkramer. Nomura bought Lehman’s Asian, European and Middle East operations in September, shortly after the Wall Street bank failed, [...]
Treasury appoints B&B valuer June 24, 2009 The Treasury has appointed PricewaterhouseCoopers (PwC) valuation expert Peter Clokey as independent valuer for the Bradford & Bingley compensation scheme. Shares in the mortgage lender were transferred into temporary public ownership last September as it neared collapse. Clokey will now lead a PwC team to determine the value of any compensation payable to shareholders of [...]
ECB pumps in record 442bn to boost Eurozone lending June 24, 2009 THE European Central Bank (ECB) pumped a record €442bn (£375bn) into money markets yesterday for 12 months in an attempt to improve bank lending and drag the Eurozone economy out of recession. A record 1,121 banks scrambled to take up the ECB’s offer of unlimited funds at a fixed rate of one per cent, as [...]
Polar Capital gets share fillip June 24, 2009 Shares in Polar Capital gained 2.7 per cent yesterday after the hedge fund firm posted full-year results showing adjusted diluted earnings per share down 32 per cent to 9.9p, ahead of analysts’ expectations. Assets under management fell 52 per cent to $1.5bn (£913m) but all six of its funds have posted positive returns in the [...]
GM seeks new bid for EU arm June 24, 2009 General Motors is soliciting rival bids to trump frontrunner Magna’s offer for its European operations, with China’s Beijing Automotive Industry Corporation (BAIC) expected to seek a deal. BAIC is understood to be preparing an offer to be submitted before the end of July, while Belgium-based investor RHJ International may also put in a bid. Canadian [...]