Glencore confident its £34bn bid can win over Xstrata shareholders September 9, 2012 SENIOR figures at Glencore, the international trading house, were growing increasingly confident last night they could win the backing of a majority of Xstrata shareholders for their new £34bn takeover plans despite the opposition of a couple of vocal institutional holders. Detailed proposals for the takeover are expected to be revealed to the market as [...]
Britain’s productivity crisis is real – here are the six reasons why we have done so badly September 9, 2012 THERE is one, overriding reason why so few economists have a clue about what is happening to the British economy. If the official statistics are to be believed, output – measured by GDP – is falling, while employment is increasing. It is the implications of this unusual combination that have baffled so many economists. As [...]
What the other papers say this morning September 9, 2012 FINANCIAL TIMES Investors in line for record payouts US companies are set to return a record amount of cash to investors this quarter even as earnings growth slows and questions are raised about whether corporations can expand their profits in coming months. EU banks face ringfence on trading assets Europe’s big banks could be forced [...]
Glasenberg’s well-timed bid should be enough this time September 9, 2012 GLENCORE’S sweetening of the terms for its mega merger may not be all that was hoped for by the board of the miner Xstrata but it should be enough to win over its shareholders, many of whom are disillusioned by Mick Davis and his management team. An Xstrata board that was only too happy to [...]
Virgin Atlantic chief executive takes his flight September 9, 2012 THE CHIEF executive of Virgin Atlantic yesterday announced he would leave the airline after 11 years in charge. Steve Ridgway will step down at the end of the year after leading the search to find a successor, Virgin said yesterday. City A.M. understands the 61-year-old has decided to retire in order to allow fresh leadership [...]
Trial of former UBS trader Adoboli begins September 9, 2012 A FORMER trader for UBS goes on trial today in a case involving losses of $2.3bn (£1.44bn) that will subject the Swiss bank to an “uncomfortable” examination of its culture and practices. Investment banker Kweku Adoboli, who was arrested a year ago when the huge losses came to light, has pleaded not guilty to two [...]
Nationalisation looms for West Coast train line September 9, 2012 THE DEPARTMENT for Transport is preparing to take the West Coast rail franchise under state control after Sir Richard Branson mounted a legal challenge to the decision to award the line to FirstGroup. The train route was meant to come under First’s control in early December after it won the bid to operate the London-to-Glasgow [...]
Hollande hikes taxes as rich flee for London September 9, 2012 FRENCH PRESIDENT Francois Hollande last night confirmed plans to raise taxes, particularly on the rich, as he fights to return the country to full strength within two years. Those earning more than €1m a year will be hit by a 75 per cent marginal rate, Hollande confirmed, with “no exceptions”. However, the levy could be [...]
CBRE acquires Franc Warwick September 9, 2012 CBRE, the commercial real estate services firm, confirmed yesterday it has acquired the niche property investment firm Franc Warwick in a move that further strengthens the global agent’s UK presence. Franc Warwick was co-founded by top industry dealmaker Franco Sidoli in 1988 and is regarded as one of the key players in the central London [...]
Sainsbury’s in credit push September 9, 2012 SAINSBURY’S Bank is offering extra Nectar points and cashback to entice customers to use its two new credit cards, it announced yesterday. Customers using the Nectar credit card will get five times the usual number of points when making purchases for the first three months. After the introductory period, that drops back to double the [...]
