Essar Energy gets boost from Stanlow as earnings increase November 26, 2012 POWER plant operator and oil refiner Essar Energy yesterday reported an 18 per cent rise in core earnings for the first-half as the benefit of a contribution from its Stanlow refinery in Cheshire offset its struggling Indian power business. The company, which is 77 per cent-owned by privately held Indian conglomerate Essar Group, said operational [...]
ILVA may close plant over seizure November 26, 2012 Italy’s ILVA said it may have to close Europe’s biggest steel plant after judges ordered the seizure of steel and semi-finished products in a corruption probe that saw several managers arrested yesterday. Justice system officials said the prosecutors arrested Emilio Riva, chairman of the group that owns ILVA, and six others including his son Fabio. [...]
Ex-SAC manager granted bail November 26, 2012 A former SAC Capital portfolio manager was released on $5m bail yesterday after making his first appearance in a New York court on charges of making illegal trades that hedge fund titan Steven A Cohen personally signed off. Mathew Martoma, 38, of Boca Raton, Florida, was charged last week in what US prosecutors called “the [...]
Regulators to discuss derivatives November 26, 2012 Global regulators will meet in New York tomorrow to hammer out a deal on how to supervise the $650 trillion derivatives market. The Commodity Futures Trading Commission has been criticised by other regulators for its aggressive stance in applying domestic US rules to traders abroad. Together with the Securities and Exchange Commission, it will now [...]
Who’s switching jobs November 26, 2012 Alvarez & Marsal The professional services firm has appointed Faisal Galaria as a senior director. He was previously vice president of Spotify, where he was responsible for mergers & acquisitions and strategic partnerships. Galaria has also held senior roles at Skype and eBay. Pinsent Masons Jonathan Beastall has been appointed to the law firm’s corporate [...]
Best of the Brokers November 26, 2012 BRITISH LAND UBS has upgraded the property firm from a “neutral” rating to “buy”, citing reduced risk from the company’s “ageing portfolio”. UBS upped British Land’s target price to 580p. COMPASS GROUP Analysts at Nomura have upped their guidance on the caterer, increasing the price target from 800p to 832p on the back of improving [...]
Mark Carney appointed as governor of the Bank of England November 26, 2012 Mark Carney has been unveiled as the surprise choice to lead the Bank of England, chancellor George Osborne announced today. He will quit his current job as Bank of Canada governor to take charge at Threadneedle Street when Sir Mervyn King steps down on 1 July 2013. The decision to appoint an outsider from overseas [...]
Betfair quits Greek gambling market November 26, 2012 BRITISH betting exchange Betfair has quit the Greek marketplace, citing regulatory uncertainty over gambling law in the cash-strapped country. The company said it had previously operated in Greece without a local permit as they “consider the gambling legislation in the country to be inconsistent with European law”. However earlier this month the Greek gambling commission [...]
GSK makes £580m investment in India November 26, 2012 British pharmaceutical firm GSK is to raise its investment in India by buying $940m (£586m) of shares in its local venture – thanks to the success of Horlicks. The decision is a vote of confidence in the enormous emerging market and signifies a move away from GSK’s traditional prescription drugs market. The company said it plans [...]
UBS fined £30m over Adoboli fraud November 26, 2012 SWISS bank UBS has been fined almost £30m by the Financial Services Authority (FSA) after admitting to serious failures relating to its handling of the Kweku Adoboli fraud case. The regulator fined the company £29.7m for serious weaknesses in its internal controls that should have stopped the rogue trader from running up unauthorised losses of [...]