SA gives nod to Glenstrata January 22, 2013 THE £56bn Glencore-Xstrata mega merger jumped another hurdle yesterday as it won approval from the South African anti-trust authorities. The South African Competition Tribunal gave the green light to the merger, although it recommended that some employment conditions are met, including limiting the number of job losses among skilled workers to 80. Completion of the [...]
Grainger and APG get a grip on £349m property fund January 22, 2013 GRAINGER yesterday announced it has teamed up with Europe’s largest pension fund manager to create a £349m residential property fund. The Grip fund will see Grainger and APG Strategic Real Estate Pool acquire G:res, a residential property fund set up and managed by Grainger since 2005. APG is making an investment of £158m while Grainger [...]
Phones 4u to run network January 22, 2013 HIGH street phone retailer Phones 4u is launching its own mobile network. The company says its Life Mobile service, which will use EE’s airwaves, will be focused on offering customers flexibility. The move is a dramatic shift from Phones 4u, which has expanded to 550 UK stores since its 1996 opening. The retailer said Life [...]
ABG nets $142m for gold mine January 22, 2013 London-listed African Barrick Gold has secured $142m (£90m) in financing from a syndicate of banks to expand its flagship Bulyanhulu process plant in Tanzania, the miner said yesterday. Chief executive Greg Hawkins added that while the FTSE 250 miner had sufficient cash on its balance sheet to fund the expansion, it used the financing as a [...]
Output drops 5pc at Nord Gold January 22, 2013 Nord Gold, the gold unit spun off from Russian mining group Severstal in 2011, said yesterday its gold production for last year fell five per cent to 716,900 ounces. The gold miner blamed mechanical issues which hampered production in the first half of last year. Output for this year is expected to be in the [...]
Ryanair expects drag on growth January 22, 2013 Low-cost airline Ryanair expects passenger growth to slow in 2013 as it cuts back on short-distance flights in some markets due to higher airport fees, chief executive Michael O’Leary said yesterday. “I think the growth will be slower this year,” he told Reuters, predicting passenger numbers would increase three to four per cent to up [...]
City Moves | Who’s switching jobs January 22, 2013 Carmignac Gestion Keith Ney has been appointed co-manager of the asset management firm’s European bond fund, working alongside Carlos Galvis. He has worked for Carmignac for eight years, most recently as head of credit. Stenham Asset Management The asset management firm has made two appointments to its investment team. Akshay Krishnan joins as a senior [...]
Best of the brokers January 22, 2013 BARCLAYS Morgan Stanley has an “overweight” rating on the bank and has raised its target from 295p to 386p. It thinks Barclays could soon trade above its book value as focus turns to the prospect of the bank beating its cost of capital. Morgan Stanley expects a return on tangible equity of 13 per cent [...]
FTSE hits the brakes on 2013 rally as banks and miners lose ground January 22, 2013 BRITAIN’S leading share index eased a touch yesterday, stalling after a recent push up to its highest level in four-and-a-half years, weighed by falls in financials and mining stocks. Banks were the biggest sector fallers, knocking over four points off the FTSE 100, with traders citing profit-taking after recent gains, and caution over a report [...]
S&P 500 hits fresh five year closing high January 22, 2013 US bank and commodity shares led the Standard & Poor’s 500 to a fresh five-year closing high yesterday on hopes that the global economy continues to mend. The Dow Jones industrial average also ended at a five-year high. The market also gained on signals that Republican leaders in the US House of Representatives aim today [...]
