Construction disputes jump October 4, 2010 Construction related disputes climbed by more than a third during the credit crunch, according to new figures published yesterday, as the downturn took its toll on one of the industries hardest hit by the financial crisis. According to research by legal information business, Sweet & Maxwell, the number of construction disputes that went to arbitration [...]
AIA IPO eyes up to $14.9bn fundraising October 4, 2010 American International Group (AIG) plans to raise up to $14.9bn (£9.4bn) through an IPO of its Asian life insurance unit AIA Group, according to documents relating to the matter yesterday. The Hong Kong-based company plans to raise between $13.9bn and $14.9bn by selling 5.86bn shares at HK$18.38 to HK$19.68 each, the document said. Including an [...]
Harbinger eyes Inmarsat sale October 4, 2010 Shares in satellite firm Inmarsat shares dropped yesterday after US hedge fund Harbinger Capital said it was planning to sell a 10 per cent stake in the firm worth close to £300m. Harbinger said it is considering a placing of the shares, which would reduce its stake in Inmarsat to about 20 per cent. The [...]
Sara Lee rebuffs potential $12bn KKR buyout offer October 4, 2010 SARA LEE shares surged seven per cent yesterday after The New York Post reported the foodmaker received an unsolicited offer from private equity firm KKR Co and could arouse the interest of Anglo-Dutch conglomerate Unilever NV. KKR approached the maker of Sara Lee bread and Jimmy Dean sausages about six weeks ago in what could [...]
BHP Billiton takeover of Potash could cost Canada over £1bn in lost taxes October 4, 2010 BHP BILLITON’S $39bn (£24.6bn) hostile bid for Potash cleared a hurdle yesterday, as an independent report found that BHP is a more suitable owner than potential rival Sinochem. The report, commissioned by the Canadian province of Saskatchewan, said that BHP’s takeover could cost the area at least C$2bn (£1.23bn)?in lost taxes, though the government could [...]
September traffic rises for Ryanair October 4, 2010 BUDGET airline Ryanair carried more passengers in September compared with the same period last year. According to the Dublin-based airline led by chief executive Michael O’Leary, it carried 6.84m people last month, marking a sharp 12 per cent increase from September last year when it flew 6.12m people. However, Ryanair said that it has flown [...]
AIR PARTNER DIVIDEND REGAINS ALTITUDE October 4, 2010 PRIVATE aircraft charter operater Air Partner said yesterday it would restart dividend payments this December, after cancelling pay-outs in March due to difficult market conditions. The charter broker to governments and wealthy individuals said it hopes to continue upping its dividends from now on. Shares in the business rose three per cent to 310p yesterday.
NatGrid hires finance boss from Cadbury October 4, 2010 National Grid said yesterday it had hired Andrew Bonfield, who was Cadbury’s chief financial officer during its takeover by Kraft, as new finance director at its energy transmission business. Bonfield will take over the post from current finance director Steve Lucas at the start of next month as Lucas prepares to retire. Lucas will leave [...]
US data shows housing uptick October 4, 2010 Pending sales of previously owned US homes rose to a four-month high in August, implying the housing market was regaining some stability after recent steep declines following the end of a home-buyer tax credit. Another report yesterday showed new orders received by domestic factories fell 0.5 per cent in August as demand for transportation equipment [...]
Mayer Brown transfers secretaries to TMF Group October 4, 2010 INTERNATIONAL law firm Mayer Brown has sold its UK corporate secretarial arm to outsourcing group, TMF. The move will see five secretaries, who work for the law firm’s corporate support unit in the City, transfer over to TMF at the end of the month. At Mayer Brown, the secretaries supported the firm’s corporate department by [...]
