Merck picks up AZ Electronic in £1.6bn purchase December 5, 2013 LONDON-listed chemicals company AZ Electronic Materials has agreed a £1.56bn takeover by German manufacturer Merck. AZ, a maker of chemicals for Apple’s iPad displays and memory chips, saw its share price rise over 50 per cent to 395p a share on news of the deal yesterday, just shy of the 403.5p per share that the [...]
Labour pressures Cable over RBS reports December 5, 2013 LAWRENCE Tomlinson, the entrepreneur who caused a storm around RBS by accusing it of harming small firms, is not an independent voice as he himself has a long running claim against the bank, Labour’s Chuka Umunna said yesterday. The shadow business secretary accused the business department’s entrepreneur in residence of bias against the bank because [...]
What the other papers say this morning – 6 December 2013 December 5, 2013 FINANCIAL TIMES Lew urges race to top on bank reform Jack Lew, the US treasury secretary, warned that US financial reforms aimed at ending the problem of banks that are “too big to fail” would fall short unless international regulators held global banks to the same high standards. The US Federal Deposit Insurance Corporation is [...]
Strong growth in the US proves Osborne wrong December 5, 2013 A MERE two hours after Osborne claimed the UK was the fastest growing Western economy, official figures from the US proved him wrong. The Commerce Department’s latest revision to its third quarter GDP figure showed that the US economy grew 0.9 per cent in the three months to the end of September compared to the [...]
Eurozone holds monetary policy as inflation outlook weakens December 5, 2013 THE EUROPEAN Central Bank (ECB) held interest rates yesterday, as was widely expected after last month’s surprise cut. Bank president Mario Draghi said the institution was “ready to consider all available instruments,” adding: “We may experience a prolonged period of low inflation.” The ECB’s forecast for the years ahead suggests that the harmonised index of [...]
Bank sticks to interest rates December 5, 2013 THE BANK of England left monetary policy unchanged yesterday, sticking to its commitment to keep interest rates at a record low 0.5 per cent until Britain’s recovery is more firmly established. At its two-day meeting, the Bank’s Monetary Policy Committee also opted to leave its bond-buying programme unchanged at £375bn. It has indicated it will [...]
Thames Barrier closes ahead of biggest storm for 60 years December 5, 2013 THE Thames Barrier was closed last night to protect London from a tidal storm surge that forecasters warned could be the worst for 60 years. The Thames Barrier has been closed in order to slow the expected tidal surge. More than 60 severe flood warnings were issued yesterday ahead of what the Environment Agency was [...]
Firstgroup set to appoint new chairman December 5, 2013 FIRSTGROUP is set to hire Aviva chairman John McFarlane to take the same role at the transport group, replacing Martin Gilbert. FirstGroup is expected to make an announcement today, according to Sky News. Gilbert said he would step down following First’s fundraising in May. He’s been at the firm since its 1995 foundation.
Car sales up in Britain for 21st month in a row December 5, 2013 BRITS bought seven per cent more new cars in November than they did a year ago, industry figures showed yesterday, in the latest sign that the car market is racing. New car registrations rose to 159,581 units in the month, according to the Society of Motor Manufacturers and Traders. The pace accelerated from a four [...]
Deutsche Bank set to scale back commodity unit December 5, 2013 DEUTSCHE Bank pulled the plug on its global commodities trading business yesterday, cutting 200 jobs as it becomes the first major bank to exit the once lucrative sector due to toughening regulations and diminished profits. Germany’s largest bank, which was one of the top-five financial players in commodities, will cease energy, agriculture, base metals, coal [...]