EU sanctions freeze out Russia’s biggest banks as growth forecasts slashed July 31, 2014 New European Union sanctions against five of the largest Russian banks will hit the City hardest, according to analysts, while major restrictions on arms sales will not apply to France’s warship sales to Moscow. Sberbank, the largest bank in Russia, was named by Brussels in the tranche of sanctions yesterday. The institution raised $5.2bn (£3.08bn) [...]
UBS boss Mark Yallop quits just 18 months into the top job July 31, 2014 UBS’ UK boss is quitting the job barely 18 months into the post, the Swiss bank revealed yesterday. Mark Yallop was appointed chief executive officer in February 2013 to restructure the bank’s capital to meet new rules, and to rebuild the bank’s relationship with UK regulators after it was fined for attempted Libor rigging. He [...]
Iliad in $15bn T-Mobile bid to shake up US mobile market July 31, 2014 Iliad, the disruptive French telecoms group founded by Le Monde co-owner Xavier Niel, last night made a $15bn (£11.9bn) takeover offer for US operator T-Mobile in a move that could shake up America’s telecoms market. The deal would give Iliad control of 56.6 per cent of T-Mobile’s shares, but Iliad said there was no certainty [...]
Inflation slips to lowest since 2009 for Eurozone July 31, 2014 Inflation weakened even further in the Eurozone during July, dropping to just 0.4 per cent, the lowest level since the aftermath of the financial crisis. The consumer price index (CPI) has been growing increasingly slowly since the middle of 2012, and was last above the European Central Bank (ECB) target level of two per cent [...]
Balfour Beatty calls off takeover talks but Carillion could go hostile July 31, 2014 Takeover talks between British construction company Balfour Beatty and infrastructure giant Carillion ended abruptly yesterday, just days after the £3bn bid began. Balfour backed out of the deal after Carillion demanded the company call a halt to the sale of Parsons Brinckerhoff (PB), a US engineering and design business it bought in 2009. The proposed [...]
Argentina not in default, says top minister July 31, 2014 Argentina’s economy minister yesterday declared that the Latin American country was not in default and threatened court action if any bondholders demanded their money back. Latin America’s third largest economy failed to clinch a deal in last-minute talks with holdout creditors, leaving it unable to comply with debt payments that fell due on 30 July. [...]
Agent Provocateur dresses down for a sale July 31, 2014 High street lingerie chain Agent Provocateur will be put on the auction block next year after private equity owner 3i decided to sell the company. The sale is likely to reap upwards of £200m, with bankers currently pitching for the mandate to run the auction. 3i declined to comment. The group also sold its stake [...]
Banco Espiririto Santo share price collapses on dreadful results July 31, 2014 Banco Espirito Santo was hammered once again yesterday, as the struggling group’s share price collapsed even further following dismal results. Shares fell by a shocking 42.07 per cent during the day, hovering just above €0.20. At the beginning of April, the price was nearly seven times as high, at just over €1.40. Results released late [...]
Lloyds’ share price tumbles as PPI compensation bill smashes through £10bn mark July 31, 2014 Lloyds’ profits were squeezed by new PPI provisions in the first half of the year, the bank reported yesterday. Its underlying profits climbed 32 per cent on the year to £3.8bn as bad loans dropped, and bad loan costs dived 58 per cent to £758m. But another £600m payment protection insurance mis-selling compensation bill – [...]
Center Parcs IPO: Owner Blackstone gears up for potential float with loan plan July 31, 2014 Center Parcs has paved the way for a stock market listing after its owner moved to re-jig the firm’s debt pile. The resort’s owner, US private equity giant Blackstone, is understood to be mulling plans to refinance Center Parcs’ complex debt mountain, which includes £1bn of secured financing. The deal would allow Blackstone to take [...]