MAGIC GROUP SNAPS UP THE LA DODGERS March 28, 2012 LOS ANGELES Dodgers and owner Frank McCourt said yesterday that Guggenheim Baseball Management will buy the baseball team for $2bn (£1.3bn), helping the Dodgers to finally emerge out of bankruptcy protection. The buying group includes Mark Walter, as well as basketball superstar Magic Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.
StanChart shuts in Afghanistan March 28, 2012 Standard Chartered has made plans to close its retail business in Afghanistan, transferring its operations to local bank Afghanistan International Bank. Standard Chartered’s business in Afghanistan consists of one branch, nine ATMs and gross assets of $229m (£144.2m). Subject to regulatory approval, StanChart will maintain a correspondent banking relationship with the local bank that will [...]
Randgold Mali mines still open March 28, 2012 Gold miner Randgold Resources said yesterday that its mines in Mali were still open despite a coup in the country. The miner’s chief executive Mark Bristow has been in Mali to monitor the situation and the unrest has dented the share price of the FTSE 100 company. The company said that it had been able [...]
HIG swoops for Rio Tinto alumina March 28, 2012 HIG European Capital Partners has offered to buy three French alumina plants from mining group Rio Tinto, Olivier Boyadjian, managing director of the private equity firm’s French unit said. Boyadjian did not provide financial details of the deal. Rio Tinto is selling the three plants – located in Gardanne, La Bathie and Beyrede in southern [...]
Amylin rejects $3.5bn Bristol offer March 28, 2012 Shares of Amylin Pharmaceuticals surged 46 per cent higher yesterday following reports the company had rejected a $3.5bn (£2.2bn) unsolicited takeover bid from Bristol-Myers Squibb. Bristol-Myers proposed an acquisition at $22-a-share in a letter to Amylin, which the board turned down last month, according to Bloomberg, which cited two people with knowledge of the matter. [...]
CITY MOVES | WHO’S SWITCHING JOBS March 28, 2012 First Reserve The leading global investment firm dedicated to the energy industry has appointed Alex T. Krueger as president, the next milestone in its senior management succession plan. Krueger has been with First Reserve for thirteen years, most recently serving as managing director in London. He was previously co-head of the company’s buyout funds. Krueger’s [...]
BEST OF THE BROKERS March 28, 2012 OLD MUTUAL After the sale of its Nordic operations, Deutsche Bank has reinstated coverage of the bank with a “buy” rating and target price of 190p, seeing the valuation as attractive despite a 45 per cent rally since December. HENDERSON GROUP Investec has upgraded the fund manager to “buy” with a target price of 149p [...]
FTSE poised for monthly loss as hit from insurers leads to technical fall March 28, 2012 BRITAIN’S blue-chip index ended lower yesterday as disappointing US economic data pushed investors to cash in their quarterly gains, setting the index on course for its first monthly loss of the year. The FTSE 100 closed 60.56 points, or one per cent, lower at 5,808.99 points, extending losses in the afternoon after breaking below its [...]
Drop in oil and metals prices sparks sell-off March 28, 2012 US stocks declined yesterday as sliding oil and metals prices gave investors a reason to sell commodity-related shares. A sharp fall in US crude oil futures hit energy stocks, prompted by talk of a release of some US and European strategic oil reserves. Materials shares dropped as well. A weaker-than-expected report on US durable goods [...]
Smash open your Isa’s full potential March 28, 2012 INDIVIDUAL savings accounts (Isas) are a success story of financial marketing. Most are aware of them, many use them, and a great number understand their tax benefits. As the tax year ends on 5 April, everyone should now ensure they take full advantage. Despite Isas piercing the public consciousness, some investors don’t make the most [...]
