FTSE lurches towards worst month since August May 30, 2012 The FTSE 100 dipped this morning as the Eurozone’s debt woes continued to cast a shadow and hopes that China would trigger further fiscal stimulus were dealt a blow. Investors are awaiting the European Commission’s economic strategy on how austerity measures can be introduced without quashing the growth required for recovery. Concerns about Spain’s ability [...]
Glencore takeover given green light by Viterra shareholders May 30, 2012 Shareholders of Canada’s largest grain handler, Viterra, have voted overwhelmingly in favor of a friendly takeover bid by Swiss commodities trader Glencore International, pushing the biggest deal in years for the global agricultural sector closer to reality. The deal was supported by 99.8 per cent of shareholders, far more than the required two-thirds majority. Glencore [...]
RBS names adviser on Direct Line IPO May 30, 2012 Royal Bank of Scotland has picked UBS to help with the listing of its Direct Line insurance arm this year, one of the biggest planned listings in London, people familiar with the matter said. RBS has said it wanted to list a minority stake in Direct Line in the fourth quarter. The eurozone crisis and [...]
Coulson detained over perjury allegations May 30, 2012 Prime Minister David Cameron’s former spokesman has been detained on suspicion of committing perjury after he denied any knowledge of phone hacking by News of the World reporters in a court case in 2010. Scotland’s Crown Office said on Wednesday that Andy Coulson had been held by police officers investigating allegations of perjury following his [...]
BG sells Philippines plant stake for $360m May 30, 2012 UK gas producer BG said it had agreed to sell its 40 per cent stake in two gas-fired power generation plants in the Philippines to free up cash to invest in more lucrative gas and oil production. The sale, to BG’s partner in the plants, First Gen Corporation, will be for $360m (£231m) cash. The [...]
Booker to buy rival Makro for £139m May 30, 2012 German retailer Metro said it would sell its Makro UK stores to Booker Group in a deal valued at £139.7m. Metro and Booker will combine their wholesale businesses to form a strategic partnership in the United Kingdom. The German retail group will receive 9.99 per cent of Booker’s current issued share capital plus £15.8m in [...]
Hedgie hits out at record fine May 29, 2012 Hedge fund boss Alberto Micalizzi lashed out at the Financial Services Authority (FSA) last night, accusing it of demonising him after he was landed with a record £3m fine. This is the biggest ever penalty for an individual in a case of non market abuse imposed by the City regulator. It also banned him from [...]
BlackBerry maker hires banks to explore options May 29, 2012 Troubled technology firm Research in Motion (RIM) opened the door to a sale or break-up yesterday after appointing bankers to help carry out a review. The struggling BlackBerry maker has hired JP Morgan and Royal Bank of Canada as it said it could post a first quarter operating loss. The bankers have been asked to [...]
Graff Diamonds $1bn IPO fails to sparkle yet May 29, 2012 BANKERS to the $1bn IPO of the Mayfair-based jewellery group Graff Diamonds said yesterday that the share issue did not yet have sufficient demand for the deal to go ahead. With just hours to go before the listing of the shares in Hong Kong, IPO bankers said the issue was just 50 per cent covered [...]
Facebook falls again as Opera deal talk swirls May 29, 2012 FACEBOOK shares yesterday dropped below $30 for the first time in yet another dismal day of trading for the freshly-listed internet giant. Shares fell by as much as 10 per cent, closing at a new low of $28.84 in a fresh blow for Mark Zuckerberg and the uber-hyped flotation of his Harvard-founded company. One reason [...]