Anglo American to plug its debt July 27, 2009 Miner Anglo American will bailout its platinum subsidiary with a 50 per cent increase in lending to £1.6bn after a slump in the price of precious metals. Anglo Platinum, which is 80 per cent owned by Anglo, said yesterday its net debt had increased by one third to £1.4bn in the first six months.
Lansdowne halts cash for fund July 27, 2009 Lansdowne Partners, one of the UK’s largest hedge fund managers, has stopped accepting investments for its oversubscribed £4.4bn Lansdowne UK equities fund. The move comes as the hedge fund industry is poised for a record year as investors look to reallocate cash to the most prominent brands.
Stagecoach mulls bid for National Express July 27, 2009 STAGECOACH yesterday said it was in exclusive talks with the consortium seeking to buy and break up rival transport group National Express. A buyout group made up of private equity firm CVC Capital Partners and the Spanish Cosmen family has proposed a cash offer for National Express, subject to various conditions. Stagecoach, run by Brian [...]
Darling’s dressing down of banks met with indifference July 27, 2009 CHANCELLOR Alistair Darling urged bank bosses to increase credit to small firms in a meeting at the Treasury yesterday, but found his efforts dismissed as a PR stunt by City figures and politicians alike. Darling summoned the chief executives of the UK’s major banks to Whitehall, as part of ongoing meetings aimed at resolving the [...]
Axa Healthcare reduces its own medical cover for staff July 27, 2009 AXA PPP, the UK health insurer, has decided to reduce the amount of private healthcare provision it gives its own employees. As part of a consultation process with its workforce, the group is introducing restrictions to its cover to make it less costly. It has told employees the new cover will incorporate a so-called six [...]
Hapag-Lloyd taps shareholders July 27, 2009 Hapag-Lloyd, Germany’s largest container-shipping company, was yesterday locked in talks with its shareholders about a short term financial lifeline of €300m (£259m). Hapag, which reported a €222m operating loss in the first quarter, is hoping to gain a significant injection from its two largest shareholders – Tui, the tourism group, and Hamburg’s state government – [...]
China on alert for asset bubbles July 27, 2009 Chinese regulators yesterday warned banks to ensure unprecedented volumes of new loans are channelled into the real economy amid concerns that banks ignored basic lending standards in the first half of the year. Over 7,370bn yuan was issued in new loans during the first six months of 2009, more than twice the amount lent in [...]
NATIONAL EXPRESS SET TO REBUFF BIDS July 26, 2009 EMBATTLED bus and rail group National Express is planning to shoot down takeover approaches at its half-year results meeting on Thursday, City sources said last night. The expected rejection comes in the face of last week’s informal approach from National Express’s biggest shareholder, the Spanish Cosmen family, and private equity group CVC, as well as [...]
Cameron warns of tax hikes July 26, 2009 THE MIDDLE classes and motorists will be the first hit by a slew of tax hikes and spending cuts outlined yesterday by the Conservative party. Tory leader David Cameron warned that if his party comes to power next year the better off will need to dig deep to help repair the UK’s finances. With total [...]
Darling urges banks to lend July 26, 2009 CHANCELLOR Alistair Darling will today put bank bosses in the dock over concerns that they are not lending enough. In a meeting at the Treasury, Darling will urge lenders to reward taxpayers for their support of the banking system by offering loans at more competitive rates. Speaking in a television interview, the chancellor said he [...]