Capco secures £70m financing deal ahead of Olympic summer May 15, 2012 CAPITAL & COUNTIES said yesterday it has secured a £70m credit facility from its lenders BNP Paribas and HSBC, as the property specialist continued to make good progress on its major schemes at Covent Garden and Earls Court. The five-year revolving credit facility, which has been secured against some of the company’s Covent Garden assets, [...]
Great Portland sells £100m of London assets May 15, 2012 PROPERTY firm Great Portland Estates sold three buildings for over £100m in London’s West End and Midtown districts yesterday as it continues to recycle capital into its major London schemes. The company said it has sold 184/190 Oxford Street, Buchanan House in Holborn and a portfolio of properties at Portland Place for £106m, and 23 [...]
F&C plots fund launches amid revival plans May 15, 2012 F&C ASSET Management, the under-pressure funds house, plans to boost profits by setting up new investment trusts. The firm, which has endured a turbulent 18 months including a boardroom coup, said it is looking at setting up new funds – the first of which could be an equities trust – as it shakes up its [...]
Saunders set to bow out as head of IMA May 15, 2012 THE CHIEF executive of the Investment Management Association (IMA) will step down at the end of 2012 after 11 years in the post. Richard Saunders, who presided over the creation of the IMA in 2002, said he felt it was time for him to “move on”. “It has been a great privilege to work with [...]
Tense end of season looms for Wonga May 15, 2012 THIS weekend is a crucial footballing one for Wonga chief executive Errol Damelin and his private equity-backed company. The online short-term loan provider is shirt sponsor for Hearts of Midlothian, the Scottish club that is contesting an all-Edinburgh cup final derby against rivals Hibernian. Wonga is also shirt sponsor in England for Blackpool, who are [...]
StanChart faces uphill challenge May 15, 2012 BANKS have been facing a pretty hilly time of late, with arguably more downs than ups. But Standard Chartered has added a few more mountains to its obstacle course. The British bank has joined forces with Bermondsey’s Salmon Youth Centre to take on the Three Peaks Challenge, a bumper hike which involves climbing the highest [...]
Drax margins in boost as its costs reduce May 15, 2012 POWER station Drax yesterday said it had been boosted by lower costs in producing power, while sales are on the rise. Drax, which converts coal into energy, said that the wholesale prices it was paying for coal were falling while it was selling energy at higher rates. The difference in so called “dark green spreads” [...]
S&P cuts Chesapeake’s credit rating further into junk on funding needs May 15, 2012 Chesapeake Energy was hit by a credit rating downgrade yesterday following news that the natural gas producer will extend its borrowings to $4bn (£2.5bn) from the planned $3bn as it faces a liquidity crunch. Chesapeake’s cash flows have shrunk as natural gas prices have slumped to their lowest levels in a decade, putting pressure on [...]
Afren in boost from Nigeria and Kurdistan May 15, 2012 OIL explorer Afren said yesterday its profits in the first quarter had jumped thanks to new finds. The company said it had been buoyed by discoveries in Nigeria and Kurdistan. Afren posted pre-tax profits of £143.2m compared with £2m in the first quarter of 2011. The FTSE 250 explorer reported net production of 41,308 barrels [...]
Nuclear project on the hunt for new backers May 15, 2012 ENERGY minister Charles Hendry said yesterday that RWE and E.ON’s British nuclear joint venture, Horizon, needs to find new investors if it is to survive because its existing backers will not stump up more cash. Britain’s nuclear future was thrown into doubt in March when RWE and E.ON, under pressure from their home country’s decision [...]
