There’s no sign of blinking yet from dealmaker Glasenberg August 21, 2012 WHEN he announced the UK’s largest ever merger in February of this year, Glencore chief executive Ivan Glasenberg did so with a massive endorsement of the industrial logic behind such a deal. Here was one of the world’s most successful commodities trading groups getting together with a massively powerful resources group in which it already [...]
What the other papers say this morning August 21, 2012 FINANCIAL TIMES Generali set to exit US reinsurance Generali has become the latest European insurer to plan an exit from the US after Italy’s largest insurer by annual premiums put its US life reinsurance business up for sale, according to a person familiar with the matter. Citigroup is advising the company on a sale of [...]
S&P hits a four year high before paring its gains August 21, 2012 THE S&P 500 hit its highest level in four years in New York yesterday, yet the benchmark index later pared gains along with other US equity markets. In another day of light August trading, the S&P hit 1,426.68, its highest intraday rise since May 2008. The index has gradually edged up over the last fortnight [...]
FSA says hedge fund risk is low August 21, 2012 HEDGE funds pose little threat to the stability of the financial system, according to a report released yesterday by the Financial Services Authority (FSA). The survey of funds controlling more than $380bn (£241bn), conducted over March and April, found that they have “a strong ability to manage the liquidity of their assets and liabilities”. The FSA [...]
Virgin plots Scottish route August 21, 2012 VIRGIN Atlantic ramped up its move into short haul travel yesterday with a pledge to start flying between London and Scotland if it clinches more slots at Heathrow. Speaking a day after the airline unveiled a route between the capital and Manchester, Virgin Atlantic boss Steve Ridgway told the BBC it was “important to keep [...]
Glencore ready to pull out of Xstrata merger August 21, 2012 GLENCORE’s high-profile merger with Xstrata is not a “must-do deal”, its chief executive admitted yesterday, after the commodities trading giant reported a 26 per cent slide in profits in the first half of the year. Chief executive Ivan Glasenberg said that if the $30bn (£19bn) “merger of equals” weren’t to go ahead, “it wouldn’t be [...]
Nadir jury still out as it mulls remaining nine theft charges August 21, 2012 THE jury in the trial of former tycoon Asil Nadir was sent home yesterday after an eighth day of deliberations at the Old Bailey over theft charges. On Monday, the jury found Nadir guilty of three counts of theft amounting to £5.5m, and cleared him of a fourth count. The jury is set to begin [...]
ITV could show Premier League in deal with BT August 21, 2012 ITV could strike a deal with BT to become the first terrestrial channel to show live Premier League football, it emerged last night, with the broadcaster in talks about an alliance that would see it screen some of BT’s matches from next year. Negotiations are at an early stage, say sources close to discussions, but [...]
Deficit soars as spending rises and receipts dip August 21, 2012 THE UK’S public finances came in for a clobbering in July with spending rising rapidly and tax receipts falling behind, according to the latest data released by the Office for National Statistics (ONS) yesterday. The public sector borrowed an extra £47.2bn in the first four months of the financial year, when correcting for one-off movements, [...]
CBI trends survey reveals ugly prospects for manufacturing August 21, 2012 FACTORIES’ orders collapsed in August with manufacturers expecting months of weak output, according to a survey of UK business trends released yesterday. A net balance of 21 per cent of manufacturers reported a worse than normal order book in August, collapsing from July’s result, where on net just six per cent reported below normal volumes [...]
