Green light for Cucinelli float April 16, 2012 ■ Italian cashmere business Brunello Cucinelli has attracted enough support for its £124m IPO after its first day of bookbuilding. Bankers said the issue was “fully covered”. The roadshow for the group, which has stores in the West End, comes to London tomorrow. Bank of America Merrill Lynch and Mediobanca are joint bookrunners.
Apple stock in sharp downturn April 16, 2012 ■ New York’s Nasdaq index was weighed down yesterday after Apple’s stock recorded its sharpest percentage drop since October last year. Apple closed at $580.13 after hitting a record high last week of $644. Some investors said Apple, which is up 45 per cent this year, broke a trend line that led to more profit-taking. [...]
Senate blocks Buffett rule April 16, 2012 ■ Senate Republicans last night blocked President Barack Obama’s “Buffett Rule” legislation, which would have put a 30 per cent minimum tax on millionaires. Democrats, as expected, failed to get the 60 votes needed to move to a full debate and vote on the bill.
Carlyle looks to raise $762m in its US flotation April 16, 2012 PRIVATE equity powerhouse Carlyle revealed yesterday that it hopes to raise between $701.5m and $762.5m (£441m and £479.7m) through an initial public offering in the US, which would value the firm at up to $7.61bn. Carlyle, which has $147bn in assets under management, is to list 10 per cent of the company on the Nasdaq [...]
British retailer Aquascutum is on the brink of administration April 16, 2012 THE upmarket fashion brand Aquascutum, whose British heritage dates back 160 years, is set to fall into the hands of the administrator as soon as today, putting around 250 jobs at risk. The raincoat maker’s expected collapse comes just a day after its owner Harold Tillman agreed to sell a majority stake in its sister [...]
UBS and Goldman are hired to work on Formula One’s float April 16, 2012 PRIVATE equity firm CVC Capital Partners has hired UBS and Goldman Sachs to lead an expected $2bn (£1.26bn) initial public offering of motor racing business Formula One in Singapore, sources with direct knowledge of the matter said yesterday. Goldman’s role as joint global coordinator and bookrunner for the IPO, which is expected in July, was [...]
JIM YONG KIM IS NEW BOSS OF WORLD BANK April 16, 2012 AMERICA’S stranglehold over the World Bank presidency will last for at least another five years after the top job went to US nominee Jim Yong Kim. Nigerian rival Ngozi Okonjo-Iweala had said that US “political weight” would determine the outcome.
Tiny number of high earners use tax reliefs April 16, 2012 THE VAST majority of high earners pay the maximum possible amount of tax, with very few benefiting from the legitimate reliefs which the government plans to limit, Treasury figures showed yesterday. The facts became clear as accountants blasted George Osborne’s plans as promoting “uncertainty in the tax system,” hurting businesses and potentially hitting investment. George [...]
Labour pushes for a vote over the unpopular raid on charities April 16, 2012 LABOUR MPs are pushing for a vote in parliament tomorrow on the government’s planned cap on income tax reliefs, yesterday calling the limits “a sham of a change” which “came completely out of the blue” to hit charities. Treasury minister David Gauke had earlier defended the plan, explaining it is not fair that “there are [...]
WILL THE PM HELP GOOD CAUSES? April 16, 2012 David Cameron yesterday insisted he wants to see charitable giving rise, and that a consultation on income tax relief caps would allow the government “plenty of time to get it right” before the caps are implemented next year. Since charities and some high profile donors have insisted that capping income tax relief on donations will [...]
