Resolution falls as breakup plan splits investors March 27, 2012 INVESTORS reacted badly to news that insurance firm Resolution plans to split itself in two, pushing shares in the FTSE 100 firm down by over five per cent. Resolution also shelved a promised £250m handout to shareholders because falling bond and stock prices had dented its finances. The developments signal a change in focus for the [...]
Rio Tinto decides that diamond mines are not forever March 27, 2012 DEMAND for diamonds is booming. Tiffany, the luxury jeweller that is famous for using the precious stones in its pieces, earlier this month said its worldwide sales jumped 15 per cent in 2011 and warned that supplies were struggling to keep up. Gem Diamonds, which counts Tiffany as one of its biggest clients, reported a [...]
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 [...]