Dubai unveils $26bn debt restructuring March 25, 2010 Dubai has unveiled plans to restructure the crushing $26bn (£17bn) debt of its troubled property arms, four months after it was forced to beg for a repayment freeze. It says it will inject $9.5bn in new cash into state-run property firms Nakheel and Dubai World. Beleaguered Nakheel will receive the lion’s share at $8bn and [...]
Camelot bought out by Canadian pension fund March 25, 2010 CAMELOT, more famously know as the National Lottery operator, has been sold to Ontario Teachers’ Pension Plan for £389m. The Canadian pension fund beat a rival offer from private equity firm CVC Capital Partners. Camelot said it had been informed by its shareholders – Cadbury Holdings, De La Rue Holdings, Fujitsu Services, Royal Mail Enterprises [...]
RBS unveils a £1.25bn boost to its finances March 25, 2010 ROYAL Bank of Scotland (RBS) yesterday unveiled a plan to restructure up to £15.8bn of debt in a balance sheet overhaul that will generate a £1.25bn gain for the bailed-out bank. RBS, 84-per cent government-owned after it was rescued at the height of the financial crisis, flagged the move last month. It said yesterday it [...]
FSA insider suspect hires Leeson’s brief March 25, 2010 KINGSLEY Napley partner Stephen Pollard has been retained by Julian Rifat of Moore Capital, one of seven people arrested on Tuesday in connection with an insider dealing probe. He is one of the first legal counsel to be instructed on the matter. As City A.M. learnt of Pollard’s appointment, it emerged that lawyers close to [...]
Network Rail staff to strike March 25, 2010 BRITAIN’S railways are set to descend into chaos in the four days immediately after Easter, after rail union RMT yesterday called a crippling national rail strike for the first time in 16 years. Strikes are set to go ahead on each of four days between 6am and 10am and between 6pm and 10pm, starting on [...]
Jarvis reaches the end of the line as administrator called in March 25, 2010 RAIL maintenance contractor, Jarvis is set to appoint Deloitte as administrator after the firm said earlier yesterday it had run out of cash. It is understood that four partners at the professional services firm, including Neville Kahn, will be handed the task of sorting through the struggling company’s finances. Jarvis filed for administration yesterday morning [...]
MYNERS CALLS FOR BANK FEES INQUIRY March 25, 2010 City minister Lord Myners, yesterday urged institutional shareholders to stop being “absentee landlords” and hold their own inquiry into investment banking fees to establish whether banks are operating a “semi-oligopolistic market”. He said: “There is a real opportunity for shareholders to show that they are acting on behalf of their clients and launch a public [...]
Highland Airways calls in PwC as it goes into administration March 25, 2010 HIGHLAND Airways has called in the administrators after discussions with potential investors failed to come to fruition, the company said yesterday. PricewaterhouseCoopers were called in on Wednesday night by board members at the carrier, which operates a fleet of nine aircraft servicing the remote western isles of Scotland. All of the company’s flights have been [...]
LSE trading share falls as rivals up ante March 25, 2010 DAILY trading levels on the London Stock Exchange have dipped by more than a third over the past year, as competition continues to hot up between the traditional bourse and its upstart rivals. Average daily value traded in UK equities on the LSE fell 35 per cent to £4.6bn over the 11 months to the [...]
Goldman is top M&A adviser March 25, 2010 GOLDMAN Sachs has boosted its M&A advisory credentials so far this year with a lucrative workload, pushing it into first place among the world’s top-ranked advisers. Goldman, which recently advised on the mammoth $35.5bn (£23.9bn) acquisition of the Asian assets of AIG by Prudential, topped the table for the first quarter of the year, pushing [...]
