EU: New Greek rescue will not mean restructuring debt May 16, 2011 IN THE clearest sign yet that Europe is preparing for a second Greek bailout, an EU spokesman yesterday tried to draw a distinction between “re-profiling” Athens’ debt and “restructuring”. EU monetary affairs spokesman Amadeu Altafaj said: “Reprofiling is one concept, debt restructuring is a different concept… It doesn’t involve necessarily even the same players and [...]
The contenders for the IMF job May 16, 2011 WHILE the IMF has not yet received a resignation from Dominique Strauss-Kahn, it is almost certainly only a matter of time. But with the IMF going through some of the most complex negotiations it has ever been involved in, the appointment of a strong leader to steady the ship will be a priority. French finance [...]
British Land lets a third of Cheesegrater May 16, 2011 BRITISH Land has pre-let a third of its Cheesegrater skyscraper to insurance company Aon, giving it a head-start in the race to secure tenants before a glut of new office space comes to market in 2014. The US-based insurer is leasing the 10 lower floors in the 47-storey Leadenhall Building, equivalent to 191,000 sq ft [...]
Wood Group returns £1bn May 16, 2011 OIL SERVICES provider John Wood Group said yesterday it will buy back shares to return the £1.05bn promised to shareholders from the sale of its well support division. The company said it will purchase up to 32.1 per cent of Wood Group’s shares within a price range of 605p-625p per share, representing a discount of [...]
Shell agrees 20-year deal with Taiwan May 16, 2011 ROYAL Dutch Shell said yesterday it has signed an agreement to supply Taiwan’s CPC Corp with 2m tonnes of liquefied natural gas (LNG) per year for 20 years. “This is the first long-term LNG deal between Shell and CPC. The agreement will see Shell become one the main suppliers of LNG to Taiwan,” the company [...]
Kazakhmys plans Hong Kong listing May 16, 2011 KAZAKHMYS, the world’s 10th largest copper miner, said yesterday it plans to complete a secondary listing in Hong Kong by the end of June, a move that will boost its presence in China – the world’s biggest copper importer. The company said it has filed a prospectus with the Hong Kong Stock Exchange, and added [...]
Cranswick sausage and bacon sales sizzle May 16, 2011 PORK supplier Cranswick yesterday posted an eight per cent rise in full-year pre-tax profit and raised its final dividend by 10 per cent. However, the company, which supplies fresh pork and gourmet sausages, said it expected a tough year ahead. “The difficulties facing the UK consumer, along with rising raw material prices and the dynamics [...]
Xchanging shuts offices May 16, 2011 STRUGGLING outsourcing firm Xchanging reported solid trading since January yesterday amid an overhaul of its business, and said it expected revenue improvements in the second-half of the year. Xchanging plans to close its West End office and move its staff to its Leadenhall Street office as part of the overhaul, but said its seasonally quieter [...]
Rival TMX bid could poach LSE’s advisers May 16, 2011 ROYAL Bank of Canada, one of the London Stock Exchange’s advisers for its agreed merger with Toronto bourse operator TMX, could be poached by the rival bidder threatening to derail the LSE’s plans. Luc Bertrand, the chief of the Maple consortium of banks mounting a rival offer, said he would approach Royal Bank of Canada. [...]
Rolet must bring home Canadian bacon May 16, 2011 THE LONDON Stock Exchange (LSE) might want to pretend it is business as usual, after a rival consortium bested its offer for the Toronto Metals Exchange (TMX). But the truth is the bid from the Canadian banks and pension funds that make up the Maple group changes everything. There is a chance that TMX shareholders [...]
