Man Group covers Lehman exposure July 18, 2011 Hedge fund firm Man Group said it will take on exposure to the estates of defunct US investment bank Lehman Brothers from funds managed by its subsidiary GLG Partners for a total cash consideration of $355m (£220m). Under terms of the deal, Europe’s largest hedge fund manager will benefit or bear the risk of any [...]
Moody’s calls for US to scrap debt ceiling to shore up bonds July 18, 2011 Ratings agency Moody’s has suggested the United States should eliminate its statutory limit on government debt to reduce uncertainty among bond holders. The United States is one of the few countries where Congress sets a ceiling on government debt, which creates “periodic uncertainty” over the government’s ability to meet its obligations, Moody’s said in a [...]
Philips records £1.1bn loss July 18, 2011 Philips has recorded 1.3bn euros (£1.13bn) quarterly net loss, and has said it will cut costs by 500m euros. It said the slower-than-expected economic recovery had taken its toll on the company. A year ago it made a net profit of 262m euros. Writedowns at its healthcare and lighting divisions came to 1.4bn euros. It [...]
Glencore buys Peru copper assets July 18, 2011 Commodities giant Glencore is buying a 70 per cent stake in copper businesses in Peru. Marcobre, which owns the Marcona Copper property and the Mina Justa exploration and development project, had a price tag of $475m (£295m). The the acquisition is expected to be completed in October. “Mina Justa would ideally complement Glencore’s existing polymetallic [...]
SThree to pay dividend after profit jump July 18, 2011 Recruiter SThree reported a 21 per cent rise in first-half profit and said it would pay a special dividend after seeing a recovery across its markets. SThree, which finds jobs for IT professionals in the finance, energy and healthcare sectors in Britain, Europe and Asia, posted a gross profit of £90m for the six months [...]
Credit Suisse facing US probe July 15, 2011 Credit Suisse is being investigated by the US Department of Justice as part of a broader inquiry into banks suspected of helping Americans evade taxes. The investigation is in relation to historical private banking services across borders. The bank said it received a a letter notifying it that a probe had been launched. Credit Suisse [...]
Credit Suisse facing US probe July 15, 2011 Credit Suisse is being investigated by the US Department of Justice as part of a broader inquiry into banks suspected of helping Americans evade taxes. The iunvestigation is in relation to historical private banking services across borders. The bank said it received a a letter notfiying it that a probe had been launched. Credit Suisse [...]
FTSE on back foot as bank stress tests loom July 15, 2011 The FTSE mirrored markets across Europe in early trading as investors awaited the results of bank strss tests with some lenders expected to fail to meet the criteria required. With persistent fears over the Eurozone debt crisis and the threat of a US rating downgrade casting a shadow market sentiment was tepid. European shares overall [...]
Blacks eyes capital raising as sales slump July 15, 2011 Outdoor goods firm Blacks Leisure has said recent sales had missed forecasts, driving up debts and forcing it to look at raising capital. The group, which struck a rescue deal with creditors in 2009 that saw it close over 100 stores, said it had agreed a temporary extension of its existing bank loan arrangements and, [...]
BHP Billiton to buy Petrohawk for £7.4bn July 15, 2011 Top global miner BHP Billiton will buy US gas producer Petrohawk Energy Corp for $12.1 billion (£7.4bn), ramping up its bets on the booming but environmentally controversial shale gas industry. The agreed all-cash deal is pitched at a 65 per cent premium to Petrohawk last-traded share price, and follows BHP’s $4.75bn purchase of Chesapeake Energy’s [...]
