Anglo on track with cost cutting February 15, 2010 Mining giant Anglo American is set to deliver on its $2bn (£1.28bn) cost-cutting pledge by next year, according to its chairman Sir John Parker. Parker said progress continues apace on the group’s cost-cutting strategy, after the company recently pumped billions of capital into diamond mining firm De Beers, in which it owns a 45 per [...]
Offshore centres fight back February 15, 2010 European offshore centres are seeking ways to ward off pressure on bank secrecy that is threatening their role as financial hubs. Swiss Finance Minister Hans-Rudolf Merz met ministers from Luxembourg and Austria, the only two European Union states that still retain bank secrecy, and the prime minister of formerly black-listed tax haven Liechtenstein during talks [...]
Deripaska plans second IPO for 2010 February 15, 2010 OLEG Deripaska, chief executive officer of Rusal, is planning an initial public offering of his power company, Eurosibenergo. The IPO is expected to take place in Hong Kong, where the Russian billionaire listed Rusal, the aluminium producer, in January this year. Since the flotation shares have tumbled 20 per cent and many in the City [...]
New football regulator threat sparks anger February 15, 2010 WHITEHALL is threatening to introduce a mandatory regulator to oversee British football as part of a backlash against debt-laden clubs. With several teams currently battling for survival, Whitehall is studying plans it hopes could help prevent clubs from going under. But the idea has sparked fury among Premier League insiders who will fiercely resist the [...]
Bank of Ireland tipped to launch £1bn rights issue February 15, 2010 BANK of Ireland is planning to launch a rights issue within six to eight weeks to raise up to £1bn, reports suggested yesterday. Bank of Ireland, rival Allied Irish Banks and some smaller lenders are set to transfer shaky property loans to the National Asset Management Agency (NAMA), widely referred to as a “bad bank.” [...]
House sellers start upping their prices February 15, 2010 AMBITIOUS property sellers hiked their average asking prices by 3.2 per cent as they hoped for a more prosperous 2010, property website Rightmove said today in its latest monthly survey. This is the greatest monthly rise since April 2007 and is somewhat surprising given the difficult UK and global economic picture. But a shortage of [...]
Steel baron Lisin tops rich list February 15, 2010 STEEL magnate Vladimir Lisin, the chairman of miner and steel producer Novolipetsk Steel (NLMK), has topped a list of Russia’s richest citizens with a personal wealth of $18.8bn (£12bn) – almost half the fortune of Microsoft founder Bill Gates. 53-year-old Lisin, who has been at the helm of NLMK since 1998, came out at the [...]
Blackstone takes heart from $600m US flotation February 15, 2010 LEVERAGED buyout house Blackstone may have been shaken by its aborted £2.2bn flotation of Travelport last week, but one ray of hope has emerged from the US. The firm managed to list longstanding portfolio company Graham Packaging on the New York Stock Exchange at a market capitalisation of $600m (£383m) on Thursday. Although Blackstone did [...]
New Look mulls trade sale or debt deal after £1.7bn IPO pulled at last minute February 15, 2010 VALUE fashion retailer New Look will consider options including a trade sale and a refinancing package after its private equity owners pushed back plans for a £1.7bn flotation on Friday. Apax, Permira and the company’s management became the latest dealmakers to pull an initial public offering (IPO) after fund managers baulked at the price. The [...]
Minoan gets solar energy licences and eyes deals February 15, 2010 AIM-LISTED resort developer Minoan has acquired two further solar energy licences from the Greek government as it tries to diversify away from its beleaguered Cavo Sidero complex. The company plans to develop a green power subsidiary. The licences will add 2.1 megawatts of capacity to two smaller licenses obtained last November, with construction expected to [...]
