Draghi defends banking union December 17, 2012 New European Central Bank powers to oversee Eurozone banks will help restore confidence in the sector and revive interbank lending, boss Mario Draghi said yesterday. “The single supervisory mechanism will contribute to restoring confidence in the banking sector across the euro area,” he said. The new body will automatically oversee around 150 of the currency [...]
IMF deadline passes for Argentina December 17, 2012 A deadline for the Argentinian government to provide more accurate economic data to the International Monetary Fund (IMF) passed last night, with the country facing the prospect of being expelled from the group. IMF chief Christine Lagarde had warned in September that Argentina could be show a “red card” by the global support mechanism if [...]
China Gas snaps up Fortune Oil gas business December 17, 2012 CHINA-focused Fortune Oil yesterday said it is to sell its natural gas business to China Gas Holdings for $400m (£247m). The deal, to be approved by shareholders, will net Fortune Oil $200m in cash on completion of the transaction and a further $200m as a deferred consideration, which could be taken as shares. The oil [...]
Morgan Stanley poked by a $5m fine for Facebook deal influence December 17, 2012 MORGAN Stanley, the lead underwriter for Facebook’s initial public offering (IPO), will pay a $5m (£3m) fine to settle charges that its bankers improperly influenced its research analysts when the internet company went public. Massachusetts’ top securities regulator, William Galvin, charged yesterday that Morgan Stanley helped Facebook disclose sensitive financial information selectively, perpetuating what he [...]
Ox Instruments eyes big gains in nanotech with microscope deal December 17, 2012 THE INCREASING levels of interest in nanotechnology have led technology group Oxford Instruments to spend up to $80m (£49.4m) on buying a US-based microscope manufacturer. The deal for California’s Asylum Research, announced by Oxford Instruments yesterday, “significantly increases [the company’s] footprint in the nanotechnology space”, chief executive Jonathan Flint said. The acquisition is the latest [...]
Yellow Pages owner Hibu falls over worthlessness warnings December 17, 2012 SHARES in Hibu, the stricken owner of the Yellow Pages, plummeted yesterday as management confirmed that the company’s stock could become completely worthless. The company, which was formerly known as Yell, announced yesterday it had obtained a request to negotiate a debt restructuring with a group of creditors that own hundreds of millions of pounds [...]
Dods expands political portfolio December 17, 2012 Political information group Dods has acquired the owner of Total Politics magazine, Biteback Media, along with Edinburgh-based political publisher Holyrood Communications, for a total of £1.46m from Political Holdings. Dods, which runs the website Politics Home, expects buying Holyrood will increase its presence in Scotland. Dods is buying from Lord Ashcroft’s Political Holdings.
WPP continues China growth December 17, 2012 Advertising giant WPP has expanded its reach in China with the acquisition of entertainment marketing agency Filmworks China. The deal, for an undisclosed sum, follows the creation of a chief executive role for WPP China. The boss of the world’s largest advertising firm, Sir Martin Sorrell, expects China to overtake the UK as WPP’s second-largest market [...]
Kentz nets three Iraq contracts December 17, 2012 FTSE 250-listed engineer Kentz has snapped up three contracts in Iraq worth $55m (£34m) through its technical support services business. Over the next three to four years, Kentz will be involved in the development of in-plant process facilities and infrastructure on upstream facilities in Basra and Baghdad, to boost oil and gas production capacity.
D&D owner plans a dynamic future December 17, 2012 We are building restaurants to last several business cycles… it shouldn’t matter when you build them” DES GUNEWARDENA peers into his wine glass and wrinkles his nose. The chairman and chief executive of D&D London has invited me for lunch at the Angler, the group’s new seafood restaurant at South Place Hotel in the City [...]
