Vodafone to pay investors £54bn September 2, 2013 Windfall for shareholders after Verizon Wireless stake sale sealed VODAFONE will pass a massive £54bn windfall to its shareholders after agreeing a record-breaking deal with American telecoms group Verizon. The £84bn deal – the second largest in corporate history, according to Dealogic – for Vodafone’s stake in the largest US mobile network Verizon Wireless, was [...]
British start-up bosses working shorter weeks September 2, 2013 BRITISH bosses of small business enjoy a short working week compared to competitors in other major economies, clocking up an average of just 37.6 hours even when tasks like checking emails after work are included in the total. And UK entrepreneurs take 21.4 days of annual holiday, above their US counterparts who take just 10.1, [...]
Chancellor clarifies new tax breaks for oil and gas September 2, 2013 THE CHANCELLOR today gave the oil and gas industry a welcome boost by clarifying tax reliefs and urged Scotland to remain part of the UK to maximise the North Sea’s remaining energy reserves. In a speech at the Offshore Europe conference in Aberdeen, George Osborne unveiled new Treasury analysis into Scotland’s economy, which highlighted detrimental [...]
Vodafone rides into an uncertain future after Verizon sale September 2, 2013 The sun was shining brightly yesterday on the first proper day back to work after the summer holidays and unless you were leaving a parked car in the shadow of the Walkie Talkie building in Eastcheap that had to be a good thing. The financial markets were in fine fettle too, with the FTSE 100 [...]
France blames al-Assad for chemical attack September 2, 2013 FRANCE yesterday said Syrian President al-Assad was undoubtedly responsible for last month’s chemical weapons attack, as Downing Street ruled out direct UK military intervention. French Prime Minister Jean-Marc Ayrault said there had been a “massive use” of chemical agents in the attack on a Damascus suburb and published intelligence that claims only the Syrian regime could have [...]
IoD pans Royal Mail strike vote September 2, 2013 THE INSTITUTE of Directors yesterday hit out at an upcoming Royal Mail workers’ vote on strike action, saying a strike would be “unjustified, highly irresponsible and would hit businesses hard”. The Communication Workers Union yesterday said it will ballot for a national postal strike on 20 September, unless disputes regarding pay and the impact of [...]
Barclays close to rights issue September 2, 2013 BARCLAYS in planning to get its £5.8bn rights issue away within the fortnight, City A.M. understands. The lender is issuing the new shares to improve its capital position, as it is under pressure from the Bank of England to get to a three per cent leverage ratio. The bank is believed to be targetting the [...]
What the other papers say this morning – 03 September 2013 September 2, 2013 FINANCIAL TIMES Dering Capital leads race for TDF Blackstone Group’s former top executive in Asia has emerged as the leading contender to buy the French assets of Europe’s largest telecoms tower operator TDF in a deal worth up to €3.8bn (£3.22bn). Dering Capital, started by Ben Jenkins after he left the US private equity group [...]
Factories grow as output soars to 19-year high September 2, 2013 BRITISH manufacturing surged in August, with growth outstripping the Eurozone and output reaching levels not seen for nearly two decades. Markit’s purchasing managers’ index (PMI) for the sector leapt to 57.2, with any figure above 50 indicating growth. The headline reading is the highest since early 2011, but the expansion of both output and new [...]
World’s biggest banks face new multi-billion capital demands September 2, 2013 THE BIGGEST banks in the world could face another round of capital raising after Mark Carney warned some have been underestimating the risks on their books. In the wake of the financial crisis lenders have had to increase their equity capital buffers by $500bn (£322bn) as part of a plan to give themselves a cushion [...]
