KKR enters the race for Rio and BHP diamonds April 15, 2012 US BUYOUT giant KKR has emerged as one of the frontrunners to snap up the diamond businesses put up for sale by mining giants BHP Billiton and Rio Tinto. The listed private equity house wants to create the world’s third-largest diamond miner to challenge De Beers and Alrosa. It is believed to be competing with [...]
Up to 5,000 jobs at Credit Suisse could go April 15, 2012 SWISS bank Credit Suisse could announce the loss of up to 5,000 jobs in its investment banking business at its forthcoming first-quarter results, a Swiss newspaper reported yesterday. Citing an estimate from a member of senior management, the Sonntag newspaper said the bank could cut around 5,000 positions. The investment bank is “simply completely oversized”, [...]
American buyout giant’s gem plan could quickly lose sparkle April 15, 2012 KKR’s plan to merge the diamond operations of Rio Tinto and BHP Billiton might sound ambitious, but the deal loses its sparkle upon closer inspection. The market for the proverbial girl’s best friend is hot, about that there is no doubt. Demand is holding up even in mature markets while emerging countries are quickly falling [...]
Investor group gives nod to Barclays pay April 15, 2012 A VOTING agent that works for Barclays’ second-biggest shareholder has recommended a vote in favour of Bob Diamond’s bumper pay package. Institutional Shareholder Services (ISS) advised its clients last week that Barclays’ remuneration package is consistent with previous guidance to investors and recommends voting in favour of it. ISS is one of the world’s biggest [...]
Wall Street expected to see revenues rise April 15, 2012 GOLDMAN Sachs is expected to see a bounceback in revenues when it reports its first-quarter results tomorrow, with analysts predicting that the bank’s revenues will rise to $9.3bn (£5.9bn) versus $6bn in the fourth quarter of 2011. Analysts have been revising their price targets for Wall Street banks upwards ahead of a week of US [...]
Co-op board meeting to mull legal overhaul for Lloyds bid April 15, 2012 THE MANAGEMENT of Co-operative Financial Services (CFS) will discuss the pros and cons of overhauling the group’s legal structure in order to continue with its attempt to buy 632 Lloyds branches this week. Among the concerns expressed by the FSA over the Co-op’s bid is a question as to whether the group’s legal structure is [...]
City panel says Boris Johnson will beat Livingstone in Mayoral contest even though polls point to close race April 15, 2012 BORIS Johnson is highly likely to be re-elected Mayor of London next month, according to our readership panel, even if opinion polls show the race to occupy City Hall is remarkably close. Ninety per cent of the Voice of the City panel, run in conjunction with PoliticsHome, said they expected Johnson to win, compared to [...]
Ken makes a pledge of new Tramlink route April 15, 2012 KEN Livingstone has today promised to extend the Croydon Tramlink if elected mayor of London on 3 May. Labour’s Livingstone, who has made cutting travel costs a cornerstone of his manifesto, said the “sheer size of the surpluses at Transport for London” will make the extension possible if he returns to City Hall. He claimed [...]
Tesco to unveil shake-up amid dismal figures April 15, 2012 TESCO is expected this week to reveal further dismal trading in the fourth quarter of this year as Britain’s largest supermarket unveils plans for its strategic overhaul of the business. In its full-year results on Wednesday, the retailer is expected to reveal a one-1.7 per cent fall in UK like-for-like sales in the three months [...]
Manchester United take second shot at a listing in Singapore April 15, 2012 MANCHESTER United’s proposed share listing in Singapore could be revived in a bid to raise up to £600m. Members of the American Glazer family, who own the club, flew to the UK last week, attending two of United’s games as well as visiting the club’s London headquarters in Mayfair. The Glazers are believed to value [...]
