Melrose sells Dynacast in £360m deal June 6, 2011 MANUFACTURING buyout firm Melrose said it agreed to sell its Dynacast business, which makes die-cast metal parts, for $590m (£360m) in cash to a company managed by private equity firm Kenner & Co. Melrose, which looks to buy underperforming industrial businesses and sell them after restructuring, said in March it planned to sell Dynacast and [...]
PARK LIFE: TEAM ABU DHABI RAISE THEIR GAME TO WIN MINT POLO June 6, 2011 TEAM Abu Dhabi are this year’s winners of the MINT Polo in the Park tournament at Hurlingham Park, after a fast-paced final against Gaucho Team Buenos Aires. Abu Dhabi took an early lead in the three-day event, starting with Friday’s match against defending champions City A.M. Team New York, where Piki Diaz Alberdi, Mohammed Al [...]
Russia’s Global Ports to raise $750m in London June 6, 2011 RUSSIA’S biggest freight terminal operator aims to list on the London Stock Exchange to raise up to $750m (£456m), it said yesterday. Global Ports Investments, which operates terminals in Russia and Finland, intends to float 25 per cent of its issued share capital. It will list $100m of new shares and an unspecified amount of [...]
TUI faces FTSE 100 exit June 6, 2011 TRAVEL firm TUI Travel may lose its blue chip status at the quarterly reshuffle of UK indices later this week, according to data from FTSE. Based on Friday’s closing share prices, TUI Travel is the only FTSE 100 stock at 111th position or below in the indices and, therefore, the only candidate for potential demotion [...]
Spending on high street sank in May June 6, 2011 HIGH street sales plunged back to earth last month, as consumers reined in their spending. April’s sunny weather and extra bank holidays had seen a bounce-back for the UK’s struggling retail sector, yet sales in May were down 2.1 per cent compared to the same time last year, on a like-for-like basis. Total sales, which [...]
Decline in new car sales starts to slow June 6, 2011 THE UK’s post-recession decline in car sales may be on the verge of bottoming out, according to data released yesterday. New car registrations recorded a fall for the 11th straight month in May – yet the 1.7 per cent annualised drop was the smallest since July of last year. The market is expected to stabilise [...]
One in five failing to save anything for retirement June 6, 2011 ONE in five workers are not saving anything at all towards their retirement, a survey revealed today. And nearly half of workers between 30 years-old and state pension age are failing to save adequately, according to the latest Scottish Widows index. “We need a step-change to overcome this ingrained inertia and help people prepare for [...]
Survey shows faster growth for Canada June 6, 2011 CANADA’S economic prospects received a boost yesterday, with a widely regarded purchasing managers’ index (PMI) rising to 65.5 in May from 57.8 in April, in seasonally-adjusted terms. The unadjusted index was 69.1 last month, up from 57.7 in April. Analysts had forecast an unadjusted reading of 58.1 and a seasonally- adjusted reading of 60. All [...]
FED’S PLOSSER: US STILL NEEDS TO TIGHTEN June 6, 2011 AMERICAN monetary policy could be tightened by the end of the year despite weak jobs figures from last week, the Federal Reserve’s Charles Plosser said yesterday. “I’m not seeing anything fundamental has changed in my view of the medium term outlook,” the hawkish Fed official said. Asked about a further programme of quantitative easing, dubbed “QE3”, [...]
Eurozone investor morale dips June 6, 2011 Investor confidence in the Eurozone has collapsed this month, according to the Sentix index released yesterday. The German-based index fell to 3.5, heavily down from 10.9 in May. Analysts cited fears over Greece’s sovereign debts and inflationary pressures for the decline.
