Rio Tinto mulls spin-off of Aussie aluminium unit September 26, 2011 MINING giant Rio Tinto is considering spinning off part of its aluminium assets in Australia. The company is understood to be working with Macquarie Group and PricewaterhouseCoopers on options for its aluminium operations, which could come under pressure if the Australia government’s proposed carbon tax comes into force. The miner said it would not comment [...]
Alere holds firm on Axis September 26, 2011 ALERE, the US medical diagnostics firm involved in a £230m hostile takeover for UK firm Axis-Shield, yesterday maintained its bid price but lowered its acceptance threshold, as it looked unlikely that the US firm will win over enough shareholders for a full takeover. Alere, which had set 90 per cent acceptance as a condition for [...]
Tumblr’s new funds value it at $800m September 26, 2011 BLOGGING site Tumblr said yesterday it has raised $85m (£54.6m) to help fund expansion, in an investment drive that values the firm at $800m. Prominent tech investors such as Sequoia Capital and Greylock Partners were among those named as investors in Tumblr, which provides a free, photo-focused blogging platform. Sir Richard Branson is also thought [...]
Shift in hedge fund management to Asia Pacific gains more pace September 26, 2011 AROUND three-quarters of assets under the management of Asia-focused hedge funds are managed by fund managers based in the region, up from about 60 per cent three years ago, according to a survey by industry tracker AsiaHedge released yesterday. The growth is a big leap from the year 2000, in the early years of the [...]
London prime property soars September 26, 2011 INVESTORS fleeing from the Eurozone turmoil are parking increasing amounts of money in top London property, pushing the price of prime houses close to £4m in recent weeks. Viewings are up by 25 per cent over the three months to September. The number of available properties has risen by 13 per cent, but not enough [...]
LONDON & STAMFORD BUYS FLATS IN OVAL September 26, 2011 Property firm London & Stamford said it has completed the acquisition of a residential block near Oval, south London, for £24.4m. The company said it had exchanged contracts with Kilmorie Investments for the long leasehold interest of 74 private residential units on Clapham Road, a month after it bought residential block in Islington for £50m.
Cannon Place kicks off hunt for tenants September 26, 2011 CANNON Place is set to officially open today, marking an end to almost four years and £200m of construction work – though the building will be launched without a tenant. The 400,000 square foot, eight storey building above Cannon Street train station is one of the only large offices to complete in 2011, ahead of [...]
Buffett buys another 34m Tesco shares September 26, 2011 BILLIONAIRE US investor Warren Buffett has nudged up his stake in retailer Tesco in what is being seen as a vote of confidence in new chief executive Phil Clarke. Buffett’s Berkshire Hathaway last has bought around 34m Tesco shares for about £120m, lifting its stake in the British supermarket group to 3.64 per cent from [...]
Intertek names new chariman as David Reid September 26, 2011 BRITISH testing firm Intertek has announced that outgoing Tesco chairman David Reid will join the firm to fill the same role next January. Intertek, which tests products from toys and clothes to oil and renewable technology, said Reid, also a former chairman of Kwik-Fit Group, would replace Vanni Treves, who will retire on 1 January [...]
Flying Brands sells off property assets September 26, 2011 STRUGGLING home shopping retailer Flying Brands, in which entrepreneur Sir Tom Hunter owns a stake, yesterday confirmed the disposal of a building on the island of Jersey, as it attempts to pay off its £1.7m banking loan. Jersey-based property developer JAJ Properties has agreed to pay £2.1m in cash and ten per cent in any [...]
