Fedex to buy TNT Europe in €4.4bn deal April 7, 2015 FedEx is making a major acquisition to expand its business in Europe with a billion-euro bid for TNT Europe. The US delivery firm has made an all-cash offer of €8.00 per share for the Dutch delivery group, valuing TNT at €4.4bn (£3.2bn). The offer represents a 33 per cent premium on its previous closing price. A major shareholder, PostNL [...]
Samsung profit decline to moderate in first quarter ahead of Galaxy S6 launch April 7, 2015 The figures Operating profit at the Korean electronics firm is expected to be 5.9tn won (£4bn) for the quarter to the end of March – down 31 per cent on the same quarter last year, but a more moderate decline than expected. It remains the sixth consecutive quarterly decline for the firm. But sales for [...]
Flash Boy firm Virtu set to launch new flotation bid to raise $314m April 7, 2015 Virtu, which delayed its initial public offering (IPO) amid a furore over high-frequency traders, renewed the fundraising effort with a plan to raise as much as $314m (£211m). The company will offer about 16.5m shares at $17 to $19 apiece, according to a regulatory filing yesterday. At the high end of the range, Virtu would [...]
Stamp duty and mansion taxes: Which taxes apply to you? April 7, 2015 Money is tight in Whitehall. Both Labour and the Conservatives are promising to cut the deficit to varying degrees if they win the General Election. And Westminster is surrounded by some of the most valuable real estate in the world. House prices in London have boomed since 2013, so an obvious solution presents [...]
Russian billionaire Mikhail Fridman in telecoms move with Letter One Technology April 7, 2015 Russian oligarch Mikhail Fridman is preparing to expand his holdings in the telecoms market with investment vehicle Letter One. The billionaire businessman will operate the Letter One Technology platform as a private equity-style fund to invest in telecoms assets across Europe, with initial funding of $16bn (£11bn). The technology offshoot of the Letter One group [...]
Fundraising and dealmaking help to boost profits at stockbroker N+1 Singer April 7, 2015 N+1 Singer yesterday became the latest City stockbroker to report a boost in profits last year as fundraising and dealmaking activity picked up. However, the group warned there was still too much capacity in the small- and mid-cap market because of falling secondary commissions. N+1 Singer’s revenue increased five per cent to £30.9m [...]
UK House prices: Generation rent downbeat on buying outlook April 6, 2015 A generation of Britons still fear that they will never be able to buy a home despite the number of first-time buyers reaching a seven-year high in 2014, a survey reveals today. Some 79 per cent of 20- to 45-year-olds believe banks do not want to lend to first-time buyers, while 21 per cent think [...]
Cadbury hit with £62m Indian tax bill over ‘phantom factory’ April 6, 2015 Chocolate maker Cadbury was yesterday hit with a new 5.7bn Indian rupee (£62m) tax claim in India in relation to allegations that it claimed excise benefits on a “phantom” factory. India, under pressure to reduce its budget deficit, has sought to boost fiscal revenue, not least by pursuing billions of dollars in unpaid tax claims [...]
Greece bailout: Future looks brighter for struggling economy as Yanis Varoufakis says he’ll meet all obligations to creditor nations April 6, 2015 Greece's economic situation is on the brink of improving slightly, as long as finance minister Yanis Varoufakis sticks to his word. Yesterday, he told the troubled country's creditor nations that Greece intends to “meet all obligations”, and that includes a €450m (£332m) loan repayment due to be made to the International Monetary Fund (IMF) on [...]
TV leaders’ debate: Rise of smaller parties “unnerving development for the markets” April 3, 2015 The strong showing from the smaller parties in last night's leaders' debate could add to market jitters over the unpredictable result of the General Election. Markets could become increasingly anxious as the polls continue to indicate there will be no clear winner come polling day. Nick Beecroft, senior market analyst at Saxo Bank, explaining the consequences of [...]