Canaccord acts for French care home group Orpea in stake sale December 11, 2013 THE Canadian Pension Plan Investment Board (CPPIB) yesterday bought a 15 per cent stake worth £269m in the French nursing-home group Orpea. CPPIB has bought a stake from Dr Jean-Claude Marian, the founder and chairman of Orpea and from another entity in a deal that also involves Orpea raising new funds. Dr Marian will remain [...]
Hilton Hotels float raises $2.3bn giving Blackstone huge profits December 11, 2013 INVESTORS checked into Hilton Hotel last night after the private equity-backed chain priced its initial public offering (IPO) near the top end of the range. The company, which was backed by Blackstone in 2007, priced its shares at $20 a piece – raising about $2.34bn after selling 117.6m shares to investors. The IPO is the [...]
Investors rush for Moncler December 11, 2013 LUXURY down jacket maker Moncler priced its stock market listing at the top of the range yesterday after strong demand from investors attracted by the brand’s global growth prospects. Moncler said institutional investors had put in bids worth more than €20bn (£16.8bn) euros, or 31 times the number of shares on offer. The listing in [...]
Oil production outside Opec at modern peak December 11, 2013 PRODUCTION outside the world’s traditional oil-rich nations has ballooned during the past year, rising to nearly half of the global output. According to the latest report on the market by the International Energy Agency (IEA), countries outside the Organisation of Petroleum Exporting Countries (Opec) are producing the most that they have in decades. States not [...]
Former Glencore trader loses wrongful dismissal court case December 11, 2013 AN EX-GLENCORE trader has lost a wrongful dismissal court case against his former employer. Andrew Kearns filed a complaint after he lost his job in October 2010 but lost his case and was made to pay costs to Glencore of £150,000. It emerged during the trial that Kearns had failed to turn up to work on [...]
Businesses set to invest even less next year December 11, 2013 BUSINESS investment around the world is set to fall in 2014, defying hopes of an economic recovery according to analysts at Standard and Poor’s. The credit ratings agency expects capital expenditure by the world’s biggest 2000 firms to drop five per cent next year, a sharp fall after growing by a meagre two per cent [...]
Fischer eyed as next Fed vice chairman December 11, 2013 STANLEY Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve’s next vice chair once Janet Yellen takes over as chief of the US central bank, a source said. Fischer, 70, is widely respected as one of the world’s top economists.
Eurozone GDP to stay below peak until 2016 December 11, 2013 THE EUROZONE economy will spend eight years below its pre-financial crisis peak, analysts at EY predicted today, warning the scars from the crash will continue to drag on the currency unions’ growth for years to come. By the end of 2017 the Eurozone’s economy will be three per cent above its previous peak, the analysts predicts – well [...]
Deflated Greek economy posts highest jobless rate on record December 11, 2013 GREEK unemployment reached an historical high as the third quarter came to an end, climbing to an eye-watering 27.4 per cent. The rate rose 0.1 per cent in September, up from 27.3 per cent in July and August. The number of people out of work and looking for jobs is now 5.9 per cent higher [...]
French jobs slip in third quarter December 11, 2013 FRENCH employment levels are still declining, as the country struggles for economic growth even as the Eurozone begins a feeble recovery. Figures released yesterday showed that payrolls in the company’s private sector dropped by 0.1 per cent during the third quarter, a loss of 15,600 positions. Excluding temporary jobs, the decline is even larger. Private [...]