Farnborough show sees bumper start July 19, 2010 ALMOST $20bn (£13.1bn) in deals were signed yesterday at the Farnborough Air Show, marking a successful first day for the annual aviation gathering. Boeing, which kick-started the show with the arrival of its 787 Dreamliner jet on Sunday, signed a bumper round of deals after Emirates airline agreed to buy up to 30 new 777-300ER [...]
Fast-growing SMEs are vital for UK’s future July 19, 2010 TO a fascinating lunch on Friday at Lombard Odier with Paul Marson, its chief investment officer. He believes that sovereign debt levels will force European welfare states to downsize. Is this a good thing? Martin Varsawsky, founder of FON, one of Europe’s largest Wifi communities, and a serial entrepreneur, is proud of the fact that [...]
GCP sees sucessful IPO on new fund July 19, 2010 GCP Infrastructure Investments raised £40m through its initial public offering (IPO) yesterday. Parent company Gravis Capital Partners said it plans to float the fund on the London Stock Exchange on Thursday, the first infrastructure fund to be listed in the UK. The fund will invest in the debt of private finance initiative projects, such as [...]
Edenred posts 3.8pc revenue rise July 19, 2010 Edenred, the vouchers firm recently split from Accor, yesterday posted a 3.8 per cent rise in revenue on strong sales in Latin America, and said high unemployment would continue to weigh on its European business. Chief executive Jacques Stern said yesterday that the second half of the year would show “a similar trend” in Europe [...]
Temasek set to sell first sterling bonds July 19, 2010 Singapore state investor Temasek Holdings will soon sell sterling-denominated bonds for the first time in a move aimed at diversifying its funding sources. Temasek has hired UBS, Deutsche Bank, HSBC and RBS to sell the bonds, according to a note sent to fund managers yesterday by one of the investment banks. Temasek plans a benchmark [...]
L’OREAL HEIRESS FACES POLICE PROBE July 19, 2010 France’s richest woman, Liliane Bettencourt, is to be questioned by police about alleged tax evasion and money laundering in a scandal that has hit the government, public prosecutors said yesterday. President Nicolas Sarkozy has been embarrassed by allegations by the former bookkeeper of L’Oreal cosmetics heiress Bettencourt, 87, that the billionairess and her late husband [...]
Nokia Siemens buys Motorola network in $1.2bn purchase July 19, 2010 Nokia Siemens Networks will buy Motorola’s telecom network equipment business for $1.2bn (£789m), getting a stronghold in the North American market and taking the number two position in the cut-throat mobile gear market. Nokia Siemens Networks – a 50-50 joint venture between Nokia and Siemens – has struggled to make a profit in the $82bn [...]
BEST OF THE BROKERS July 19, 2010 ASSOCIATED BRITISH FOODS Evolution Securities has downgraded Associated British Foods (ABF) from “buy” to “neutral”, as it sees limited upside to 2011 earnings and believes the gross margin pressures at its Primark unit is beginning to build. However, Evolution remains optimistic about the company’s long-term prospects. GREAT EASTERN ENERGY Arden Partners reiterates its “buy” rating [...]
AIG sells offices in New York July 19, 2010 Deutsche Bank is set to buy AIG’s building at 72 Wall Street for about $60m (£39.4m) from a consortium including South Korea’s Kumho Investment Bank. The sale, if completed, will give AIG a return of about $26m from its investment made slightly over a year ago. People familiar with the situation said AIG will lease [...]
UK Coal posts increased losses July 19, 2010 Coal miner UK Coal expects to post a higher interim loss of about £94m, up from £81.5m, despite the global rise in coal prices. The firm blamed its recent refinancing, which cost £7.5m in legal fees, and a £10m drop in property values. Its operating loss will be £52m, it said in its six month [...]
