Charges after protesters set up camp outside Bank of England May 13, 2012 SIX people have been charged after an Occupy protest that sprang up near the Bank of England. Four people were charged with public order offences and two with obstructing a police officer and are due to appear in court next Monday, City of London Police said. The demonstration attracted around 300 people and lasted for [...]
Borrows set to reign at 3i after Queen leaves May 13, 2012 TOP City rainmaker Simon Borrows is set to be named this week as chief executive of 3i, Britain’s oldest private equity firm. Borrows, who joined as chief investment officer last summer, will take over from Michael Queen, who in March announced his intention to step down. The promotion of Borrows will surprise few in the [...]
Time running out for LightSquared May 13, 2012 US tech start-up LightSquared could file for bankruptcy if it fails to make a deal with creditors today. Owner and hedge fund manager Philip Falcone needs to reach an agreement before the close of business in New York to avoid default on a $1.6bn loan. LightSquared’s future was thrown into doubt in February when US [...]
Correction May 13, 2012 In our edition dated 11 May, we quoted Andrew Haslam in our City Views feature entitled “Do you have any sympathy for public sector strikers?”. We misrepresented his views and apologise for doing so. A more accurate version of Mr Haslam’s views is as follows: “It isn’t helpful. I can’t say I would not strike [...]
Avon considers Coty’s $10.7bn sweetened bid May 13, 2012 AVON said last night it is considering Coty’s $10.7bn (£6.66bn) takeover bid and expects to respond to the smaller firm’s advances within a week. Coty last week raised its offer from an earlier $10bn bid and gave Avon a deadline of the close of business today to enter into talks or it would withdraw its [...]
Banking lobby group urges EU to vote against cap on bonuses May 13, 2012 A CONSORTIUM of banks have appealed to the European Parliament to vote against new rules that would curb their annual bonuses to the same level as their annual salary, in a move they warn would damage their businesses. The Association for Financial Markets in Europe (AFME), an industry group representing banks across the continent, has [...]
Boost for new bank Aldermore as it clinches £36m fundraising May 13, 2012 NEW bank Aldermore is set to grow after raising £36m of new capital. Private equity firm Centerbridge Partners has acquired Tier 2 bonds issued by Aldermore, a homeowner and small business specialist set up by buyout house AnaCap and Morgan Stanley. Aldermore chief executive Phillip Monks said: “The new funds provide us with the opportunity [...]
Bidders said to be closing in on Invensys deal May 13, 2012 A BID for Invensys could be nearing following reports this weekend that interest in the signal and control maker has escalated in recent weeks. Siemens, General Electric, ABB and Emerson are all said to have approached Invensys in the past few weeks, although no official offer has been tabled, following years of interested parties circling [...]
The Man from Del Monte plans a £500m resources cash shell May 13, 2012 A SOUTH African businessman dubbed the Man from Del Monte wants to create a stock market cash shell to buy resources or consumer goods companies. Vivian Imerman is leading the investment team for acquisition vehicle Sacoven. The firm intends to target oil, mining or consumer goods firms worth between £200m and £500m, according to documents [...]
Thomas Cook warns it could go bust if investors don’t back deal May 13, 2012 TOUR operator Thomas Cook’s board has issued a dire warning to shareholders: support our cost cutting plans or send the firm into administration. The company said in a circular that some of the debt lifelines it secured earlier this month will only become effective once investors approve plans to sell and lease back planes and [...]
