Before the open – 03/09 September 3, 2013 The markets haven't yet opened, and it looks like the Microsoft-Nokia tie-up is going to be today's big story. Nokia shares are being called up between 25 and 40 per cent. With little else happening after US markets were closed for Labour day yesterday, and talk on Syria pushed back until 9 September, we may [...]
Nokia shares jump 45 per cent on Microsoft tie-up September 3, 2013 A huge technology deal done behind closed doors has been announced, with Microsoft's purchase of Nokia's mobile phone business for €5.44bn (£4.6bn) (release). Nokia shares have jumped 45 per cent on the news. Nokia shares up 45% on the open in response to the Microsoft news, back to 2012 highs. Chart: pic.twitter.com/1ouewLzMyA — David Jones [...]
Nobel prize winning London-born economist Ronald Coase passes away at 102 September 3, 2013 Accomplished economist Ronald Coase has passed away at 102 years of age. Born in London, Coase would later move to the US to pursue an incredibly successful career in Chicago. The Library of Economics and Liberty highlights that while incredibly influential, Coase's writings are sparse, saying that "in a sixty-year career he wrote only about [...]
Vodafone to pay investors £54bn September 2, 2013 Windfall for shareholders after Verizon Wireless stake sale sealed VODAFONE will pass a massive £54bn windfall to its shareholders after agreeing a record-breaking deal with American telecoms group Verizon. The £84bn deal – the second largest in corporate history, according to Dealogic – for Vodafone’s stake in the largest US mobile network Verizon Wireless, was [...]
British start-up bosses working shorter weeks September 2, 2013 BRITISH bosses of small business enjoy a short working week compared to competitors in other major economies, clocking up an average of just 37.6 hours even when tasks like checking emails after work are included in the total. And UK entrepreneurs take 21.4 days of annual holiday, above their US counterparts who take just 10.1, [...]
Chancellor clarifies new tax breaks for oil and gas September 2, 2013 THE CHANCELLOR today gave the oil and gas industry a welcome boost by clarifying tax reliefs and urged Scotland to remain part of the UK to maximise the North Sea’s remaining energy reserves. In a speech at the Offshore Europe conference in Aberdeen, George Osborne unveiled new Treasury analysis into Scotland’s economy, which highlighted detrimental [...]
France blames al-Assad for chemical attack September 2, 2013 FRANCE yesterday said Syrian President al-Assad was undoubtedly responsible for last month’s chemical weapons attack, as Downing Street ruled out direct UK military intervention. French Prime Minister Jean-Marc Ayrault said there had been a “massive use” of chemical agents in the attack on a Damascus suburb and published intelligence that claims only the Syrian regime could have [...]
IoD pans Royal Mail strike vote September 2, 2013 THE INSTITUTE of Directors yesterday hit out at an upcoming Royal Mail workers’ vote on strike action, saying a strike would be “unjustified, highly irresponsible and would hit businesses hard”. The Communication Workers Union yesterday said it will ballot for a national postal strike on 20 September, unless disputes regarding pay and the impact of [...]
Barclays close to rights issue September 2, 2013 BARCLAYS in planning to get its £5.8bn rights issue away within the fortnight, City A.M. understands. The lender is issuing the new shares to improve its capital position, as it is under pressure from the Bank of England to get to a three per cent leverage ratio. The bank is believed to be targetting the [...]
What the other papers say this morning – 03 September 2013 September 2, 2013 FINANCIAL TIMES Dering Capital leads race for TDF Blackstone Group’s former top executive in Asia has emerged as the leading contender to buy the French assets of Europe’s largest telecoms tower operator TDF in a deal worth up to €3.8bn (£3.22bn). Dering Capital, started by Ben Jenkins after he left the US private equity group [...]