SandRidge in $1.6bn bid for its rival Arena April 5, 2010 US-BASED oil and gas explorer SandRidge Energy sealed a $1.6bn (£1bn) takeover of rival Arena Resources yesterday, creating one of the largest producers in West Texas. The transaction, which at $40 per share values Arena at a 16.8 per cent premium to its Thursday closing price, will crank up SandRidge’s exposure to rising oil prices [...]
Happy Easter for West End April 5, 2010 POOR weather and early spring sales offers from retailers drove at least 2m shoppers to the West End over the Bank holiday weekend. Some retailers are understood to have recorded double-digit sales growth on the Friday, although trading did slow down over Saturday and Easter Monday, according to the New West End Company – which [...]
Aim fundraisings suffer a setback as investors shy away from risky business April 5, 2010 LONDON’S Alternative Investment Market (Aim) suffered a blow in the first quarter of 2010 as the total value of funds raised on the market took a further tumble. £247m was raised by 17 companies on Aim over the first three months of the year, 38 per cent below the £396m that was raised in the [...]
Small businesses face mammoth fines as government cracks down on fraud April 5, 2010 FROM today the Information Commissioner’s Office (IOC) will have the power to fine small businesses up to £500,000 for losing clients’ confidential data. The new measures, which fall under data protection rules, were passed in Parliament three months ago and are part of the Government’s latest attempt to crack down on fraud. Previously the IOC [...]
BarCap poaches veteran banker from Rothschild April 5, 2010 BARCLAYS Capital has poached the co-head of Rothschild’s investment banking division in the Middle East and North Africa to head up its financial institutions group (FIG) coverage, sources said yesterday. Michael Helou, 37, set up Rothschild’s Dubai office in 2006. In his new role, expected to begin in the middle of May, he will be [...]
BEST OF THE BROKERS April 5, 2010 VODAFONE Collins Stewart has issued a “sell” recommendation on Vodafone after Ofcom’s mobile termination rate (MTR) proposals to bring down rates. Collins Stewart said that it could have a 20 per cent drag on Vodafone’s UK revenue by 2015. Over the four years Collins Stewart expect it will have a £330m impact on Vodafone profits. [...]
MPC to hold fire on rates and QE April 5, 2010 Inaction will be the name of the game this week at the April meeting of the Bank of England’s Monetary Policy Committee (MPC), according to economists. The MPC is unlikely to either move the interest rate from its current 0.5 per cent or add to the £200bn already spent on quantitative easing, after all nine [...]
Macro funds falter in debt crises April 5, 2010 Hedge funds betting on macroeconomic trends have been wrong-footed by the Greek sovereign debt crisis and the plummeting values of sterling and the euro. The average macro hedge fund has kicked off 2010 with a 1.25 per cent loss, according to data from Hedge Fund Research, making suggestions of links between speculators and movements in [...]
Mattel chief’s pay cut to $7.9m April 5, 2010 Mattel’s chief executive and chairman received nearly $7.9m (£5.17m) in compensation for 2009, an eight per cent cut on his 2008 pay package. The toy maker handed Robert Eckert an unchanged base salary of $1.25m, plus a bonus of $2.5m and stock options worth $3.7m.
Oil futures hit $86 on strong jobs numbers April 5, 2010 CRUDE oil futures crossed an 18-month high yesterday, rising towards $86 per barrel after positive jobs data from the US boosted hopes of a speedy economic recovery. US crude futures for May delivery hit a session high of $85.89 as Asian traders responded to figures showing the fastest increase in North American job creation since [...]