WHAT THE OTHER PAPERS SAY THIS MORNING August 13, 2009 FINANCIAL TIMES YANZHOU DIGS DEEP IN BID FOR FELIXChina’s largest takeover bid for an Australian company was formally launched yesterday when Yanzhou Coal Mining made a recommended cash offer for Felix Resources worth just over A$3.5bn (£1.78bn). The offer is pitched at A$16.95 a share, valuing Felix at A$3.33bn, but shareholders will also receive A$1 [...]
Krawcheck buys BoA stock August 13, 2009 SALLIE KRAWCHECK bought just over $1m (£603,000) of Bank of America (BoA) stock, just over a week after becoming head of global wealth and investment management at the largest US bank, it emerged yesterday. Krawcheck is one of five internal BoA candidates in the running to eventually replace chief executive Kenneth Lewis, according to a [...]
Psion posts loss, keeps dividend August 13, 2009 British technology group Psion posted a first-half loss, but maintained its dividend and forecast a slight improvement in second-half revenue. For the first half, adjusted operating loss from continuing operations was £1.1m, compared with a profit of £3.8m a year ago. But chief executive John Conoley said: “The sales force, particularly France, Germany and the [...]
London oil market no soft touch August 13, 2009 Claims by US politicians that oil speculators enjoy a light touch regulatory environment in London which allows them to influence crude prices were countered yesterday by new data from the Commodity Futures Trading Commission, the US watchdog. It said investors have a bigger influence on the West Texas Intermediate oil benchmark on US exchanges than [...]
FSA hits back as MPs attack August 13, 2009 THE FINANCIAL Services Authority (FSA) yesterday hit back at MPs, after all three political parties rounded on the City regulator over its rules on executive pay. FSA chief executive Hector Sants said it was not the watchdog’s job to wage war on bonuses for social reasons, and that politicians should bring in laws to cap [...]
Facebook tries to climb the great firewall of China August 13, 2009 WHEN a screenshot of Facebook Lite was leaked earlier this week, the blogosphere went crazy, proving that Web 2.0 scribblers have a silly season too. Most bloggers were convinced the slimmed-down version of the social network was an attempt to take on Twitter, something Facebook emphatically denies. Instead, it forms part of the firm’s attempt [...]
US ECONOMY August 13, 2009 SALES at US retailers unexpectedly fell in July and the number of workers filing new claims for jobless benefits rose last week, indicating the recession-hit economy faces a bumpy recovery. A Commerce Department report yesterday showed total retail sales edged down 0.1 per cent after increasing 0.8 per cent in June, compared with market forecasts [...]
NICE WORK IF YOU CAN GET IT August 13, 2009 STEPHEN Schwarzman, the chief executive of private equity firm Blackstone, was yesterday named as America’s highest-paid boss, taking home $702.4m (£424.m) last year. The vast majority of his pay came from vested shares in 2008 after taking the business public in 2007, according to shareholder rights group Corporate Library.
Rail strike action called off August 13, 2009 Strikes which had caused misery for tens of thousands of City commuters were called off yesterday, as National Express appeased its unions with an improved pay offer. Aslef, the RMT and TSSA union members had caused chaos on the East Anglia line. Planned walk-outs for later this month are also expected to be called off.
Rio Tinto eyes $1bn US IPO August 13, 2009 Mining giant Rio Tinto is set to spin-off a slew of its most highly valuable coal mines in an initial public offering, in a bid to raise as much as $1bn (£604m). The firm is expected to list much of its Rio Tinto Energy America arm after filing registration papers with US regulator the Securities [...]
