Rothschild to land £120m Bumi windfall October 2, 2011 FINANCIER Nat Rothschild has made a £120m windfall following the completion of the reverse takeover of Indonesian coal mines in his investment vehicle Vallar. Rothschild and three partners, including former Anglo-American executive James Campbell, invested £100m into Vallar last year, and put £20m into “founder shares”, which entitled them to a bigger stake once the [...]
Chi-X launches index series to rival FTSE and EuroStoxx October 2, 2011 EQUITY trading platform Chi-X Europe today launches its own Europe-wide stock index series linked to its daily trading prices as it seeks to capitalise on its growing market share and compete with providers such as FTSE and EuroStoxx. Chi-X, Europe’s biggest equities platform by volume, has created two pan-Europe and two eurozone indices of the [...]
Investors can stop being cautious now October 2, 2011 SO far investors seem to have been wary of Bumi. Its complex structure and ongoing acquisition wrangles have meant many are reluctant to follow the Rothschild blank cheque venture, but it’s unlikely to stay that way for long. First-half results in mid-August saw underlying profits of $54m (£32m) amid a bullish outlook on thermal coal [...]
Qatar invests $1bn in Greek gold mining October 2, 2011 THE QATARI sovereign wealth fund is investing $775m (£497m) in European Goldfields, the London-listed company behind one of the biggest gold-mining projects in Greece, in a move that marks a major boost for the debt-laden country. Qatar Holding, the investment arm of the Qatar Investment Authority which also owns Harrods, will provide a $600m loan [...]
BAE Systems wins £85m deal with US October 2, 2011 EUROPE’S biggest defence contractor BAE Systems has won a $134m (£85m) deal from the US for 70 M777 howitzers, potentially safeguarding 380 British jobs. The company said the weapons will be manufactured in Barrow-in-Furness, northern England, in a programme to run until October 2013. Final assembly will take place in Mississippi in the United States. [...]
Tesco and Sainsbury’s in battle to step up sales October 2, 2011 TESCO reports it half yearly results on Wednesday with analysts predicting international sales offsetting sluggish figure for the UK. The grocer, which has slashed the prices on thousands of lines in a bid to trigger sales rises, will also be eyeing second quarter results from rival Sainsbury’s, which is reporting on the same day. New [...]
BROOKLYN BRIDGE BLOCKED BY PROTESTS October 2, 2011 POLICE squared off against protesters on the Brooklyn Bridge during an Occupy Wall Street march in New York over the weekend. More than 700 anti-Wall Street protesters were arrested for blocking traffic lanes and attempting an unauthorised march across the New York landmark.
Kazak miner plots to oust chairman October 2, 2011 HEADHUNTERS have been called in to find a new chairman for the Eurasian Natural Resources Company (ENRC), despite confirming the incumbent Johannes Sittard in the role in its corporate governance review last Wednesday. The FTSE 100 Kazakstan mining company last week said it was “fully supportive” of the board-level reshuffle that kept Sittard at the [...]
Traders need to insure against the downside October 2, 2011 EXCUSES, excuses followed by more excuses. When is the broader asset management industry going to put its hands up and say; “We were wrong,” or “I’m going to fall on my sword, sell my five houses on the Wentworth Estate and distribute the proceeds amongst those foolhardy enough to believe I could make them money?” [...]
Asian buyers show thirst for expensive wine October 2, 2011 PLUNGING global markets and deepening fears of another world recession failed to dampen Asian buyers’ thirst for vintage wines at Sotheby’s October wine auction in Hong Kong. The two-day event held from 1-2 October put rare Imperials of Chateau Lafite, Latour and Cheval Blanc and Jeroboams of Mouton and Haut Brion under the hammer, as [...]
