BP eyes share buyback after Gulf settlement November 18, 2012 OIL giant BP hopes to use some of its Russian windfall to pay for a multi-billion pound share buyback next year. The FTSE 100-listed firm is thought to be looking at plans to snap up shares worth at least £2.5bn to make sure its investors do not lose out in the wake of its cash [...]
Grocer Ocado dismisses loan breach fears November 18, 2012 OCADO, the online grocery shop, yesterday brushed off market speculation that it is seeking to renegotiate its debt covenants with its lenders, saying there was “no threat” it would breach its covenants. A weekend report suggested the online supermarket, which floated to much fanfare in 2010, was seeking to reset its debt or extend the [...]
Moleskine set to open book on stock float as backers cash in November 18, 2012 MOLESKINE, the iconic black notebook brand, will file for its long-awaited stock market debut later this month as its private equity owners Syntegra Capital seek to finally cash in on their €66m (£52m) investment. The Italian company Moleskine Srl, set up in 1997 to produce replicas of notebooks used by early twentieth century bohemian artists, [...]
Glenstrata set to finally get the green light November 18, 2012 GLENCORE and Xstrata are on track to win shareholder approval for their mammoth mining merger tomorrow, though questions remain over retention packages for key staff. Qatar Holding, Xstrata’s largest shareholder after Glencore, confirmed on Friday that it plans to support the transaction, but said it “does not feel it appropriate to influence the outcome” of [...]
Business groups hail coalition plans to slash regulation burden November 18, 2012 BUSINESS groups greeted today’s proposal from the government that any new regulation would come in on a one-in, two-out basis with a resounding cheer. “I congratulate the business department on its move to lighten the heavy load of regulation for British firms,” said Simon Walker at the Institute of Directors (IOD). “Business leaders tell us [...]
Mandelson wins new Lazard role November 18, 2012 Labour peer Lord Peter Mandelson has been appointed chairman of Lazard International – the global arm of the investment bank. Mandelson joined Lazard as a senior adviser last year, and is stepping into the role vacated by ex-UBS banker Ken Costa, who left Lazard in April 2011 to join the Church of England. The former [...]
ECB man wants two-year Greek deal November 18, 2012 European Central Bank policymaker Joerg Asmussen said yesterday the Eurozone should agree next week on two years of funding for Greece and leave further help to be decided later, a view likely to irk the IMF, which wants a permanent solution. “We should next week settle the financing for the years 2013 and 2014, but [...]
Royal and reality stars get trading for charity November 18, 2012 MAREX Spectron held its annual charity day last week, in aid of Shooting Star CHASE, Rays of Sunshine, Sparks and WellChild. The firm handed over the phones to guest traders such as HRH The Countess of Wessex, HRH Princess Michael of Kent, Olympic rower Tim Foster and actor Tony Gardner. One so-called celebritrader in particular [...]
Desmond the cosy neighbour November 18, 2012 YOUVIEW chief executive Richard Halton may not have anticipated that moving into the Northern & Shell building would involve such frequent visits from the man who heads up one of the firm’s partners, and landlord of the building. The Capitalist hears that Desmond, who owns Channel 5, has taken advantage of the proximity, and often [...]
CBI’s Cridland calls for radical school reform November 18, 2012 THE UK needs comprehensive school reform, the country’s biggest business lobby said today, in order to boost long-term growth. Boosting educational achievement to match the standards in Finland and the best in Europe could add a percentage point to yearly GDP growth, the Confederation of British Industry (CBI) claims, adding £8 trillion to the economy [...]