What the other papers say this morning – 1 August 2013 July 31, 2013 FINANCIAL TIMES Spotify burns through cash Spotify, the Swedish digital music service that has been valued at $3bn, doubled its revenues in 2012 but burnt through cash as it attempted to grab a bigger share of the fast-growing market. The company’s results show that its sales surged from €190.4m in 2011 to €434.7m in 2012, [...]
Exclusive: Barclays tries to avoid shocking markets again July 31, 2013 BARCLAYS is considering changing the way it reports capital and leverage ratios to match regulators’ calculations more, City A.M. has learned, after the authorities shocked markets with fears over the bank’s stability. The lender had been considered one of Britain’s safest major players, but this week was forced into a £5.8bn rights issue, as well [...]
Bottom Line: Few choices for Eastern promise July 31, 2013 FOR a while, mergers between UK and US law firms were all the rage. Throughout 2010-12 you could hardly move without a new transatlantic alliance being inked and diplomatic name combinations being dreamed up – from Hogan Lovells and Dentons to Squire Sanders. But more recently, law firms’ expansionary ambitions have been firmly focused [...]
Dell buyout on the edge after board rejection July 31, 2013 MICHAEL Dell’s bid to take control of the computer company he founded was last night on the brink of collapse after the board rejected his request to alter takeover bid rules. Dell, who is currently chief executive and chairman of the eponymous company, had offered to increase his private equity-backed $24.4bn (£16.1bn) buyout offer by $150m [...]
Greece’s €11bn hole sets IMF on a collision course with the EU July 31, 2013 GREECE is facing a €10.9bn (£9.5bn) hole in its government finances, the International Monetary Fund (IMF) said yesterday as it called on Europe to cough up more cash to prop up the struggling state. The IMF also came under pressure from its Latin American members to take an even harder line. Paulo Nogueira Batista – [...]
Invensys backs Schneider bid July 31, 2013 INVENSYS has agreed to be taken over by French engineering group Schneider Electric in a £3.4bn cash and shares deal, laying to rest expectations of a bidding war. The FTSE 250-listed firm’s board has approved the offer. Schneider said the tie-up will generate €400m (£350m) in savings a year by 2018 thanks to a bigger [...]
Goldman acts in metal row July 31, 2013 GOLDMAN Sachs responded to mounting scrutiny of its Metro International metals business yesterday by offering customers immediate access to aluminium stored in its warehouses. In a bid to cut waiting times at all London Metal Exchange (LME) warehouses Goldman said it would let major consumers swap aluminium held in its warehouses for metal the bank [...]
RBS branch bidder to list on AIM to raise funds for purchase effort July 31, 2013 A PROMINENT group of investors looking to purchase 316 branches from RBS and establish a new high street bank yesterday revealed plans to list on the alternative investments market (AIM). The group, called W&G Investments wants to buy the branches which RBS must sell off under the terms of its 2008 bailout. The [...]
Troika reviews Cyprus bailout July 31, 2013 CYPRUS has met targets for its bailout so far, despite an uncertain outlook, according to yesterday’s review by the Troika of lenders. The statement, issued by the International Monetary Fund (IMF), European Commission and European Central Bank (ECB), suggested that good progress was being made toward the conditions on Cyprus’ €10bn (£8.76bn) bailout. If the [...]
BNP bucks trend with German expansion plan July 31, 2013 GIANT French bank BNP Paribas saw profits slip in the second quarter, the lender reported yesterday, as its wide-ranging cost cutting programme failed to offset falling revenues in its investment banking arm. But in contrast to many other large European banks which are cutting back foreign operations, the bank announced a new push to expand [...]
