What the other papers say this morning – 18 October 2013 October 17, 2013 FINANCIAL TIMES Tele2 sale lifts Russian hopes VTB has sold 50 per cent of mobile operator Tele2 Russia to billionaire Yuri Kovalchuk and partners, paving the way for the creation of a much stronger fourth competitor in Russia’s mobile market. The deal comes six months after VTB, Russia’s second-largest bank, acquired the Russian arm of [...]
Court orders finance boss release October 17, 2013 Italy’s Supreme Court ordered the immediate release from house arrest of former Banca Monte Paschi di Siena finance chief Gianluca Baldassari, one of his lawyers said yesterday. The former head of finance at the scandal-plagued bank is accused along with two other former executives of concealing Monte Paschi’s losses from lending regulator the Bank of [...]
Chip maker sales continue to fall October 17, 2013 AMD posted a six per cent decline in personal computer chip sales, dampening hopes that its fast-growing gaming-console business can take up the slack and sending its shares seven per cent lower. AMD’s third-quarter results yesterday beat analysts’ forecasts as the chipmaker benefited from supplying processors for new game consoles. But investors had hoped for [...]
Lenovo takes a look at BlackBerry October 17, 2013 Chinese personal computer maker Lenovo has signed a non-disclosure deal to examine the books of troubled Canadian smartphone maker BlackBerry, the Wall Street Journal said yesterday, quoting unnamed sources. BlackBerry said in August it was exploring options that could include an outright sale. An offer from a Chinese company could upset the Canadian government, which [...]
Google’s online ad sales lift firm to new heights October 17, 2013 GOOGLE beat expectations once again last night with net profit up 36 per cent reaching $2.97bn (£1.2bn) in the three months to 30 September, beating analysts forecasts. Consolidated revenues rose 12 per cent to $14.89bn (£9.21bn), excluding money handed over to partners. The results buoyed Google’s share price eight per cent in after hours trading [...]
Dr Martens in £300m sale talks with private equity firm Permira October 17, 2013 BRITISH fashion brand Dr Martens is in talks to sell itself to private equity firm Permira, according to sources reported by Sky News. Dr Martens is currently owned by the R Griggs Group, who are believed to be in talks to sell the company to Permira as soon as next month for almost £300m. It [...]
Estate agent finds highest rents on record as market heats again October 17, 2013 RENTS in England and Wales are back to record levels, up 2.1 per cent in the year to September, despite wages staying largely stagnant. The average cost of renting in the two countries now stands at £757 per month, according to LSL Property Services data released today, the highest the group has ever recorded. Average [...]
Subsidy fears as UK inks nuclear deal with China October 17, 2013 THE COALITION’S nuclear plans gained further momentum yesterday, after chancellor George Osborne said Chinese companies are allowed to buy a stake in British nuclear power plants. But it is thought that any deals will include indirect price subsidies that could trickle down to taxpayers over the 35-year life of the plant. Osborne made the announcement [...]
SAC Capital nears deal with US prosecutors on insider trading October 17, 2013 A DEAL between SAC Capital and US prosecutors to resolve a criminal insider trading case against the firm could come in a few days, a source familiar with the matter said yesterday. Any potential deal between Steven A Cohen’s SAC Capital and federal authorities would likely involve some admission of liability by the firm and [...]
Blackstone fees for performance drop by a tenth October 17, 2013 WALL Street investor Blackstone yesterday said performance fees across its business fell by 10 per cent versus a year ago, slowing revenue growth to just one per cent. The company, led by top buyout figure Steve Schwarzman, saw its flagship private equity business drag on overall revenues, after the division’s revenue fell by more than [...]