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 [...]
BEST OF THE BROKERS June 15, 2009 WORKSPACE GROUPPanmure Gordon upgraded its 2010 estimated dividend per share and net asset value for Workspace Group. The broker was encouraged by Workspace’s final results and feels it is de-risked following its rights issue, debt restructuring and ongoing disposal programme. The analysts rate the stock as a “buy” with a target of 20p. BRITISH AIRWAYSBA’s [...]
AIC: Leave investment trusts out of tax haven crackdown June 15, 2009 A MAJOR trade body has told Michael Foot, the mandarin running the government’s review of UK tax havens, not to damage the offshore investment trust sector by recommending heavy-handed tax rules. The Association of Investment Companies (AIC) has said offshore funds contribute over £300m a year to the UK economy and their domiciles should not [...]