WHAT THE OTHER PAPERS SAY THIS MORNING June 20, 2010 FINANCIAL TIMES JPMORGAN PUSHES ON WITH TALKS OVER BRAZILIAN HEDGE FUND JPMorgan Chase is pushing ahead with talks to buy a large Brazilian hedge fund and private equity group, in spite of impending US legislation designed to limit the involvement of commercial banks in such activities. People close to the situation said the US financial [...]
China move spurs markets June 20, 2010 The Australian dollar jumped more than 1 percent and the euro hit a three-week high against the U.S. dollar in trading today as investors took China’s commitment to allow more yuan flexibility as a signal to buy riskier assets. China said on Saturday it would gradually make the yuan’s exchange rate more flexible, indicating it [...]
BASF SEALS £2.8BN DEAL June 20, 2010 Chemical giant BASF is poised to buy German specialty chemicals company Cognis for at least €3.3bn (£2.8bn) reports the Wall Street Journal. The deal was agreed this weekend, when Cognis and its owners, who include Goldman Sachs and private equity group Permira, rejected a higher offer from Lubrizol. An announcement on the deal is expected [...]
Stay focused, urges BSkyB boss Darroch June 20, 2010 BSKYB’S staff have been told by chief executive Jeremy Darroch that they should not be distracted by the near £8bn takeover bid launched last week by the group’s largest shareholder News Corporation. Darroch, who sits side by side on the Sky board with directors who have rejected the bid claiming it does not fully value [...]
CVC looks to invest in London Eye group June 20, 2010 PRIVATE equity group CVC Capital is close to purchasing a stake in theme park operator Merlin Entertainments, which owns Legoland, Madame Tussauds and the London Eye. Reports suggests that CVC would buy a minority stake from Merlin’s existing shareholders, which include rival private equity firm Blackstone, sovereign wealth fund Dubai International Capital and the Lego [...]
Unite union threatens round of fresh industrial action at BA June 20, 2010 THE Unite union is expected to notify British Airways of another strike ballot today, which if successful could mean widespread disruption during the peak of the holiday season. Unite has completed preparations for a ballot and voting could commence seven days after the union puts BA on notice. If BA flight attendants vote in favour [...]
G20 wary on China move to de-peg yuan June 20, 2010 GLOBAL politicians at the weekend cautiously welcomed China’s move to de-peg its currency from the US dollar for the first time in almost two years, bowing to international pressure a week before the G20 meets in Toronto. US President Barack Obama labelled the new policy a “constructive step”, although the response from Washington was muted [...]
AgBank picks banks for $23bn Hong Kong-Shanghai flotation June 20, 2010 THE Agricultural Bank of China has chosen the banks to lead its more than $23bn (£15.5bn) initial public offering (IPO), sources involved with the process said yesterday, a move that finally sorts out the key roles for the deal. AgBank’s selection of its top banks came as key investors swooped in on the offering while [...]
City expects budget cuts June 20, 2010 CITY economists have broadly backed the chancellor’s plans to launch what could be the sharpest fiscal tightening in Britain’s post-war history but warned that the squeeze could harm still-feeble growth. Despite the improving fiscal trend, George Osborne is expected to introduce additional tightening measures in his first Budget tomorrow to put the public finances onto [...]
Banks implore Osborne to rethink balance sheet tax June 20, 2010 SENIOR members of the banking community yesterday implored chancellor George Osborne to reconsider plans to introduce a sweeping tax on bank balance sheets, arguing that a simple levy on profits would be a fairer and more transparent option. Osborne is set to outline details of the levy in tomorrow’s emergency Budget and is widely expected [...]
