BAT eyes Bulgarian bid July 17, 2011 BRITISH AMERICAN TOBACCO (BAT) is in ongoing talks to buy Bulgaria’s state-owned tobacco company, in a deal worth in the region of £100m. The world’s second largest cigarette producer, whose brands include Dunhill and Lucky Strikes, is one of three companies that have so far submitted tender offers for Bulgartabac holding, which was put up [...]
Charter in plan to stop takeover July 17, 2011 ENGINEERING group Charter International is said to be considering a break-up plan to stave off an unwanted takeover approach. Goldman Sachs is thought to be looking into a sale or demerger of Howden, the subsidiary that accounts for around a third of Charter’s £1.7bn revenues. The plan follows Charter’s refusal on Friday to accept an [...]
Candover to launch a £500m sale July 17, 2011 CANDOVER Investment, the private equity firm which became a high-profile casualty of the credit crisis, has launched a £500m auction to sell off its biggest investment. Investors managing the remains of Candover will partially unwind Expro International, the oil services group it bought in 2008 just months before failing. Goldman Sachs, which invested with Candover [...]
Iron ore firm lists on AIM July 17, 2011 FERREX, an African focused iron ore and manganese development firm, has listed on London’s alternative investment market (AIM) in a deal which will value the company at £15.5m. The firm, which specialises in minerals primarily used to produce steel, raised £2m by listing new shares at 3p apiece today. The money raised will be used [...]
US abandons tax deal talks with Swiss July 17, 2011 THE United States has ended talks with Switzerland aimed at settling a row over investigations into Swiss banks accused of helping Americans dodge taxes, it is understood. The US sent Berne a letter two weeks ago saying it had no interest in a global settlement to end the tax dispute. An announcement on Friday that [...]
Banks need ring-fencing rules to be clarified July 17, 2011 WITH the scandals at News International and the latest threats of European economic meltdown dominating the headlines, the responses of UK-based banks to the Independent Commission on Banking’s interim report came in under the radar. But even in a quiet news week, I doubt that these responses would have made the front pages – and [...]
Barclays to axe jobs in India July 17, 2011 Barclays has cut jobs in India as a result of merging the client relationship teams of its commercial and investment banking units, a company spokeswoman said yesterday. Barclays Capital, the investment banking unit of the UK-based bank, and the company’s commercial banking division, are combining the teams that focus on servicing corporate clients in India, [...]
House prices fall in London and rest of UK July 17, 2011 House prices have dropped for the first time this year, according to a well-regarded Rightmove index released this morning. Prices fell 1.6 per cent across the UK in July, with even London’s houses experiencing a 1.4 per cent dip, the figures showed. In June, the average residential property in the capital hit an all time [...]
Public sector set for wave of employment appeals July 17, 2011 GOVERNMENT sector employees are far more likely to launch legal appeals against their employers than workers in the commercial sector, according to new research released today. While only one in four British workers are employed by the state or in the non-profit sector, they account for around 42 per cent of all legal claims. And [...]
UK growth hit by doubt in Eurozone July 17, 2011 WORRIES over the Eurozone debt crisis are holding back business investment in the UK, prompting the Ernst & Young Item Club to lower its growth forecast for this year and next. Item expects growth of 1.4 per cent this year, sharply down from its April forecast of 1.8 per cent. The group’s forecast for 2012, [...]
