Coal India plans an IPO September 12, 2010 Coal India hopes to raise up to Rs150bn (£2.1bn) from the sale of a 10 per cent stake. That would make its initial public offering bigger than India’s largest completed listing, the $3bn offering of domestic electricity producer Reliance Power in early 2008. Citigroup, Morgan Stanley, Kotak Mahindra Capital, Enam Securities, Deutsche Bank, and Bank [...]
British business eyes double dip September 12, 2010 British businesses are predicting a double-dip recession, according to a survey from accountants and business advisors BDO LLP published today. BDO’s optimism index – which reflects how businesses expect trading to develop two quarters ahead – tumbled to 93.1 in August from 95.5 in July, reaching levels not seen since the deepest parts of the [...]
AT A GLANCE: THE KEY POINTS IN THE BASEL 111 AGREEMENT September 12, 2010 TIER 1 CAPITAL Under Basel III, the Tier 1 capital ratio is pegged at six per cent, with core Tier 1 at 4.5 per cent. In January 2013, core Tier 1 will rise from 2 per cent to 3.5 per cent, with full phase-in of the Tier 1 rules to be completed by January 2015. [...]
West Coast move for UMG boss Grainge September 12, 2010 LUCIAN Grainge, the newly-ensconced chief executive of Universal Music Group who went out to the US a couple of months ago to take up his new post, has based himself in California. He had originally planned to be based – with his wife and children – in New York before changing plans. Grainge’s move marks [...]
Bosses face a pay freeze in 2010: Deloitte September 12, 2010 MORE than half of FTSE 350 companies will not increase the salaries of executive directors in 2010 although bonuses are bouncing back, according to a report by Deloitte today. The figures from the professional services firm reveal a salary freeze for many executives, after over two thirds were awarded no pay increase in 2009. Those [...]
Food inflation could derail VAT increase September 12, 2010 FURTHER rises in food prices could cause annual inflation to accelerate to four per cent and endanger the government’s plans to hike VAT to 20 per cent in January, a leading City economist has warned. Henderson’s chief economist Simon Ward said that recent rises in global food commodity prices may boost annual CPI food inflation [...]
DO YOU EXPECT CPI INFLATION TO FALL BELOW 3 PER CENT IN AUGUST? September 12, 2010 SIMON HAYES | BARCLAYS CAPITAL “Contrary to the consensus, which expects a fourth consecutive monthly fall in the headline rate, we expect it to rise to 3.2 per cent from 3.1 per cent in July, largely reflecting a second consecutive large monthly rise in food prices.” PHILIP SHAW | INVESTEC “Against expectations, petrol prices appear [...]
Betfair puts a £1.5bn float on the agenda September 12, 2010 BETFAIR, the internet based gambling group, is on the brink of launching a highly anticipated initial public offering (IPO), valuing the company at £1.5bn. It is expected that the company, which is the world’s largest online betting exchange, will announce its move within the next fortnight. However, it is thought that details of the flotation [...]
Unions threaten mass cuts protests September 12, 2010 THE Trades Union Conference (TUC) issued a stark set of warnings about industrial unrest later this year after it said public spending cuts will hit the UK’s poorest 13 times harder than the richest. Unions will discuss during their three-day annual conference whether to launch a nationwide set of strikes. Labour candidate Ed Miliband has [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
