EU blocks ING call for early debt redemption November 30, 2010 THE European Commission has rejected a request by Dutch bank ING to repay a $1.5bn (£960m) debt instrument because the financial group has not yet repaid its state aid. ING had wanted to call the instrument on 31 December as the hybrid will not qualify as Tier I capital under Basel III solvency rules. “ING [...]
Remy Cointreau H1 profit hit by Greek woes November 30, 2010 FRENCH drinks group Remy Cointreau said six-month net profit fell two thirds after it took a €45m (£38m) writedown on Greek brand Metaxa. Growth in markets such as Asia and the United States helped balance out woes in recession-hit Greece, and Remy Cointreau posted overall growth in revenue and operating profitability. It gave no update [...]
ABB to buy Baldor Electric for $3.1bn November 30, 2010 SWISS engineering group ABB is to buy US industrial motors firm Baldor Electric Co for $3.1bn (£2bn) plus debt of $1.1bn. The move is aimed at closing a gap in ABB’s automation portfolio and boosting its presence in north America. The agreed purchase price of $63.50 a share represents a 41 per cent premium to [...]
ABB to buy Baldor Electric for $3.1bn November 30, 2010 SWISS engineering group ABB is to buy US industrial motors firm Baldor Electric Co for $3.1bn (£2bn) plus debt of $1.1bn. The move is aimed at closing a gap in ABB’s automation portfolio and boosting its presence in north America. The agreed purchase price of $63.50 a share represents a 41 per cent premium to [...]
Spending cuts to slow Europe’s 2011 growth November 29, 2010 EUROZONE economic growth will slow slightly next year as governments cut spending, but private demand will boost growth in 2012, the European Commission announced today. Growth across the 27 eurozone nations is forecast to slow to 1.5 per cent in 2011 from 1.7 per cent seen this year, but rebound to 1.8 per cent in [...]
Euro at two-month low over contagion fears November 29, 2010 THE EURO has fallen to two-month lows against the dollar today as investors looked past the Irish rescue package to debt problems in other peripheral eurozone economies and sold the currency on any bounce. European Union finance ministers endorsed an €85bn (£72bn) rescue package for Dublin and approved outlines of a permanent crisis-resolution system that [...]
Glaxo lifts stake in partner Theravance November 29, 2010 PHARMACEUTICALS giant GlaxoSmithKline has announced that it has increased its stake in US biotech firm Theravance Inc to 19 per cent today. The deal marks a vote of confidence in the company, with which it is developing a key new respiratory drug, Relovair. The lung treatment is for asthma and chronic obstructive pulmonary disease, which [...]
Russia’s Acron sells Canadian potash licence to BHP Billiton November 29, 2010 RUSSIAN fertiliser maker Acron has said it sold a Canadian potash exploration permit to BHP Billiton for an undisclosed amount. The permit covers 83,880 acres in central Saskatchewan. A source close to the Russian company said the deal was worth slightly more than the C$6m (£3.8m) sale of a similar deposit to Canada’s Sanya Resource [...]
October’s mortgage approvals lowest since Feb November 29, 2010 THE number of mortgage approvals in Britain fell to its lowest in eight months in October, but mortgage lending rose twice as fast as expected, according to official data released today. The Bank of England said mortgage approvals numbered 47,185 in October, down from 47,369 in September. This is the lowest level since February 2010, [...]
ECB’s Noyer reassures investors over ‘haircuts’ November 29, 2010 EUROPEAN Central Bank policymaker Christian Noyer sought to bolster market confidence in Ireland’s bailout, using a speech in Tokyo today to reassure investors of the plan’s success. Eurozone ministers – acting under pressure to prevent the crisis of confidence in the region’s finances from engulfing Portugal and Spain – also backed a long-term mechanism intended [...]