MEET THE ADVISERS February 29, 2012 UBS AUSTRALIA THE UBS team advising Weir in its tug of war with FLSmidth is led by Daniel Steijn. The Australia based banker is seeking to steer a successful appeal against Australian regulators’ decision to give the green light to its rivals’ bid for Ludowici. Also advising is Australian law firm Freehills. Freehills has offices [...]
Mortgages up as stamp duty return nears February 29, 2012 UK MORTGAGE lending surged in January and consumer credit also expanded, official figures showed yesterday, though economists do not expect the jump to be sustained. Analysts believe loans rose because the stamp duty holiday for first-time buyers ends later this month, prompting a short-term rise in loan applications, though numbers remain well below pre-recession levels. [...]
Eurozone growth stays shaky February 29, 2012 EUROZONE growth prospects looked uneven after data out yesterday showed unemployment held steady in Germany in February, where credit conditions continued to ease – and weaker signs came from France, where household spending dropped unexpectedly sharply. Eurozone inflation was revised down to 2.6 per cent in the year to January, which economists believe reflects low [...]
Greek bailout draws closer on Finns’ approval February 29, 2012 THE FINNISH parliament approved the Greek bailout yesterday after a tense debate in parliament. MPs voted in favour of the €130bn (£108.8bn) bailout by a margin of 111 to 72 after opposition politicians described Greece’s membership of the euro as a “hangman’s knot”. Finland is set to contribute €1.25bn to the rescue package, which is [...]
Greece puts gas group up for sale as privatisation programme kicks off February 29, 2012 GREECE has invited bids for state-owned gas company DEPA, as it moves ahead with a privatisation programme meant to raise €19bn (£15.9bn) by 2015. According to an offer document published yesterday, the government is considering a “bundled” sale of DEPA, combining its wholesale, trading and gas supply business as well as its DESFA networks and [...]
London firms call on new Mayor to invest in the city February 29, 2012 LONDON First, a business group whose members represent over a quarter of the capital’s GDP, have set out their demands for the mayoral election. The organisation, which includes such firms as KPMG, HSBC and Deloitte, have told the mayoral candidates of their “common sense” demands to improve infrastructure and keep the city open for business. [...]
BEST OF THE BROKERS February 29, 2012 IMAGINATION TECHNOLOGIES Peel Hunt has upgraded the microprocessor technology firm from “hold” to “buy” following some positive announcements from the company at Mobile World Congress on next generation chips. The broker has also upped its target price to 723p from 550p, as a result of increased confidence in forecasts, particularly ahead of an expected product [...]
CITY MOVES | WHO’S SWITCHING JOBS February 29, 2012 Milbank Tweed Hadley & McCloy The US law firm has hired corporate partner Mark Stamp to join its partnership from rival Linklaters, though no start date for his appointment has been announced. Stamp has been a partner at Linklaters since 1994, having joined the firm in 1983 as a trainee. He works in domestic and [...]
US fourth quarter GDP revised up February 29, 2012 The U.S. economy grew a bit faster than initially thought in the fourth quarter on slightly firmer consumer and business spending, calming fears of a sharp slowdown in growth in early 2012. Gross domestic product expanded at a three per cent annual rate, the quickest pace since the second quarter of 2010, the Commerce Department [...]
Lloyds gets £11.4bn from ECB February 29, 2012 Lloyds said it had drawn down £11.4bn from the European Central Bank’s second offering of cheap three-year funds. “Lloyds Banking Group can confirm it has drawn £11.4bn under the LTRO for an initial term of three years. The aim is to part fund a pool of non-core euro denominated assets,” Lloyds said in a statement. [...]