BlackBerry eyed by rival bidders October 2, 2013 BLACKBERRY’S stock slide was halted yesterday as reports of further interested parties in the struggling handset maker emerged. Last month BlackBerry accepted a tentative $4.7bn (£2.9bn) buyout offer from Fairfax Financial Holdings after the Canadian firm warned that it expected to report a $950m loss in its second quarter results. Private equity group Cerberus Capital [...]
Ronson seals refinancing for Heron Tower October 2, 2013 PROPERTY tycoon Gerald Ronson’s Heron International is to keep the keys to the Heron Tower in the City after its owners yesterday completed a five-year £370m refinancing deal with Starwood Capital. The US private equity firm is understood to have agreed to provide a £270m loan while the tower’s shareholders, including Ronson, the State General [...]
Hannam’s Afghan deal as court date arrives October 2, 2013 SEASONED City dealmaker Ian Hannam has struck an agreement with Afghanistan’s mining ministry to mine two potentially lucrative sites in the country. His Afghan Gold & Minerals Co is set to develop the sites. Separately, Hannam will appear in court today to appeal a £450,000 fine doled out by UK regulators in 2012.
…as Tesco plans China venture after profits fall October 2, 2013 BRITAIN’S biggest supermarket chain Tesco is pinning its hopes on a new joint venture in China after reporting a sharp slump in European profits and flat UK sales in the first half. Trading profits in Europe collapsed by 69 per cent, dragging Tesco’s overall profit before tax down by 24 per cent to £1.39bn. In [...]
Sainsbury’s wins battle of the big supermarkets with rise in sales… October 2, 2013 SAINSBURY’S chief executive Justin King yesterday conceded that the days of Britons shopping at one supermarket were over as the grocer posted strong second quarter sales yesterday ahead of rivals. King said the growing strength of discounters such as Aldi reflected this change in shopping behaviour. “I should think all of our shoppers are shopping [...]
Bottom Line: Clarke gave investors a nasty shock but deserves more time October 2, 2013 TESCO chief executive Philip Clarke may be sticking to his guns and ruling out a European retrenchment – despite a 68 per cent drop in profits in the region – but investors are clearly sceptical. Though analysts seemed to have the fall priced in, shareholders still took flight, sending shares down as much as two [...]
House building grows at fastest pace for decade October 2, 2013 THE RAPID upswing in the UK’s construction sector continued in September, with purchasing managers pointing to continued strong growth last month. According to figures released yesterday by Markit and the Chartered Institute of Purchasing and Supply, residential construction grew at its fastest pace for nearly a full decade in September. The last time house building [...]
JP Morgan tops fee tables again as deal revenues rise 10 per cent October 2, 2013 BANK of America Merrill Lynch was the biggest gainer in investment banking fees over 2013, Thomson Reuters’ data showed yesterday. The bank earned $4.05bn (£2.5bn) in the first three quarters of the year, up 19.3 per cent on the year. But JP Morgan kept its lead, almost $400m ahead of its closest rival and also [...]
Empire State shares climb in market debut October 2, 2013 SHARES of Empire State Realty Trust, owner of the Empire State Building, climbed in their first day of trading yesterday as investors bet the marquee property will be able to attract more tenants as New York’s technology sector continues to grow. The shares, which were initially sold late Tuesday at $13 a piece, rose as [...]
Fisher defends credit schemes as IMF fears risk October 2, 2013 THE FUNDING for Lending Scheme (FLS) has been a success so far, top Bank of England official Paul Fisher said yesterday, arguing it has dragged down borrowing costs. But his assessment came as the International Monetary Fund warned schemes to boost the supply of credit could build up bad debts and risks to the economy [...]
