New listing rule will not be light touch, says FSA September 27, 2009 THE Financial Services Authority (FSA) yesterday insisted that measures to make it easier for UK companies to list in London did not amount to “light touch” regulation. The City watchdog will this week unveil plans to allow UK companies to apply for a “standard” listing, equivalent to the “secondary” listing process currently available only to [...]
Deripaska in HK flotation September 27, 2009 ALUMINIUM giant Rusal, the group controlled by Russian billionaire Oleg Deripaska, is set to announce one of the biggest floats of the year this week, in Hong Kong. The $30bn (£19bn) flotation, which will see 10 per cent of the group’s shares put on the Asian market, is snubbing the London Stock Exchange (LSE) because [...]
Rebel bondholders to launch fund to snap up toxic assets September 27, 2009 In the freshest hint of a property recovery, two rebel bond investors yesterday revealed their plans to raise up to £250m through a stock market flotation to take advantage of the cheap prices in the bombed out market for bricks and mortar. Tony Wardle and Richard Tice, who launched a shareholder campaign against commercial property [...]
Legal &General bosses resolve to resist takeover by Resolution September 27, 2009 TOP BOSSES at blue-chip insurer Legal & General have resolved to fight any approach from Clive Cowdery’s buyout vehicle Resolution. Chief executive Tim Breedon has been briefing investors that a Resolution approach would be unwelcome, following Cowdery’s buyout of Friends Providentlast month. But Cowdery is understood to be undeterred by Breedon’s hostility, and is continuing [...]
HERMES SET TO SPARKLE September 27, 2009 Luxury French fashion house Hermes is set to snap up jeweller Asprey’s Bond Street store for £75bn. Industry observers have viewed Hermes’ plans as the latest step in its business expansion. Contracts have already changed hands for the shop, owned by Quinlan Private. Quinlan private, run by Irish property tycoon Derek Quinlan, also owns London’s [...]
Cut debt, but not yet: CBI September 27, 2009 THE Confederation of British Industry (CBI) will today call for a faster, more aggressive approach to solving Britain’s public debt crisis as it sets out its business recommendations for a new government ahead of next year’s election. CBI deputy director-general John Cridland said the emphasis should be on balancing the government’s books by 2015/16, two [...]
ITV investors oppose Davis September 27, 2009 Embattled broadcaster ITV faces another struggle as shareholders prepare to block the appointment of Sir Crispin Davis as its new chairman. Ex-Reed Elsevier chief executive Davis and former Channel 4 chairman Sir Michael Bishop are said to be ITV’s favourites for the role. However, it is understood that some shareholders are against Davis as a [...]
Lord Turner’s criticisms damage City prospects September 27, 2009 The 2009 Party Conference season marks a critical moment in our electoral cycle – the next time the Parties reconvene in 2010 we will have a new government, be it Red, Blue or even Yellow. It is understandable that in the run-up to a General Election, politicians will seek to reflect the anger of the [...]
Rental markets start to stabilise September 27, 2009 The residential rental market is beginning to stabilise with property oversupply decreasing across the UK, according to the Association of Residential Letting Agents (ARLA). The latest ARLAsurvey shows the decline in numbers of tenants, which has led to a surplus of properties to rent, is coming to an end as 83 per cent of members [...]
Travelodge in Marston’s tie-up September 27, 2009 Travelodge, the cut-price hotel chain, is set to team up with pub giant Marston’s Inns to develop 13 new sites under a plan thought to be worth £40m. Under the terms of the deal Marston’s Inns would own the land and open a pub, leasing the rest to Travelodge which would build accompanying hotels. They [...]
