O’NEILL ISSUES FISCAL SQUEEZE WARNING July 4, 2010 GOLDMAN Sachs chief economist Jim O’Neill has waded into the debate over the depth and breadth of austerity measures being implemented across the globe, warning large nations cutting back simultaneously could derail the recovery. “All G20 members tightening fiscal policy at the same time as the UK’s tough stance would make it hard to deliver [...]
BP in rush to sell off assets July 4, 2010 A RAFT of Chinese and Middle Eastern bidders are looking at taking up a stake in BP as the oil major attempts to find investors ahead of a possible hostile takeover by a rival oil company. It is understood that a number of sovereign wealth funds, including the Kuwait Investment Office and oil companies have [...]
Boris plans cable car Thames crossing before the Olympics July 4, 2010 LONDONERS may be able to enjoy panoramic views of the capital while traversing the Thames at over 50 metres above ground level, if Boris Johnson’s latest travel plans come to fruition. The Mayor of London yesterday unveiled plans to build a privately-funded cable car crossing between Greenwich Peninsula and the Royal Docks, carrying up to [...]
Chinese firm in exclusive talks to acquire Tower 42 July 4, 2010 THE SALE of London’s first skyscraper came a step closer to completion yesterday after it emerged that Chinese Estates Group had entered exclusive discussions to buy Tower 42. The group, chaired by Hong Kong-based billionaire Joseph Lau, is said to have won a three-month auction with a bid near the asking price of £300m. Moorfield [...]
Blair’s £250k protection costs July 4, 2010 Protection teams for former Prime Minister Tony Blair cost the taxpayer £250,000 in expenses. But Foreign Secretary William Hague said he was doing a good job as representative of the middle east quartet and that politicians should rise above past differences to work together.
Virgin interested in Allied Irish July 4, 2010 Richard Branson’s Virgin Money is said to have made an informal approach for the British branches of the beleaguered Allied Irish Bank. Virgin Money could acquire the bank’s 32 outlets as part of its efforts to build a large branch network within five years. AIB refused to comment on any of its ongoing asset sales, [...]
Airbus set to sell military planes July 4, 2010 Airbus has held talks with 36 countries that are interested in buying the A400M military transport plane. Any sale would give the firm the chance to pare its losses on the aircraft, which has been delayed by three years and is so far €11bn (£9.1bn) over budget. The UK signed up to buy 25 planes [...]
Vadera joining Temasek fund July 4, 2010 Baroness Vadera is set to join Singaporean sovereign wealth fund Temasek. Vadera, Gordon Brown’s closest economic policy adviser, is reportedly wanted for her financial and geopolitical expertise. Temasek is restructuring parts of its S$127bn (£60bn) investment portfolio. Vadera has recently been advising Dubai World and is an adviser to the rotating G20 presidency.
Ocado issues IPO prospectus July 4, 2010 OCADO will this morning unveil the prospectus for its ambitious initial public offering, which it hopes will value the firm at more than £1bn. The online grocery delivery firm will begin a two week roadshow tomorrow as it seeks to convince investors it is worth the monster sum despite never turning a profit. Ocado, which [...]
ISC rights issue inquiry to focus on demand side July 4, 2010 THE INSTITUTIONAL Shareholders Committee (ISC) has launched a consultation for its formal inquiry into rights issue fees, which it said would be complementary to a similar investigation announced by the Office of Fair Trading (OFT) last month. The ISC’s inquiry, spearheaded by Doug Ferrans, said its own inquiry would focus on the demand for investment [...]
