Insider dealing three in court June 16, 2009 CITY watchdog the Financial Services Authority (FSA) yesterday hauled two lawyers and a former finance chief into court, amid its “be afraid” crackdown on fraud. The FSA accused Andrew King, formerly finance head of Manchester-based Neutec Pharma, of disclosing inside information about the company to lawyer Michael McFall ahead of last Wednesday’s takeover of the [...]
Rio stung with $625m costs for rights issue June 16, 2009 MINING giant Rio Tinto now faces $625m (£382m) in costs over its $15.2bn rights issue, which came after its bid to raise money from Chinese state-owned mining group Chinalco collapsed. Investment banking giants including Morgan Stanley will walk away from the deal $430m better off, after Rio already had to pay a $195m break fee [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 16, 2009 FINANCIAL TIMES NATIONAL EXPRESS IN DEBT TALKSNational Express is in talks with bankers to renegotiate terms on part of its £1.2bn debt amid fears that the bus and rail operator will breach loan conditions in December. The group is expected to pass a key test of whether it is meeting the terms of its debt [...]
SIMON MACKENZIE-SMITH June 15, 2009 Merrill Lynch and Goldman Sachs are the joint bookrunners and sponsors of Punch Tavern’s fundraising, which is subject to approval at the company’s annual meeting in July. Merrill Lynch’s head of UK corporate and investment banking Simon Mackenzie-Smith is the client relationship manager for Punch Taverns. He represents a team that is lead by [...]
Punch shares sink on news of cash call June 15, 2009 SHARES in pub company Punch Taverns plummeted yesterday after it unveiled a £350m fundraising aimed at reducing its large debt burden. Stock in the firm plunged 30 per cent to 104p by yesterday’s close. Punch, which owns 7,900 pubs around the UK, said it would use the bulk of the proceeds to buy back £275m [...]
LSE is still favourite for foreign equity trading June 15, 2009 LONDONA has maintained its edge in international equity trading despite last year’s economic turmoil, the International Financial Services London (ISFL) said yesterday. There were 681 foreign companies listed on the London Stock Exchange (LSE) at the end of 2008, outstripping peers like the NYSE, which boasts 415 foreign firms and the Nasdaq, which has 336. [...]
Paris show takes off June 15, 2009 ROLLS-ROYCE announced a bumper $2.1bn (£1.35bn) order deal for its engines at the Paris Air Show yesterday, defying the gloomy mood surrounding the biennial event. The company said its engines will power planes belonging to Middle East carriers Gulf Air and Qatar Airlines, as well as Germany’s Condor, and Royal China. But bleak sentiment has [...]
S&P slashes Anglo Irish’s credit rating June 15, 2009 STANDARD & Poor’s yesterday cut the credit ratings of nationalised Anglo Irish Bank and said without support from the state it would be in a weak financial position. S&P lowered the bank’s long- and short-term credit ratings to “BBB+/A-2” from “A-/A-1”, adding that its stand-alone long-term rating would be six notches lower than that without [...]
LONMIN SHARES MELT June 15, 2009 SHARES in Lonmin, the third-biggest platinum producer in the world, closed down 9.8 per cent yesterday at 1,300p after it said it had shut its main furnace for around 30 days of repairs. Three of its other furnaces are currently running at half capacity. The miner has a history of problems with smelters and missed [...]
Moody’s downgrades 25 Spanish banks and puts Banco Santander under review June 15, 2009 MOODY’S yesterday cut the senior ratings of 25 Spanish banks, citing expectations of further capital pressures. And Banco Santander remains under review for possible downgrade, the ratings agency said. As well as broader economic pressures, the banks’ asset quality indicators continue to point towards a further significant deterioration, Moody’s said. The non-performing loan rate had [...]