Goldman Sachs rues decision on the ISS IPO March 21, 2011 THERE was massive disappointment at Morgan Stanley and Goldman Sachs last Thursday over the sudden and unexpected decision to pull the £1.6bn flotation of Danish outsourcing group ISS. While both banks had reason to rue the chain of events which led to the issue being dropped, Goldman Sachs could be forgiven for thinking it lost [...]
Ruia bullish on potential from India March 21, 2011 ESSAR Energy’s directors are camped out in the Deutsche Bank offices on Great Winchester Street this week, with a relentless schedule of meetings with investors, analysts and press. City A.M. found Essar Energy’s vice chairman and Essar Group chief exec Prashant Ruia surrounded by Diet Coke cans and half-eaten fruit (the schedule hasn’t allowed for [...]
Essar Energy beats forecasts but project delays hit shares March 21, 2011 INDIA-FOCUSED power generator and refiner Essar Energy posted a forecast-beating 28 per cent rise in pre-tax profit to $365.5m (£224m) yesterday, in its first full-year results since raising £1.1bn in a London float last May. Its FTSE 100-listed shares fell 7.3 per cent, however, as it admitted that three power plants in India have been [...]
LAUNCH OF STUDY INTO CITY FIRM DIVERSITY March 21, 2011 A LUCKY few got a sneak preview of Nomura’s brand new Angel Lane offices yesterday, as the bank played host to the launch of executive search firm Odgers Berndtson’s diversity study of 100 senior women in financial services. The women that Odgers recruited to take part represent 54 organisations with a combined turnover of over [...]
Upbeat engineers and banks drive FTSE 100 to 1.2pc gain March 21, 2011 MINERS, banks and engineers drove gains in Britain’s top share index by the close yesterday as hope grew that the nuclear crisis in Japan is easing, while heavyweight Vodafone was boosted by M&A activity. The FTSE 100 closed up 67.96 points, or 1.2 per cent, at 5,786.09, its third straight session of gains. The index [...]
US markets end up as Japan fears ease March 21, 2011 BUYERS emerged in US stocks yesterday, enticed by the biggest proposed merger of the year, though crises in Japan, the Middle East and North Africa meant market volatility would continue. The bulls have held the upper hand for three days, as the S&P 500 has put together its best three-day run since early December. The [...]
Campari in Russia move March 21, 2011 Italian drinks group Campari is strengthening its presence in the fast-growing Russian market as it expects the Japan crisis to impact trading in Asia this year. Campari, which has acquired 16 brands in the past 15 years, said it would complete the acquisition of Moscow-based distributor Vasco CIS in 2012 for a total investment of [...]
Heineken ups share buyback March 21, 2011 Brewer Heineken announced yesterday that in connection with its acquisition of FEMSA Cerveza, it has increased the maximum value of the third phase of its existing share buyback programme from €150m (£130m) to €300m. This third phase of the programme, by the Dutch-based business, covers the period 18 November 2010 up to and including 16 [...]
Liberty wins race to buy Kabel BW March 21, 2011 Media mogul John Malone’s Liberty Global will buy Kabel BW after private equity firm CVC declined to raise its offer in a fierce battle for the German cable operator. The deal values Kabel Baden Wuerttemberg at €3.16bn (£2.75bn), its parent, Swedish buyout firm EQT, said yesterday. Over the weekend, Liberty edged ahead in the auction, [...]
Betting on the Budget March 21, 2011 IT’S Budget week, the Wimbledon of financial news, so will the Chancellor’s announcements be champagne and strawberries for CFD traders, or “new balls, please”? Unless the Chancellor of the Exchequer takes leave of his senses, the tax free status of spread betting is not going to be under threat. At the same time, the capital [...]
