Back-up fund for EU banks July 5, 2010 European Union countries that discover problem banks when they stress-test their lenders could turn to an existing EU state back-up scheme. EU economy commissioner Olli Rehn said that should any government exhaust national funds in helping a troubled lender, it could turn to “EU financial backstops.” “In order to use these European financial stability mechanisms [...]
Grim is the new Nice for the economy July 5, 2010 ECONOMISTS at Morgan Stanley have coined a great phrase to describe what we will be living through over the next few years: it will be Grim – Growth Really Is Mediocre. That is in stark contrast to the Nice years – the Non-Inflationary Consistent Expansion originally described by Mervyn King. It is also in stark [...]
Fashion retailer bags $9m July 5, 2010 Online clothing retailer my-wardrobe.com has received a $9m (£5.9m) boost from Balderton Capital. The business was founded just four years ago by Sarah Curran, who will remain the majority shareholder. The funding will be used to invest in more stock and to expand the current product ranges. My-wardrobe.com specialises in discounted designer goods from the [...]
Ponzi suspect shoots himself while in Spain July 5, 2010 A suspect in a German investigation into an alleged €300m (£248.5m) Ponzi scheme committed suicide on Saturday, it has been confirmed. Dieter Frerichs, managing director of the K1 hedge fund group, is believed to have shot himself on a Spanish beach. He was undergoing extradition proceedings in connection with the alleged fraud. K1’s founder, Helmut [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 5, 2010 FINANCIAL TIMES RENMINBI BOND DEALS BEGIN TO PAY A Hong Kong-based toll road company will sell renminbi-denominated bonds to international investors this week in a little-noticed deal that marks an important change in China’s currency controls. Hopewell Highway Infrastructure, controlled by Hong Kong tycoon Gordon Wu, plans to raise at least Rmb1bn (£100m) from institutional [...]
Doubts over Ocado value July 5, 2010 OCADO can expect a frosty reception to its prospectus when it finally launches this morning, as investors and analysts baulk at the expected £1bn valuation of the firm. The roadshow will get underway this afternoon but Ocado bosses face an uphill struggle if they are to persuade investors to part with their cash. The head [...]
Buy-out boom returns as €25bn Abertis deal looms July 5, 2010 TWO shareholders in the Spanish infrastructure group that owns Cardiff and Belfast International airports will team up with British private equity group CVC to mount a €25bn (£21bn) leveraged buy-out. The deal for Barcelona-based Abertis would dwarf the largest deal since the financial crisis – a $3.9bn (£2.6bn) bid for Extended Stay Hotels by a [...]
CITY VIEWS: WOULD YOU INVEST IN OCADO? July 5, 2010 JOHN BUTTERWORTH | INSURANCE CONSULTANT “I don’t think there is a problem with the firm floating. The long-term Waitrose deal is a definite plus point. It’s something different for investors: rewards come from taking a punt.” EMMA ATKINS | KENNEDY LAW “Online shopping is so convenient and the timing could be right for them. I [...]
BP rules out a share issue July 5, 2010 BP yesterday dismissed speculation it will issue new shares in a bid to meet the spiralling costs of tackling its huge oil spill in the Gulf of Mexico. A spokesman told City A.M. last night: “We welcome new shareholders or existing shareholders wanting to increase their shares, but there are no current plans to issue [...]
Dana Petroleum shares soar as Korean firm looks to buy July 5, 2010 SHARES in takeover target Dana Petroleum have rocketed 23 per cent over the past several days in response to confirmation that the Korean National Oil Company (KNOC) is in preliminary talks about acquiring the firm. Shares are at their highest level since last August, when Dana was subject to similar takeover rumours. They remained broadly [...]
