Fertiliser giant Potash has received several rival bids September 13, 2010 THE world’s biggest fertiliser producer yesterday added a new twist to its hostile takeover saga by confirming it has been approached by several rival bidders. Potash is desperately trying to see off a $39bn (£25bn) hostile takeover bid by BHP Billiton. The Canadian firm has said it would prefer to remain independent but has told [...]
Check through Basel III’s small print September 13, 2010 BANKS around the world are rightly cheerful after the announcement of Basel III minimum capital requirements less stringent than many had feared and, in the UK, still far lower than major banks’ existing capital reserves. The inevitable gasp of relief following this news has brought an immediate uplift for most, but should not divert attention [...]
WHAT IS YOUR REACTION TO THE NEW BASEL III REQUIREMENTS IMPOSED ON BANKS? September 13, 2010 ADAIR TURNER | FINANCIAL SERVICES AUTHORITY The agreement announced today amounts to a major tightening of global capital standards and will play a significant role in creating a more resilient global banking system: the transition timescale will ensure that banking systems can play their role in supporting economic recovery. DAVID GRINSZTAJN | ALPHAVALUE The counter-cyclical [...]
BP to recover some of cash from clean-up September 13, 2010 BP believes compensation claims related to its Gulf of Mexico oil spill will be less than the $20bn (£12.9bn) the oil giant has put into an independent claims fund, Citigroup said, following a meeting with incoming chief executive Bob Dudley. “He added that given current estimates of claims the $20bn Independent Claim Fund (ICF) that [...]
Second oil find offshore Ghana marks a major field for Tullow September 13, 2010 TULLOW OIL, Europe’s largest independent oil explorer by market value, said results from a sidetrack well off the coast of Ghana helped prove that the Owo find made in July was a major new oil field. Owo is the latest oil field to be discovered by Tullow and its partners in Ghana, following Tweneboa in [...]
ANALYST VIEWS: WILL THE GULF SPILL COST LESS THAN $20BN? September 13, 2010 ALEXANDRE ANDLAUER | ALPHAVILLE I believe that costs would hardly reach $20bn, even I integrated this amount in my model to be conservative on such events ?– $15bn could be more realistic. The Obama government will probably use this disaster to give a strong signal to other oil majors. MARK PRIEST | ETX CAPITAL The [...]
Prudential shares rise on Chinese takeover report September 13, 2010 PRUDENTIAL’S shares soared three per cent to 618p yesterday amid suggestions of a bid for the FTSE 100 insurer from a Chinese consortium. Traders piled into Prudential stock after a report said investors, including Go Guangchang, chairman of China’s Fosun International and former Goldman Sachs boss Fred Hu, were at the early stages of putting [...]
BA cuts ground staff deal September 13, 2010 British Airways ground staff at Heathrow airport have accepted a settlement in a long-running dispute over pay and staffing levels, the GMB and Unite unions said yesterday. The deal, which covers 2,850 staff, will see the reduction of 500 jobs by March 2011, more flexible working conditions and the introduction of a one-year pay freeze.
ebay defeats Tiffany in court September 13, 2010 eBay won a dismissal of a Tiffany & Co lawsuit accusing the auctioneer of deceiving customers by allowing the sale of counterfeit Tiffany jewellery on its website yesterday. The case is seen as a challenge in the United States to internet companies such as eBay, Google and others that host services that other people provide, [...]
CML: Lending weak in July September 13, 2010 MORTGAGE lending in July continued to be weak in what is often a strong month, according to the latest figures released yesterday from the Council of Mortgage Lenders (CML). The CML said mortgage lenders issued 56,000 new mortgages worth £8.4bn in July, up slightly on June’s figure of 52,000 mortgages at £7.7bn and 53,000 mortgages [...]
