Vivendi to keep Universal November 13, 2011 UNIVERSAL expects it will have to make divestments in some markets following the acquisition of EMI’s recorded music division by its parent company Vivendi. Sources close to the firm told City A.M. no decisions will be made until after regulatory clearance has been granted – a process expected to take between eight and 10 months. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 13, 2011 FINANCIAL TIMES PRIVATE EQUITY GROUPS BOOST STAKES IN HOT FUNDS Investors in the secondary leveraged buy-out fund market are using further leverage to finance such purchases, adding another layer of risk and stirring up memories of the debt-fuelled private equity boom ahead of the financial crisis. While private equity groups in Europe and the US [...]
Exxon Mobil signs Kurdish deal November 13, 2011 Iraq’s Kurdish region has signed an exploration deal with Exxon Mobil, a Kurdish official said last night, confirming a deal Iraq has said could jeopardise the US oil giant’s southern oilfield contract. Natural resources minister Ashti Hawrami said the Kurdistan Regional Government (KRG) signed a contract with Exxon in mid-October for six exploration blocks in [...]
Japan’s GDP rebounds 1.5 per cent November 13, 2011 Japan’s economy grew 1.5 per cent in July-September from the previous quarter following three quarters of contraction as exports and consumption rebounded from a slump caused by the March earthquake, government data showed this morning. The quarter-on-quarter rise was in line with the median estimate for a 1.5 per cent increase and follows a 0.5 [...]
Unicredit to raise €7.5bn new capital November 13, 2011 ITALIAN lender Unicredit will tap up investors for €7.5bn (£6.4bn) in cash as it scrambles to pass a new round of European stress tests. The bank’s strategic committee will this morning unveil the recommendation to meet requirements by raising money rather than holding an asset fire-sale, making it Europe’s first bank to formally announce its [...]
Jimmy Choo’s founder Mellon makes her exit November 13, 2011 TAMARA Mellon has stepped down as chief creative officer of Jimmy Choo, the shoe brand she co-founded 16 years ago, following its £500m acquisition by European luxury goods group Labelux in May. Labelux, which also owns the Swiss bag designer Bally and fashion label Derek Lam, announced yesterday that Mellon will leave Jimmy Choo this [...]
Greece will leave the euro within the next year, says our City panel November 13, 2011 THE majority of our City A.M./PoliticsHome.com panel think Greece will leave the euro within the next year, with an overwhelming 78 per cent saying that the indebted country’s exit is likely. Forty-six per cent said it was “very likely” that Greece would no longer be part of the euro by this time next year, while [...]
Analysts cast doubt on the euro’s future November 13, 2011 NOMURA analysts have cast doubt on the possibility of achieving Eurozone stability, despite Mario Monti’s appointment as Italian Prime Minister, which is meant to bring hope to the embattled currency union. The bank’s economists studied the incentives guiding the actions of the European Central Bank (ECB) and member states, and concluded that member states have [...]
Quick reform in Spanish sights November 13, 2011 MARIANO Rajoy, leader of the People’s Party which is expected to win next Sunday’s Spanish general election, has called for swift labour market and fiscal reforms to be implemented. He aims to pass a budget stability law to build on September’s constitutional ammendment which limits the public deficit and debt, aimed at instilling investor confidence. [...]
We need more EU, says Merkel November 13, 2011 GERMAN chancellor Angela Merkel repeated her call for Eurozone states to give more powers to Brussels and push toward fiscal and political union yesterday. “We want to keep the euro, along with all the other states that have it. But that requires a fundamental change of our policy and ‘more Europe’,” she told Germany’s ZDF [...]
