TMX details failed merger June 2, 2011 TMX, Canada’s leading stock exchange operator, held talks with a third party for nearly a year before they were derailed by regulatory and valuation concerns and before more fruitful talks ramped up with London Stock Exchange (LSE). According to a management information circular yesterday, which urges shareholders to approve LSE’s takeover proposal, TMX said it [...]
Recovery enters an uncertain phase June 2, 2011 FOR the first time for almost 18 months, I’m worried about the economic recovery. A number of key UK and global indicators released yesterday suggest that the Western nations are slowing again, with Britain not immune from the bad news. The biggest change seems to be a slowdown in manufacturing: after powering the global bounce-back [...]
Deloitte chooses chairman June 2, 2011 DELOITTE Touche Tohmatsu is preparing to name its new international chairman today, expected to be Steve Almond, a long-time managing director of its global division. He will take over from John Connolly, who has just left the role, at a time when the audit industry is facing legal challenges and regulatory hurdles. Recently in the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 2, 2011 FINANCIAL TIMES FORMER TESCO CHIEF PUTS MONEY INTO NICOTINE A medical devices group developing non-tobacco nicotine delivery systems has won the backing of Sir Terry Leahy in the latest private investment by the former Tesco chief executive since he retired in March. Sir Terry has put an undisclosed sum behind Kind Consumer, a start-up that [...]
Banks buy £36.1bn in new gilts June 2, 2011 Demand from banks eager to shore up their liquidity buffers has been a key supportive factor for gilts over the past year, Bank of England figures revealed yesterday. UK banks and building societies bought £36.1bn of gilts in the six months to April, up from £11.4bn in the prior six-month period. Overseas buying of gilts [...]
Delancey buys up Minerva shares June 2, 2011 Investment firm Delancey and its partner Area Property Partners have built up their stake in their takeover target, Minerva to become its second-biggest shareholder. The pair bought up 12.5 per cent of Minerva’s stock yesterday at 118p per share from minority owners, which will deter rival bidders from entering the fray. APP and Delancey, which [...]
Moody’s cuts Greek rating on default fear June 2, 2011 NEGOTIATORS in Athens were scrambling to avoid having to meet the full cost of a second Greek bailout as Moody’s downgraded the sovereign again yesterday. But the euro stayed near three-week highs on the expectation that a deal will be reached by the end of the week. Moody’s said that Greece’s new rating means that [...]
EU expenses include €7.5m on private jets June 2, 2011 EUROCRATS spent €7.5m (£6.6m) on private jets in four years and €20,000 on gifts during 2008-2010, including Tiffany jewellery and fountain pens, according to data collected by the Bureau for Investigative Journalism The figures, which were mostly obtained via parliamentary questions asked by independent Austrian MEP Martin Ehrehauser, also show that that European Commission president [...]
Centrica may shut field due to tax raid June 2, 2011 BRITISH Gas parent Centrica said yesterday that it will scale back or even halt production at one of its Morecambe gas fields thanks to a massive tax hike on energy production. Centrica said its South Morecambe field’s future was particularly uncertain, though its North Morecambe field is due to come back onstream shortly. “Profitability of [...]
Vodafone boss Colao sees his remuneration rise to £2.7m June 2, 2011 VODAFONE chief executive Vittorio Colao saw his remuneration rise 2.5 per cent to more than £2.7m last year. His basic pay rose from £975,000 to £1m in 2010, with payments from his incentive scheme rising from £1.26m to £1.32m. For the current financial year, Colao’s base salary will rise 6.4 per cent to £1.11m. The [...]
