Cold winter gives boost to Centrica May 10, 2010 THE cold winter has put British Gas owner Centrica on course for a positive first half. It said gas consumption was seven per cent higher in the first quarter of 2010 than the year before. Electricity consumption rose by two per cent, compared to 2009. It also added an extra 200,000 customers in the first [...]
Cost of BP slick hits £235m May 10, 2010 OIL giant BP has revealed the cost of the devastating slick in the Gulf of Mexico had cost it a staggering £235m. The cost of the mammoth operation looks set to spiral far higher than some analysts had predicted. BP said in a statement yesterday the figure included the cost of spill response, containment, relief [...]
Prudential investor fights back as FSA talks drag on May 10, 2010 RENEGADE Prudential shareholder Robin Geffen has launched an action group to fight against the insurer’s planned $35.5bn (£24bn) takeover of AIA in Asia. Geffen, whose firm Neptune Investment Management owns about £50m of Prudential stock, urged worried shareholders to club together so they could get the 10 per cent needed for a vote of no [...]
Red Knights will not pay over odds May 10, 2010 CITY financiers determined to take control of Manchester United have vowed not to over-pay for the club. A statement released yesterday came after Old Trafford sources ramped up the stakes by claiming the club has already knocked back a £1.5bn bid from a far east consortium. The news has been construed as a plan by [...]
BG Group to make £1bn investment in shale gas tie-up deal with EXCO May 10, 2010 BG Group will pay $950m (£637m) for a 50 per cent interest in Appalachian shale gas assets from EXCO Resources. The firm will gain access to a total of a total of 654,000 net acres in the Appalachian Basin BG will pay $800m in cash and a further $150 towards EXCOs drilling costs to take [...]
London & Stamford snaps up property from Lloyds May 10, 2010 LONDON & Stamford Properties has bought 16 distribution properties from a Warner Estate and Lloyds Banking Group joint venture for £208.5m. The Aim-listed property investor, formed in late 2007 to exploit steep discounts carved out during Britain’s recent property slump, bought the portfolio using a combination of existing cash resources and debt provided by the [...]
Gatwick firm eyes second buyout fund May 10, 2010 GATWICK airport owner Global Infrastructure Partners is understood to be preparing to raise a second $5bn (£3.4bn) fund, braving a still-tough market for infrastructure fundraising. GIP, which also owns London City airport, is thought to have held informal discussions with existing and potential investors about its plans and will kick off fundraising in earnest in [...]
Young entrepreneurs are hope for the future May 10, 2010 LAST Friday night, I spent the evening in Hatfield House – one of my favourite UK historical sites as Queen Elizabeth I is my hero – with the top entrepreneurs of the University of Hertfordshire, which was shortlisted for the Times Higher Education “Entrepreneurial University of 2009” award. The university, whose chancellor is the Tory [...]
Moody’s slides after SEC notice May 10, 2010 STOCK in the credit ratings agency Moody’s fell sharply last night following news that the business is being probed by Wall Street watchdog the Securities and Exchange Commission (SEC) for possibly misleading regulators three years ago. Moody’s disclosed in a regulatory filing late on Friday that the SEC had warned in a “Wells notice” that [...]
Fannie Mae asks for another $8.4bn bailout after fresh losses May 10, 2010 AMERICAN mortgage finance giant Fannie Mae has asked the US government for a further $8.4bn (£5.6bn) after announcing more big losses. The company, led by chief executive Mike Williams, said it lost $13.1bn in the first quarter of the year as it continues to suffer the effects of the financial crisis. This compares to a [...]
