Takeover hopes fade for Omega March 27, 2012 Omega, the Lloyd’s of London insurer that rejected three takeover bids last year, yesterday disappointed the market by providing scant details of a possible takeover offer. The firm said yesterday it “confirms that it continues to review possible options to increase value for its shareholders, which include an offer for the company”. Its shares, which [...]
Sony offers EMI deal concessions March 27, 2012 The Sony-led consortium bidding to buy EMI’s music publishing unit has offered concessions to Brussels as it pushes for approval of the takeover. Details were not given, but it is thought Sony would be willing to sell off some divisions or commit to certain business practices to protect the $2.2bn deal. Sony, alongside Blackstone, Abu [...]
HSBC shuts Slovakian business March 27, 2012 HSBC is planning to close its Slovakian operations by the end of the third quarter, the banking group announced yesterday, as part of its efforts to refocus on its core Asian markets. HSBC will stop taking new business in the country immediately but will provide services for existing clients until the closure later this year. [...]
Bumi removes Rothschild from chairman’s role March 27, 2012 INDONESIAN coal miner Bumi yesterday tried to draw a line under a damaging spat between former chairman Nat Rothschild and investors whose credentials on corporate governance he publicly questioned. In line with announcements made last month, coal entrepreneur Samin Tan, who became a major investor alongside the Bakrie family last year, has become chairman. Tense [...]
Rio Tinto says diamonds aren’t forever as it puts arm on sale March 27, 2012 RIO Tinto, the world’s third-largest miner, effectively invited bids for its diamonds business yesterday, joining rival BHP Billiton in backing away from a business that has lost its sparkle. The company, which runs three mines in Australia, Canada and Africa, said it was reviewing its diamond business and would consider selling it, as it focuses [...]
Hedgies cash in after a bumper start to the year March 27, 2012 HEDGE funds are cashing in some of their chips after enjoying a bumper first quarter, wary that a sudden change in market sentiment could see them take the sort of losses suffered in last year’s volatile markets. Hedge funds returned five per cent in the first two months of the year, the best start to [...]
MEPs plot new attack on City with plans to curb bonuses March 27, 2012 EUROPEAN MPs have stepped up efforts to cut bank bonuses by proposing the awards are capped at twice the level of workers’ basic pay. Yesterday they called for new limits on bonuses and clawback provisions on “golden hellos” to be included in the Basel III rules, which are due to come into force next year. [...]
Tesco continues to shed market share as Asda hits record high March 27, 2012 TESCO has continued to shed market share in the first three months of 2012, latest figures showed yesterday, while number two supermarket Asda has seen its slice of the pie jump to a record high. According to Kantar data released yesterday, Tesco’s year-on-year growth lagged behind the rest of the sector at just 2.7 per [...]
Osborne vows to think through tax impacts March 27, 2012 TREASURY forecasting does not take into account the fact that lower taxes mean people work harder and have more money to spend, although that could be set to change following proposals made by the chancellor yesterday. George Osborne told the Treasury Select Committee yesterday his department will consider using so-called “dynamic scoring” in a bid [...]
Public sector pay still higher than private March 27, 2012 THE PAY gap between the public and private sector is at its widest since 2001, ONS figures showed yesterday, with state workers now paid an average of between 7.7 and 8.7 per cent more than private sector employees. The data, from April 2011, shows the pay gap has risen sharply from 5.9 per cent in [...]