CVC invests $269m in First Media March 22, 2011 Private equity firm CVC will invest $269m (£164m) in the cable TV and internet business of Indonesia’s First Media. First Media, controlled by the Lippo Group, said CVC will get a 49 per cent stake in Link Net, a unit that provides high-speed internet, cable pay TV and data communication services. The deal marks the [...]
INM profits up but warns on ads March 22, 2011 Independent News & Media (INM) warned revenues will remain flat this year despite posting a 14 per cent rise in underlying operating profit for 2010. It said it expects earnings to improve in the year ahead despite the tough advertising conditions. Excluding disposals and the deconsolidation of Australia’s APN News & Media, in which INM [...]
CITY MOVES | WHO’S SWITCHING JOBS March 22, 2011 BNP Paribas Asset Management Gilles Guérin has been appointed chief executive of the asset manager’s recently formed Partner THEAM. In this role, he will manage THEAM, which combines BNP Paribas asset management’s SIGMA team and those of BNP Paribas CIB’s Harewood Asset Management. THEAM specialises in index, active systematic, guaranteed and alternative investment solutions. Guérin [...]
BEST OF THE BROKERS March 22, 2011 SCOR UBS has upgraded the reinsurer to “buy” and has raised its target price to €23 from €21 after its full-year results earlier this month hinted at strong growth potential. The broker predicts 9.5 per cent compound growth in earnings per share, well above predictions for others in its peer group. SCOR has already said [...]
FTSE rally ends as Middle East fears resume March 22, 2011 Rising tensions in the Middle East and shrinking appetite for risk caused stocks to give up ground today, ending a three-day rally. Poor UK economic data added to the market’s woes, with inflation and public borrowing hitting new highs. The FTSE 100 closed 0.4 per cent down at 5,762.71. “It is not too surprising that [...]
Deutsche Bank to pay damages over swaps March 22, 2011 Germany’s top appeals court has found Deutsche Bank liable for damages on high-risk interest rate swaps it sold, a landmark decision that could set off a wave of other claims. German paper company Ille Papier Service sought €540,000 (£471,000) damages, alleging it had not been adequately informed about the potential risks stemming from complex financial [...]
Factory orders growth gathers pace March 22, 2011 Factory orders growth picked up more than expected in March to its highest pace in three years and firms expected to ramp up prices at the fastest rate in over two-and-a-half years, a survey showed. The Confederation of British Industry survey’s total order book balance jumped to +5 this month from -8 in February, well [...]
Firms cut output on Japan parts shortages March 22, 2011 Sony has cut output at five further plants and Toyota has delayed restarting assembly lines, as the full impact of Japan’s earthquake and tsunami hits the global supply of parts. Electronics and automotive companies have been hardest hit by the turmoil, but in a sign of how the ripples are spreading, Rio Tinto has also [...]
JJB saved from administration March 22, 2011 Creditors of struggling sports retail chain JJB Sports have backed its plan to avoid going into administration. At a series of meetings today, creditors representing more than 75 per cent of JJB’s outstanding debts approved the company voluntary arrangement proposed by the board on 3 March. The CVA proposal, an alternative to going into administration, [...]
Public borrowing and inflation rise March 22, 2011 Public borrowing recorded its worst February since records began, and inflation surged more than expected to a 28-month high, official data showed. The news comes as Chancellor George Osborne puts the final touches to his 2011 Budget due on Wednesday, and is also likely to worry Bank of England policymakers trying to wrestle inflation back [...]