SSE to sell 50 per cent stake in its telecoms arm for £380m in bid to cut debt December 21, 2018 Scottish and Southern Energy (SSE) is set to sell a 50 per cent stake in its telecoms business to Infracapital for a fee of around £380m. The company announced the planned sale to the infrastructure equity investment arm of M&G Prudential on Friday as it tries to reduce its debt. It comes as part of a wider restructuring [...]
Malaysia seeks $7.5bn from Goldman Sachs in 1MDB reparations December 21, 2018 Malaysia is reportedly seeking $7.5bn (£5.9bn) in reparations from Goldman Sachs over its dealings in the ongoing scandal surrounding the country's state investment fund 1MDB. A criminal investigation is currently scrutinising three bond offerings raised by Goldman Sachs and others for 1MDB to a total of $6.5bn (£5.2bn). Malaysian authorities on Monday published a charge sheet [...]
Why cryptocurrencies are here to stay December 21, 2018 If common perception is to be believed, we’re currently watching the death of cryptocurrencies. Without doubt, there is cause for some concern. This year has been terrible for speculators, with a deeply entrenched bear market taking hold, and the price of bitcoin falling by around 80 per cent. The year also hasn’t resulted in the envisaged uptake [...]
Danske Bank ends torrid year with second profit warning sending shares to five year lows December 21, 2018 Scandal-hit Danske Bank has ended a difficult year with a second profit warning, sending shares to five-year lows. The Danish bank, embroiled in an alleged €200bn (£180bn) money laundering scandal, cut its 2018 profit forecast this morning for a second time. It now expects a net profit of around Kr15bn (£1.8bn) in 2018, down from [...]
Anglo American to restart operations at Minas-Rio mine after fixing leaky pipeline December 21, 2018 Mining company Anglo American has announced that it will resume operations at its Minas-Rio iron ore mine in Brazil after fixing a leaky pipeline that has brought production to a halt. The FTSE 100 company said that it expects to report an underlying loss of $320m (£252.6m) as a result of the interruption, which lies at the lower [...]
Russian regulator retaliates against Ofcom with legal checks on BBC December 21, 2018 Russia's media regulator has said it will carry out checks on the BBC following an announcment from Ofcom that it was considering imposing sanctions on Russian state-financed media service RT. The Russian regulator, Roskomnadzor, released a statement on Friday saying it would check whether the BBC's World Service and internet sites complied with Russian law. “The results of our check [...]
Interserve agrees key terms of rescue deal with lenders and is considering handing off building materials unit to lenders December 21, 2018 Interserve has agreed on the key terms of a rescue deal with its lenders and is still considering a debt-for-equity swap by handing off subsidiary RMD Kwikform to the holders of its debt. The British business support services provider said on Friday that its rescue plan will see a big part of the company’s £500m debt converted into [...]
UK economy grows but business investment falls for third consecutive quarter December 21, 2018 The UK economy grew at its fastest rate in almost two years in the three months to September but business investment fell for the third consecutive quarter. GDP grew by 0.6 per cent in the third quarter, the Office for National Statistics said today, confirming its initial estimate last month. But the longer term picture [...]
Carlos Ghosn re-arrested as former Nissan chair accused of dumping £13.1m in losses December 21, 2018 Ex-Nissan chairman Carlos Ghosn has been re-arrested by Japanese authorities today, as fresh allegations surfaced of the executive dumping ¥1.85bn (£13.1m) in losses on his former firm. Prosecutors have accused Ghosn of offloading a personal investment worth £13.1m in appraisal losses to Nissan in 2008. Additionally, he allegedly further inflicted damage on Nissan by having it deposit [...]
UK car production slumps 20 per cent in biggest decline since 2009 recession December 21, 2018 Britain's car output tumbled by almost 20 per cent in November as Brexit worries weighed on consumer and business morale. It is the biggest decline in car production that the UK has seen since the last recession in 2009, with November's output heavily down on the same period last year. The number of cars produced in Britain [...]