HMV meets banks on loan facility fears March 16, 2011 TROUBLED music retailer HMV was yesterday preparing a presentation to its bank lenders due early next week as it works to resolve an impending breach of a loan covenant. HMV is meeting the banks on a weekly basis as it attempts to renegotiate terms of a £240m loan facility and is taking debt advice from [...]
Chipmakers hope for iPad 2 boost March 16, 2011 The iPad 2 was released just days ago but some users have already torn it open to see what is inside. The results have proved a bonus for manufacturers and chipmakers whose shares have been hit by fears the earthquake in Japan would disrupt supply chains and result in fewer sales. Imagination Technologies saw its [...]
CITY VIEWS: WILL HMV SURVIVE March 16, 2011 Save or Borrow peer to peer at RateSetter.com www.RateSetter.com Customer Phoneline: 08442490115 ADRIAN PEARSON | RBS “It’ll be difficult for HMV to succeed because the record-owning generation and the world have moved on to digital.” MIKE HARMER | FWD MARKETING “Yes, because HMV has good management and it’s a good and strong brand.” CHRIS VOELKER [...]
UK firms slam Bribery Act exemptions March 16, 2011 UK COMPANIES reacted angrily yesterday to reports that the Bribery Act could exclude overseas firms listed in London from liability for prosecution, reigniting criticism that the Act is anti-competitive for UK plc. Asset manager F&C raised concerns that the move would damage the integrity of the London market, and go against the model of the [...]
FRY JOINS PORTUGUESE BANK March 16, 2011 PORTUGAL’S Espirito Santo has appointed mergers and acquisitions specialist Anthony Fry to head its UK investment banking operation, as it expands its foothold in London. The banking group hired Fry, a veteran of Rothschild and other investment banks including Credit Suisse and Lehman Brothers, as chairman of its investment bank in the UK.
Mecom in hunt for non-execs March 16, 2011 STEPHEN Davidson, the new executive chairman of the European-wide regional newspaper group Mecom, is looking for a couple of non-executive directors to bolster the group’s board. Industry sources say former Metro managing director Mike Anderson has held talks with Davidson but he is unlikely to be on the shortlist. The group said that its annual [...]
Porsche rebuffs new US lawsuit March 16, 2011 PORSCHE has brushed off a new lawsuit filed against the German sports car maker by hedge funds in the US. Several New York hedge funds, including some that failed in a similar suit against Porsche last year, have filed a new lawsuit accusing the carmaker of causing more than $1bn (£624m) of losses by cornering [...]
Topaz eyes a London listing to raise £311m March 16, 2011 DUBAI-based oilfield services firm Topaz Energy and Marine plans to raise $500m (£311m) in a London listing. The firm, which is part of Oman’s Renaissance Services, is likely to power into the FTSE 250 if the listing is successful, with a market capitalisation of $1.7bn. Topaz has set a price range of 170p per share [...]
Hardy Oil hopes for growth March 16, 2011 Explorer Hardy Oil & Gas hit pre-tax profit for its continuing operations of $2.2m (£1.4m) during 2010, thanks to a trebling of production volumes and higher oil prices pushing up revenues by 67.5 per cent to $12.9m. Hardy said it will focus on its Indian upstream business this year, after BP bought into the exploration [...]
Oil and gas deals hit record high March 16, 2011 The volume of global oil and gas equity offerings has hit $20.9bn (£13bn) so far this year, more than double a year earlier. At this point last year, $9.2bn had been transacted in the sector in equity markets – according to data provider Dealogic. The figure is the highest ever recorded by the researcher.
