Intermediate Capital joins forces with Nomura for new debt fund November 21, 2013 LISTED debt investor Intermediate Capital Group (ICG) yesterday announced a tie-up with Japanese banking giant Nomura to launch a debt fund targeted at pension fund investors in the country. ICG, listed on the FTSE 250, has just signed the deal with the bank to launch the mezzanine investment fund, which will see both sides allocate [...]
Miller gets lift from emerging market sales November 21, 2013 SABMILLER, the world’s second-largest brewer, said yesterday that emerging markets would continue to drive sales and earnings while European and North American consumers drink less beer. Other companies including Unilever and Diageo have reported a slowdown in emerging markets such as China and Brazil but SABMiller said it was upbeat on the outlook for Latin [...]
US plans to exit General Motors stake by the end of the year November 21, 2013 THE US Treasury department said yesterday it expects to sell its remaining shares of General Motors by the end of the year, a plan that may leave taxpayers with a shortfall of about $10bn (£6.2bn) on the automaker’s 2009 bailout. The Treasury said it had completed the sale of 70.2m shares of GM stock and [...]
JP Morgan’s legal troubles leave employee pay lagging industry November 21, 2013 JP MORGAN Chase plans to keep overall compensation per employee roughly flat this year from last year, lagging gains at rivals, as the bank’s massive legal settlements weigh on its results, two sources familiar with the matter said yesterday. Bonuses were largely set early this week, though payouts could change in unusual situations or if [...]
Blackstone appoints Nielsen boss as fixer November 21, 2013 US PRIVATE equity giant Blackstone yesterday took the boss of TV rating company Nielsen Holdings in-house as its portfolio company troubleshooter. Blackstone, which co-owns Nielsen, has recruited chief executive David Calhoun to head its portfolio-operations group. The role will see Calhoun work with chief executives of other companies owned by the group. He will become [...]
Santander to offload property business November 21, 2013 SANTANDER said yesterday it will sell its real estate management business Altamira to US private equity group Apollo Global Management, likely to be the largest deal of its kind so far in Spain where the property market is starting to thaw. Several banks have sold or contracted out property management businesses this year, capitalising on [...]
Hong Kong’s Gaw buys M&S London offices November 21, 2013 HONG KONG-based private equity firm Gaw Capital Partners and three South Korean investors have teamed up to buy the London headquarters of retailer Marks & Spencer for around $321m (£198m), adding to a string of property deals by Asian investors this year. Asian investors, including insurers and banks, are buying into European properties as a way [...]
3i gets in shape after acquiring gym chain November 21, 2013 LISTED private equity firm 3i made its latest foray into the buyout market yesterday by taking a controlling stake in European budget gym chain Basic-Fit for €110m (£91.7m). The deal will give 3i, the UK’s oldest private equity investor, a 55 per cent stake in the Dutch company after the gym’s founder chief executive Rene [...]
City helps raise £426,000 at Opportunity do November 21, 2013 AFRICAN song and dance filled the Victoria and Albert Museum on Wednesday night as Opportunity International launched its Spirit of Opportunity Christmas appeal. The City descended on the museum for a fabulous evening, which included performances by African dance and drum group Frititi, dinner under the dome and a live auction in aid of the [...]
Lessons of the crisis loom large for challenger November 21, 2013 Metro Bank’s Craig Donaldson is determined not to make the same mistakes as the big banks METRO Bank has made a splash since it was granted a banking licence just over three years ago. When it launched in 2010 the new lender was the first to the high street in more than 100 years – [...]