UK state to learn from industry December 20, 2010 Up to £30bn can be saved from government spending on infrastructure, the Treasury announced today. “By working with industry we can identify ways to save money for them and the taxpayer,” said chief secretary Danny Alexander.
Russia tycoon creates new potash giant December 20, 2010 A RUSSIAN billionaire moved yesterday to create the world’s second-largest potash miner by uniting Russia’s top two producers, Uralkali and Silvinit, in a $1.4bn (£900m) deal. Uralkali, which like Silvinit is effectively controlled by Russian mining-to-banking tycoon Suleiman Kerimov, offered to buy rival Silvinit for cash and shares. Uralkali’s offer for 20 per cent of [...]
Telenor blocks Vimpelcom’s Weather bid December 20, 2010 VIMPELCOM’S $6.6bn (£4.24bn) bid for telecoms assets owned by Weather Investments is hanging by a thread after Norwegian shareholder Telenor said yesterday it would not back the deal. Telenor’s opposition to the deal — which would see Vimpelcom taking a controlling stake in Egypt’s Orascom Telecom and all of Italy’s Wind — means that all [...]
Novartis to build first factory in St Petersburg December 20, 2010 NOVARTIS will invest $500m (£322m) in Russia over the next five years, strengthening its position in the country as it joins rivals looking to get around tough rules on imported medicines. The Swiss drugmaker plans to build a new pharmaceutical manufacturing plant in St Petersburg as part of a partnership, which will focus on local [...]
Is UK facing a winter of discontent? December 20, 2010 YES MARK SERWOTKA, PCS AT yesterday’s meeting with David Cameron, I raised the issue of public sector pensions. Mr Cameron said he was “happy” to look at a process for future discussion, but on the specific issue of the change from the RPI to CPI index for public sector pensions he said flatly it was [...]
Lloyds sells salt group to soda ash firm December 20, 2010 PRIVATE equity group Lloyds Development Capital is selling the parent company of British Salt to chemicals group Brunner Mond in a deal believed to be worth £93m. Lloyds is off-loading Cheshire Salt Holdings (CSH) in a deal that the two sides expect to complete by the middle of January next year. The companies said the [...]
Desire presses on with drilling in Falkland Isles December 20, 2010 FALKLAND Islands oil explorer Desire Petroleum has started drilling a new well after suffering disappointment with its last attempt to strike oil in the South Atlantic. Desire has begun drilling its Dawn/Jacinta 25/5-1 well in the North Falkland Basin. The group said it expected to take about a month to drill the well and would [...]
BEST OF THE BROKERS December 20, 2010 LLOYDS BANKING GROUP RBS rates the bank “buy” but has reduced its target price to 105p from 120p, after Lloyds last week revealed a larger than expected impairment to its portfolio in Ireland. The broker adds that the bank’s underlying earnings power generation remains unaffected, but that it has downgraded some profit estimates up to [...]
CABLE TO BANKS: I WON’T BE BULLIED December 19, 2010 BUSINESS secretary Vince Cable is on the warpath over bankers’ bonuses, announcing yesterday that he doesn’t care if tougher rules cause an exodus of financial firms from the UK. “We’re not going to be bullied,” he said, in relation to companies’ threats to leave the country due to an inability to recruit top talent. He [...]
Flights and commuters hit by snow December 19, 2010 SNOW storms and intense frost risk causing commuter chaos today, train operators and airports warned last night. Holidays have also been ruined at the busiest time of year, after Heathrow abandoned all of yesterday’s flights. Flight delays are expected throughout the week, as problems build up. Around half a million passengers are thought to have [...]
