Aviva distances itself from Irish closure leaks November 23, 2011 INSURANCE giant Aviva sought to play down leaked documents suggesting that it could close its network of 26 branches in Ireland with the loss of about 120 more jobs than previously announced. Aviva last month unveiled plans to dramatically scale back its Irish business and move its European headquarters back to London with the loss [...]
JD Sports set for hard slog at Christmas November 23, 2011 HIGH street chain JD Sports said yesterday it had seen a sharp slowdown in sales growth since September and warned that Christmas trading would be tough. In a downbeat assessment of falling UK consumer sentiment, the company warned that it was having to work hard to sustain its margins as customers spent less. Shares in [...]
Playtech raises a £100m war chest for deals November 23, 2011 GAMING software maker Playtech added to its takeover firepower yesterday by raising £100m from its major investors in a share placement. Playtech’s founder and biggest shareholder Teddy Sagi, an Israeli entrepreneur who made about £165m from the company’s flotation in 2006, could see his stake rise to just under 50 per cent if other investors [...]
Australian mining tax clears hurdle November 23, 2011 A NEW Australian tax on miners that will cost the industry A$7.7bn (£4.82bn) over the next two years has passed its biggest hurdle so far. After 18 months of acrimonious debate that brought down former leader Kevin Rudd, politicians agreed to back Australian Prime Minister Julia Gillard’s 30 per cent profit tax in return for minor [...]
Trap signs lucrative North Sea deal with Centrica and Nippon November 23, 2011 TRAP Oil has inked a potentially lucrative North Sea oil deal with energy heavyweights Centrica and Nippon, City A.M. can reveal. The AIM-listed company has been paid £2.5m in cash for its Kew exploration site and will retain a 20 per cent stake to give it a share of future earnings. The company is due [...]
Polymetal sets buyback price November 23, 2011 RUSSIAN precious metals miner Polymetal International, which recently secured a premium listing on the London Stock Exchange, yesterday offered to buy back the minority investors in its Russian group for 531.15 roubles (£10.90) per share. Polymetal raised £491m when it floated in London last month and it is hoping to join the FTSE 100 index [...]
Hong Kong telco to raise £770m November 23, 2011 PCCW’S telecom business spin-off, HKT Trust, is raising $1.2bn (£770m) in a Hong Kong IPO, pricing the deal at the bottom end of an indicative range as global market turmoil dented demand despite the high yield offered. The dominant Hong Kong fixed-line operator will be able to use the money to expand the media business [...]
Lending on plastic drops November 23, 2011 CONSUMERS are repaying credit card balances more than they are borrowing on plastic, with many Brits “simply going without” new goods instead of adding to their debts. While £7.2bn was bought on credit cards in October, £7.4bn was repaid, according to data released yesterday by the British Banking Association (BBA). Across six months to October [...]
Bank holds stance for now yet QE3 may come in 2012 November 23, 2011 THE BANK of England’s interest rate setting committee voted unanimously to stick to its current policy stance this month, yet many analysts expect a further extension of quantitative easing (QE) early next year. Minutes of the Bank’s November meeting, released yesterday, showed all nine members voted to keep interest rates at 0.5 per cent and [...]
Gender pay gap narrows November 23, 2011 THE PAY gap between men and women has slipped below 10 per cent for the first time, according to official figures released yesterday. With women’s hourly rates rising more than men’s, the gap was recorded at 9.1 per cent in April this year – down from 10.1 per cent in April 2010. Furthermore, women working [...]
