ROTHSCHILD OUTGUNS TURKS IN OIL DEAL September 7, 2011 VALLARES, the investment vehicle set up by Nat Rothschild and former BP boss Tony Hayward, yesterday agreed a deal to buy Turkish oil giant Genel Enerji in a $2.1bn (£1.3bn) transaction that sees the owners virtually frozen out of the management of the group. Vallares negotiated a share structure that sees both companies take an equal [...]
Tesco plots South East Asia expansion after failure in Japan September 7, 2011 TESCO is mulling a move into a new market in South East Asia, City A.M. has learned, and has been scoping out opportunities in Indonesia. City A.M. understands that the supermarket giant has been examining an entry strategy for the region’s most populous country for over a year and, with its withdrawal from Japan announced [...]
Market relief sees Dow rise September 7, 2011 TEMPORARY relief lifted stocks across the pond yesterday, with the Dow Jones industrial average ending up 2.47 per cent, paring recent losses. Investors took comfort from a German court decision that deemed bailouts to Greece to be legal, avoiding a potential banana skin in efforts to resolve the Eurozone crisis. Optimism also spread from rumours [...]
It’s time to abolish the 50p tax rate September 7, 2011 THERE are many reasons why the top 50p rate of tax should be axed. It sends a message that the UK doesn’t like successful people; it has made Britain less competitive in the race for talent and capital; and the job losses and reduced economic growth it will cause means that the overall revenue raised [...]
Italy passes austerity plan September 7, 2011 ITALY’S senate yesterday approved the government’s controversial austerity plan, which aims to balance the beleaguered country’s budget by 2013. The package, originally approved by the cabinet last month, has been radically overhauled on several occasions during its passage through the Senate, under pressure from the European Central Bank and the EU. Last night Silvio Berlusconi’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 7, 2011 FINANCIAL TIMES LIBOR ENQUIRY EYES CRIMINAL ANGLE The US investigation into alleged manipulation of interbank lending rates is focusing on possible violations of a commodities law that has previously been used to send financial executives to prison. According to people familiar with the probe into the setting of London and Tokyo interbank offered rates, US [...]
BNP reassures on liquidity fears September 7, 2011 France’s biggest listed bank BNP Paribas said yesterday it had an “excess” of short-term US dollar liquidity and had access to a wide variety of funding, as it sought to calm money-market jitters. The bank, which is strongly exposed to the Eurozone and mature Western markets, said however that the cost of turning to alternative [...]
Japan machinery orders tank September 7, 2011 Japan’s core machinery orders fell 8.2 per cent in July from the previous month, government data showed this morning, in a sign companies remain hesitant about boosting capital spending due to the yen’s strength and slowing global growth. The fall was much bigger than economists’ median forecast of a 4.1 per cent drop. Compared with [...]
Ex-Labour MP joins calls to end top rate September 7, 2011 LABOUR’S ex-Treasury minister Kitty Ussher will today call on her party to propose alternative fiscal measures to replace the 50p top rate of income tax, such as cuts to tax-breaks on pensions for high-earners, or capital-gains tax on sales of primary residences. And yesterday a Labour party-supporting economist and two former Bank of England officials [...]
Facebook bolsters IPO hopes with $500m first-half profits September 7, 2011 SOCIAL network Facebook’s revenue doubled to $1.6bn (£1bn) in the first half of the year, it emerged last night. Net income in the first half of 2011 came to almost $500m, according to Reuters. The figures underscore the site’s appeal to advertisers while it grapples with intensifying competition from the likes of Google and looks [...]
