Mouchel pans Costain’s new takeover bid January 6, 2011 CONSTRUCTION firm Costain made an increased all-share offer for struggling business services group Mouchel yesterday, which valued the firm at around £150m, excluding its near-£100m debts. Mouchel, which acts as a consultant on infrastructure projects, rejected the offer yesterday afternoon, claiming that the bid significantly undervalued the business. Costain said it would offer 0.5947 new [...]
The nerd’s revenge: only elites need apply January 6, 2011 AN investment banker’s quandary: how do you get your favourite clients to invest a large chunk of cash in a private firm on the basis of little financial information and a huge valuation? If anyone knows, it’s those ex-Ivy Leaguers at Goldman. Surely practised in the art of sending out intriguing invitations to events for secret [...]
Rolls-Royce is boosted by BA engine order January 6, 2011 ROLLS-ROYCE enjoyed a boost to its shares yesterday after signing a £3.2bn contract with British Airways for its Trent 900 and Trent 1000 engines. Confirmation of the deal, which was first mooted in 2007, will allow Rolls-Royce to book the orders on its balance sheet. Rolls-Royce chief executive Sir John Rose said: “We are pleased [...]
Key dates to watch in 2011 January 6, 2011 JANUARY is traditionally a month of self-imposed austerity and resolutions to do better. Despite a recovering economy, in an environment of high unemployment, rapidly rising prices and a less generous state, keeping one’s finances under better control ought to be topping many 2011 resolution lists. While the VAT rise will be foremost in all of [...]
Falling real wages don’t have to mean pain January 6, 2011 THANKS to inflation of 4.7 per cent, most workers will probably see cuts in the real purchasing power of their salaries in 2011. But there is no reason for that to cut into your living standards. Here are some easy New Year’s resolutions to follow that will help you endure austerity Britain without feeling too [...]
Hermes makes gain in LVMH bid defence January 6, 2011 HERMES family shareholders won clearance yesterday to pool their stakes without having to buy out other investors, boosting the French luxury group’s defence against rival LVMH. A majority of Hermes family shareholders decided last month to create a holding company to group more than 50 per cent of the company’s equity as a defence against [...]
Goldman: ECB has bought up a fifth of Eurozone bonds January 6, 2011 THE European Central Bank’s intervention in Eurozone sovereign bond markets means that the central bank amounts to 20 per cent of marketable stock, according to analysis by Goldman Sachs. The note, released yesterday, says: “The ECB remains the main buyer of Portuguese government securities.” It adds: “The ECB has effectively removed from the private markets [...]
Standard Life predicts the FTSE 100 will surge to 6,900 by the year’s end January 6, 2011 REDUCED FEARS of a double dip recession could lead to the FTSE 100 hitting 6,900 by the end of this year, according to Standard Life. Low-valued stocks, including those of BP and Barclays, could help to push the index up 15 per cent despite an anticipated bumpy ride, according to the Edinburgh-based firm. The insurer [...]
PERSONAL FINANCE NEWS January 6, 2011 RATE WAR ON £7,500 LOANS The average interest rate charged on unsecured personal loans of £7,500 has dropped to 7.89 per cent, the lowest level since November 2008, according to a survey by moneysupermarket.com. The fall in rates is thanks to a price war between providers. Tim Moss, head of loans and debts at moneysupermarket.com, [...]
Details of probe into Anglo Irish bank revealed by Eire officials January 6, 2011 IRISH prosecutors will take some time to determine any charges arising from a long-running fraud investigation into nationalised lender Anglo Irish Bank, Ireland’s director of corporate enforcement said yesterday. The Office of the Director of Corporate Enforcement (ODCE) is probing events leading up to the nationalisation of Ireland’s third-biggest bank in early 2009. However with [...]
