Moody’s says Spain’s bailout may not rescue all its banks October 1, 2012 THE SPANISH bank bailout will not be sufficient to fully recapitalise the broken institutions, credit ratings agency Moody’s warned yesterday. And the Basel Committee warned the EU that it has fallen behind on two key areas in the implementation of tough new stability rules, which could give European banks an unfair advantage over global rivals. [...]
Banco Popular in €2.5bn funding bid October 1, 2012 SPANISH lender Banco Popular is planning to issue shares in a bid to avoid taking public funding, the bank announced yesterday. Stress tests published last week revealed a €3.2bn (£2.6bn) shortfall in the bank’s capital levels, meaning it will have to tap the government’s bailout fund – backed by the Eurozone – if it does [...]
Agricole at last gets rid of Greek arm October 1, 2012 CREDIT Agricole yesterday said it will pay Alpha Bank over half a billion euros to take Greek subsidiary Emporiki off its hands, on top of billions it has already injected into the lender. The bank’s shares rose 7.4 per cent on the news. France’s third-largest bank said it was negotiating to sell Emporiki for a [...]
Europe lags as IATA ups airline profits outlook October 1, 2012 THE world’s airlines have raised their profit forecasts for 2012 and expect improved performance in 2013, the International Air Transport Association (IATA) said yesterday. But Europe, mired in an ongoing debt crisis, is expected to suffer wider-than-expected losses of $1.2bn, IATA added. Many firms will be helped by efforts by North American airlines to trim [...]
New terms for Glencore-Xstrata deliver new problems October 1, 2012 ANOTHER day, another twist in Glencore-Xstrata’s epic drama. It seemed for a few hours that Xstrata’s board might have done the trick, recommending the bid with a new share multiple and terms that include allowing shareholders the option of rejecting the planned £144m retention awards for senior Xstrata managers. Then Knight Vinke Asset Management, which [...]
Charles Stanley forecasts same revenue despite volume drop October 1, 2012 CHARLES Stanley, the city broker and investment manager, yesterday said its interim revenues were on track to keep pace with last year’s figures, despite the depression in transaction volumes seen across the City broking sector. The firm said it expected to report revenues for March to September at “around the same level” as last year, [...]
FSA tells bosses not to bypass adviser rules October 1, 2012 THE Financial Services Authority yesterday warned the UK’s biggest financial advisers and providers not to try and “work around” incoming rules on commission payments after evidence showed firms could already be trying to circumvent them. In a letter to the chief executives of 24 life insurers and financial advisers, the FSA said it was concerned [...]
Gresham Private Equity backs a £25m Investis manager buyout October 1, 2012 INVESTIS, a maker of apps and websites for listed companies, was sold yesterday in a £25m management buyout deal backed by private equity firm Gresham Private Equity. The deal will see co-founder Justin Walters step down as chief executive, to be replaced by current managing director and co-founder Helen James, and two board positions allocated [...]
Victoria gloomy ahead of vote October 1, 2012 Carpet maker Victoria said yesterday it only expects to break even this year, in an ominous trading update that could influence investors before a possible rebellion tomorrow. The company said conditions in the first half of the year had been “extremely tough”, with the Jubilee and Olympics reducing high street footfall. Shareholders will meet tomorrow [...]
MD Medical prices London float October 1, 2012 MD Medical Group, a Russian healthcare provider, yesterday revealed a price range of between $11.25 and $13.50 for a forthcoming float in London worth up to $343m (£212.7m). The initial public offering, in the form of global depositary receipts, values the company at between $855m and $995m. The offer, overseen by joint book runners Deutsche [...]
