Vodafone eyes India IPO April 20, 2011 VODAFONE is to look into a possible IPO of its majority-owned Indian venture Vodafone Essar, it said yesterday. Chief executive Vittorio Colao said in an interview that the firm would consider the move in the next nine to 12 months. It follows the mobile operator’s withdrawal from the partnership of Essar Group, which has opted [...]
Schneider vetos bid for Tyco April 20, 2011 French engineering giant Schneider Electric ruled out a takeover of Tyco International yesterday. Chief executive Jean-Pascal Tricoire said Schneider does not plan any purchases larger than a “few billion euros” over the next year. Bid rumours last week said Schneider had held early discussions about buying Tyco, which has a market value of around $23bn [...]
Ensco sees profits fall by 66pc April 20, 2011 Offshore driller Ensco reported a 66 per cent fall in first-quarter profit yesterday as it said day rates for its rigs fell. London-based Ensco, poised to become the world’s second-largest offshore driller following its $7bn (£4.3bn) takeover of Pride International, said it was also affected by a seven per cent decline in usage of the [...]
Dow at 3-year high as gold passes $1,500 April 20, 2011 GOLD soared to over $1,500 (£914) an ounce for the first time in history yesterday, as the rush to “safe havens” continued amid fears over global inflation and economic uncertainty. Yet the knock to US confidence from this week’s Standard and Poor’s negative outlook seemed to be forgotten already on Wall Street, as the Dow [...]
Banks fight refunds in £3.2bn payment protection ruling April 20, 2011 RETAIL banks were dealt a blow yesterday after the High Court rejected their judicial review, which protested the FSA’s implementation of what they say is “retrospective” justice. The decision could cost the industry up to £3.2bn in compensation paid out to customers whom the FSA says could have been mis-sold Payment Protection Insurance (PPI), cover [...]
Spanish yields rise as debt fears spread April 20, 2011 SPAIN saw yields rise at its latest bond auction yesterday, raising fears that Eurozone debt contagion could spread to a country widely considered too big to bail out. Madrid sold €3.37bn (£3bn) of ten and 13-year dated bonds, at the top end of its target range on the back of solid demand, but it had [...]
Osborne attacks above inflation EU budget hike April 20, 2011 CHANCELLOR George Osborne slammed European plans for the EU budget yesterday. The above-inflation 4.9 per cent spending increase adds €6.2bn (£5.5bn) to the EU’s proposed budget to take it to €132.7bn. Osborne said the government was “not prepared to accept the kind of budget proposal that has been put forward today” and said there needed [...]
Switzerland to toughen bank capital rules April 20, 2011 THE SWISS government has pushed ahead with plans to make UBS and Credit Suisse reach tough new capital standards, saying the benefit to the economy outweighed costs to the banks. As it finalised legislation to go to parliament, the Swiss cabinet said the general thrust of a draft law it issued in December was unchanged [...]
Tesco snaps up web movie firm Blinkbox April 20, 2011 TESCO yesterday announced the shock acquisition of video on demand service Blinkbox. The cost of the deal for 80 per cent of the firm was not disclosed but one industry source told City A.M. the price is likely to have been low, based on his knowledge of Blinkbox’s financial figures. Tesco has bought the stake [...]
Grocer takes on Amazon in film rentals April 20, 2011 TESCO’s acquisition of Blinkbox could see it go head-to-head with Amazon in a clash of the retail titans. Amazon recently bought movie rental site LoveFilm and is keen to develop its online movie streaming operations. It is understood Amazon plans to integrate LoveFilm into its Amazon Prime subscription service, giving its premium customers access to [...]
