Glencore may switch reporting June 30, 2011 GLENCORE, the newly-listed commodities group that released its maiden quarterly results two weeks ago, may switch to reporting half yearly, analysts have said. Some of the leading investment banks who worked on Glencore’s float began their coverage on the commodities giant yesterday. Analysts at Credit Suisse said: “The company hopes to move from quarterly to [...]
Vedanta and Cairn finally win green light for $6bn deal June 30, 2011 VEDANTA and Cairn investors cheered as the Indian government gave the green light for the firms’ $6bn (£3.7bn) oil deal yesterday afternoon. After close to a year of talks with regulators, mining group Vedanta has been permitted to buy a controlling stake in Cairn India, with certain pre-conditions. Cairn Energy agreed last August to sell [...]
Geithner considers future June 30, 2011 TIMOTHY Geithner, the US Treasury Secretary, may step down this year but will hold off on any decision until after the negotiations to fix the US national debt limit are resolved, sources close to him said yesterday. A US Treasury official confirmed that Geithner, a critical member of president Barack Obama’s administration, had not yet [...]
LSE shares rise sharply on bid speculation June 30, 2011 SHARES in the London Stock Exchange shot up yesterday on speculation that it might be vulnerable to a bid. The LSE was put into play after it failed to tie-up a transatlantic merger with Toronto bourse operator TMX Group, leaving speculators to suggest it could become an acquisition target. The exchange group pulled the plug [...]
Job cuts of 15,000 send Lloyds up 10pc June 30, 2011 LLOYDS has announced plans to slash 15,000 jobs over the next three years in one of the biggest banking payroll cuts in living memory. The announcement formed part of a highly anticipated strategic review that saw investors pile into the bank’s shares, sending its stock soaring to close up 9.73 per cent. The lion’s share [...]
Horta-Osório is betting on UK recovery June 30, 2011 EARLIER this month, we spotted Antonio Horta-Osório and Danny Alexander, the chief secretary to the Treasury, deep in conspiratorial conversation at a Mansion House dinner. When they realised that certain guests were trying to eavesdrop, they moved on to an empty room. For both men, success depends entirely on the health of the British economy. [...]
News Corp’s bid for BSkyB gets approval June 30, 2011 JEREMY Hunt finally waved through News Corp’s proposed bid for BSkyB yesterday after accepting a string of concessions over Sky News. The decision from the culture secretary (pictured) marks the end of a long period of negotiations between the media giant, Department of Culture officials, the Office of Fair Trading and Ofcom. The decision will [...]
Charter rejects £1.3bn offer from Melrose as too cheap June 30, 2011 ENGINEERING group Charter International rejected an approach from turnaround house Melrose yesterday, saying its unsolicited 780p-per-share offer substantially undervalued it. Charter’s shares jumped 28 per cent after Melrose made the surprise approach for the firm, which has issued three profit warnings on its two divisions — welding company ESAB and air and gas handling arm [...]
Bwin.party surges after Full Tilt has its trading licence suspended June 30, 2011 SHARES in online gaming firm Bwin.party surged yesterday after key rival Full Tilt had its licence suspended. A US investigation into the firm’s founders led the gambling commission of the Channel Island of Alderney to order the firm to stop trading with immediate effect while it conducts its own investigation. Full Tilt was indicted in [...]
Vodafone nets £800m from its Polish sale June 30, 2011 VODAFONE yesterday completed the €900m (£814m) sale of its 24.4 per cent stake in Poland’s Polkomtel. The deal, which values the Polish company at around €3.6bn, is the latest in a string of high-profile Vodafone disposals. It has already sold its minority interest in China Mobile for £4.3bn and in Japan’s Softbank for £3.1bn. Meanwhile, [...]
