Apollo to form Ares bank July 25, 2010 Private equity firm Apollo Global Management plans to create a new bank under a provision in the US financial reforms passed last week, the Financial Times reported yesterday. Apollo has reportedly brought on a team from Countrywide Financial to run the bank, which has yet to receive approval from regulators. Apollo plans to ask its [...]
Eurogroup chair praises EFSF July 25, 2010 Eurogroup chairman Jean-Claude Juncker said establishment of the Eurozone’s emergency loan mechanism, the European Financial Stability Facility (EFSF), calmed markets and said that he was against changing Eurozone rules in a way to allow exclusion of euro members. Juncker welcomed the EFSF mechanism, saying that “since establishment of the mechanism conditions truly calmed down and [...]
Boots buys up Turkish drug wholesaler July 25, 2010 ALLIANCE Boots will prepare for a major push into Africa and the Middle East with the purchase of one of Turkey’s biggest drug wholesalers. Alliance Boots will take full control of Hedef Alliance in a deal thought to value the Turkish company at more than £600m. Boots already owns a 50 per cent stake in [...]
Aurora jumps back into black July 25, 2010 THE clothing retailer behind Karen Millen, Coast, Oasis and Warehouse has clawed its way back from its annus horribilis last year to beat market expectations. Aurora Fashions, formed in March last year after the administration of the brands’ former owner Mosaic Fashions, said earnings hit £38.6m last year on sales of £661m. Aurora, which is [...]
Invesco pushes energy deal July 25, 2010 International Power’s biggest investor has told GDF Suez, the French energy group that is holding reverse takeover talks with the British firm, a cash sweetener may not be needed to win its support. Neil Woodford, head of investment at Invesco Perpetual, which has an 11 per cent stake in the electricity generator, said he would [...]
Qatar to fine Qtel over Virgin July 25, 2010 Qatar Telecom faces an unspecified fine and possible further legal action over violations during its launch of Virgin Mobile services into the Gulf state, telecoms regulator ictQATAR said. “Qtel should be compelled to pay an appropriate fine for its unlawful actions during the period from 13 to 18 May 2010 and has referred this matter [...]
Business angels helping growth July 25, 2010 Business angels are playing an increasingly important role in the funding of growing businesses, according to research by academics at the University of Strathclyde in Glasgow and Queen’s University Belfast. The report, published today by the Department for Business, Innovation and Skills (BIS), shows that business angels are increasingly investing in organised groups and alongside [...]
British Gas to post record rise in profits July 25, 2010 BRITISH Gas owner Centrica is expected to post a record jump in profit for the first half of the year on Wednesday, thanks to the coldest winter in 30 years. Some analysts have predicted up to a 95 per cent increase in profits, but the record sums could anger customers who called for the energy [...]
Virgin Active eyes £1bn sale as an alternative to floating July 25, 2010 VIRGIN ACTIVE, the gym chain owned by Sir Richard Branson, is considering a secondary private equity sale that could value the business at £1bn. Virgin is known to have been considering an initial public offering (IPO) as a way of raising capital for growth for some time, but stockmarket turbulence has made that route less [...]
Heritage must pay full taxes on Ugandan oil deal, says minister July 25, 2010 PETROLEUM explorer Heritage Oil must pay the full amount of tax on earnings from the sale of assets in Uganda before the government fully endorses the deal, the country’s energy minister said yesterday. The Ugandan government said on 6 July it had given Heritage conditional approval to sell its exploration assets in the country to [...]
