Asia Resource Minerals agrees financing deal with bondholders March 18, 2015 SHARES in Asia Resource Minerals fell by almost 12 per cent yesterday, after the Indonesian coal mining firm updated the market on its recapitalisation strategy. The company has reached an agreement with its bondholders, including Nat Rothschild’s NR Holdings, to restructure notes due in 2015 and 2017. The notes will now mature in 2019 and [...]
Income jumps at Glencore as revenue slides March 18, 2015 GLENCORE’S 2014 revenue dipped despite huge net income gains, the company reported yesterday. The natural resources company brought in $221bn (£151bn) this year, marking a nearly five per cent drop from 2013. However, net income in 2014 leapt to $4.25bn after 2013’s reported losses of more than $7bn. A Glencore spokesman explained the losses to [...]
Henderson Group fund managers get bumper bonus March 18, 2015 Staff at investment firm Henderson Group saw their bonus pool increase to £144m after seeing a 22 per cent rise in management fees during 2014. Henderson said the increase in the bonus pool was a reward for strong net flows, investment performance and business performance and marks an 11 per cent rise on last year. [...]
Crossrail boosts property values by 57pc near London stations March 18, 2015 HOUSE prices within a 10-minute walk of Bond Street station have soared by 82 per cent since Crossrail was first announced in 2008, a report released yesterday showed. That’s almost twice the 43 per cent rise recorded in the wider area. Crossrail, which is due to open in 2018, has spurred new developments from Reading [...]
West End landlord Shaftesbury goes shopping for £130m loan March 18, 2015 WEST END property developer Shaftesbury yesterday secured a £130m loan with Aviva, wiping out a £100m debt that was due to expire next September. The company, which owns huge swathes of London’s busiest shopping districts, including Carnaby Street and Covent Garden, said the new 15-year loan has a fixed rate of 3.2 per cent and [...]
Anti-austerity riots in Frankfurt hit Central Bank March 18, 2015 THE OPENING of the European Central Bank’s (ECB) new €1.3bn (£940m) headquarters in Frankfurt was met with riots yesterday as demonstrations staged by so-called Blockupy activists turned ugly. Police vehicles and rubbish bins were set ablaze as police and protesters clashed, leading to dozens of arrests. Some 7,000 demonstrators took to the streets of Frankfurt, [...]
Alexis Tsipras defiant despite growing anger on talks March 18, 2015 Greek Prime Minister Alexis Tsipras sent a strong anti-austerity message to the country’s parliament yesterday. However, in a blow to Syriza’s solidarity, the party’s chief economist Yiannis Milios left his post. “People have asked us to put an end to austerity and bailout agreements, to begin the process of reclaiming the dignity of the nation,” [...]
Top economists play down fears of a harmful deflationary spiral March 18, 2015 CONCERNS over a deflationary spiral are overblown, a major international financial organisation said yesterday. Many economists and policy makers have raised concerns that falling prices could lead consumers to delay purchases, reducing spending and cause further falls in prices. “There is not much evidence so far that deflation has been associated with debt deflation spirals, [...]
Plummeting value of the euro yet to boost European exports March 18, 2015 THE EUROZONE’S trade figures suggest the currency union’s exports are yet to benefit from the declining value of the euro. Compared to January last year, the Eurozone’s trade surplus – the value of exports minus the value of imports – rose from €0.1bn (£726m) to €7.9bn, according to data released yesterday by Eurostat, the European Commission’s [...]
Imagination Technologies share price slumps on 2015 forecast March 18, 2015 Shares in multimedia tech firm Imagination Technologies tumbled yesterday after it lowered expectations for revenue growth for 2015, it emerged yesterday. Imagination technologies, founded in 1985, listed on the London Stock Exchange in 1994 and is a key provider of graphics technology to Apple. The company said it expected revenue to be broadly flat [...]
