BHP moves on from Potash takeover bid November 15, 2010 MINING giant BHP Billiton’s shares rose yesterday following its decision to abandon its hostile takeover of Potash Corp and begin a $4.2bn (£2.6bn) share buyback, as analysts pored over the world’s largest mining group’s next move. BHP’s London-listed shares closed 1.8 per cent up at £24.06, outperforming a 0.4 per cent gain in the FTSE [...]
Chelsea rocked as captain Terry faces months out injured with nerve injury November 15, 2010 CHELSEA’S Premier League title hopes have been dealt a major blow with the news that captain John Terry faces an indefinite spell on the sidelines with a long-term nerve problem in his right leg. The champions’ lead at the top of the table was cut to just two points on Sunday following their 3-0 defeat by [...]
BHP Billiton November 15, 2010 IT is the twelve billion dollar question: how do you spend your massive cash pile when every bid you make goes wrong? BHP Billiton blew $350m (£218m) of fees on its failed pursuit of Potash, having already spent some $75m on its aborted iron ore joint venture with Rio Tinto. Once bitten but twice shy, [...]
MUFG buys RBS project finance book November 15, 2010 BANK of Tokyo-Mitsubishi UFJ said yesterday it had agreed to buy a project finance loan book owned by Royal Bank of Scotland (RBS) for £3.8bn. Earlier this month City A.M. reported RBS had entered into talks with the subsidiary of Japan’s Mitsubishi UFJ (MUFG) Financial Group over the possible sale of the book which includes [...]
Banks deny BBA talks to cut bonuses November 15, 2010 UK banks have denied they are involved in a coordinated effort to slash bankers bonuses by almost half. Banks are under pressure to trim more than £3bn from the estimated £7bn bonus pot, which is due to be announced in March. However, the four main UK banks denied rumours they are working with the British [...]
BBC sells Animal Planet stake to Discovery in a $156m deal November 15, 2010 BBC Worldwide is selling its 50 per cent interest in Animal Planet to its partner Discovery Channel for $156m. The agreement, which also sees Worldwide exit Liv, will allow the BBC’s commercial arm to concentrate on wholly owned channel brands including BBC America, BBC Entertainment, BBC Knowledge, BBC Lifestyle, BBC HD and CBeebies. The deal, [...]
CBI interviews 45 but then gives top job to an insider November 15, 2010 JOHN Cridland was yesterday appointed to the £310,000 a year job as the CBI’s new director-general, succeeding the outgoing Richard Lambert. The current deputy director-general, Cridland becomes the CBI’s 10th director-general but the first to be appointed to that position from within the organisation. The CBI was at pains to point out that the appointment [...]
AMP and Axa offer £8.2bn in a second bid for Axa’s Asian unit November 15, 2010 AUSTRALIAN wealth manager AMP launched a fresh £8.15bn bid for Axa Asia Pacific Holdings yesterday in a joint deal with French parent Axa, a year after its original approach. The move comes after rival bidder National Australia Bank pulled out of a deal to buy Axa’a Asian unit after the Australian competition regulator blocked the [...]
Buffett buys into financials November 15, 2010 WARREN Buffett’s Berkshire Hathaway sold shares in industrial, consumer and capital goods companies during the third quarter and added to positions in financial shares, according to a regulatory filing yesteday that gave a small peak into his latest thinking. Buffett no longer held stakes in used car retailer Carmax, home improvement retailer Home Depot or [...]
Legal aid to be slashed by £350m November 15, 2010 KEN Clarke, the justice secretary, yesterday unveiled plans to slash Britain’s ballooning legal aid bill by £350m. In the future, the benefit will be scrapped for civil cases involving divorce, medical negligence and school admissions. Clarke said the proposed reforms would save £350m by 2014-15. The current legal aid bill in England and Wales is [...]
