Etisalat deal with Zain at risk February 20, 2011 UAE telco Etisalat’s $12bn (£7.4bn) bid for a stake in Zain is in jeopardy after the Kuwaiti telecoms firm failed to meet a key condition and a major shareholder refused to allow more time for the deal. Zain yesterday rejected all bids for the sale of its stake in its Saudi operations, a key regulatory [...]
Shell to sell $1bn Africa stake February 20, 2011 Anglo-Dutch oil giant Shell has agreed to divest the majority of its stake in most of its downstream businesses in Africa to two firms for $1bn (£615m), the company said. Under the agreements with Vitol and Helios Investment, Shell would retain equity in two new joint venture companies to ensure continued availability of its products, [...]
US makes move in tax case February 20, 2011 US authorities have arrested a Credit Suisse banker as a “material witness” as they investigate other banks that may have helped Americans to avoid paying taxes, a spokesman for the bank confirmed yesterday. The banker is not allowed to leave the United States after his arrest two weeks ago when he entered the country to [...]
Infrastructure spending is key to City success February 20, 2011 AS a civil engineer by trade, I have seen first hand how improving and modernising infrastructure can be a powerful engine for economic growth and social change. Working on the demand side of our business has shown me the intimate connection between building South African airports or redeveloping Spitalfields market, and supporting a successful financial [...]
Targetfollow administrators ready to finish last round of asset sales February 20, 2011 ADMINISTRATORS of two Targetfollow portfolios put into administration last autumn are set to wrap up the final asset disposals, City A.M. can confirm. Deloitte last week appointed agents to sell Targetfollow’s residential and retail buildings on Prince of Wales Road, Norwich. In a separate sale, Deloitte is considering options and offers for nearby Harford Place, [...]
All change for the owners of mid-cap City stockbrokers February 20, 2011 MID-MARKET City brokers have had a tough recession, and it shows in a series of M&A deals reshaping the sector. Two hit the spotlight for different reasons last week: Brewin Dolphin received much acclaim for selling its 55-man broking arm to Spanish investment manager N+1 for £5m, leaving it free to focus on its asset [...]
Legal eagle: how London’s top law firm retained its grip on the City February 20, 2011 The head of law firm Slaughter and May is two minutes late for his interview with City A.M., for which he immediately apologies. The first thing is surprising; the second is not. The partners in this blueblooded City institution have spent a lifetime doing things correctly. Even among other Magic Circle outfits, this firm manages [...]
Partial G20 accord to give moderate lift to shares February 20, 2011 A mildly positive start is expected for stock markets this morning, as risk appetite returns after a G20 summit that resulted in few big surprises. GFT is quoting the FTSE 100 index to open up five points from Friday’s close, at a level of 6,087. Elsewhere in Europe the German Dax is called up seven [...]
Travelodge sales grow 13pc February 20, 2011 BUDGET hotel chain Travelodge is set to report a 13 per cent sales growth for last year, with a forecast for further expansion this year. The chain will today announce like-for-like growth of six per cent, led by 11 per cent growth in London, and a total of 7.2m room sales, with 13m customers, up [...]
Fewer office deals at close of 2010 for Central London February 20, 2011 THE CENTRAL London office market saw a patchy end to 2010, according to research seen by City A.M., with the total number of deals in the fourth quarter down 19 per cent on the same time the previous year. Large office rent deals for JP Morgan, Bloomberg and BNP Paribas made up almost half of [...]
