Facebook chief to keep shares September 4, 2012 FACEBOOK has ruled out selling more shares to help cover its near-$2bn tax bill, and has pledged to allow employees to cash in stock ahead of schedule, in a bid to soothe nervous investors as its share price spirals. Chief executive Mark Zuckerberg will not sell any shares for 12 months, the social network added [...]
What the other papers say this morning September 4, 2012 FINANCIAL TIMES Insurer plans scalpel-shaped skyscraper in the City. The US insurer planning to build London’s newest skyscraper has said the 35-storey tower is a symbol of its ambitious plans for European expansion. WR Berkeley, which has commissioned architects Kohn Pedersen Fox, plans to finance the £500m project entirely from its own balance sheet. A [...]
London gains Russian listings in IPO drought September 4, 2012 TWO MORE Russian firms yesterday announced plans to list in London, defying the poor funding environment. Mobile phone operator MegaFon is planning a 20 per cent float, in an IPO that could be worth up to £2.5bn. The firm, which was taken over by Alisher Usmanov in April, has asked regulators for permission to list. [...]
UK services industry enjoys its fastest growth for five months September 4, 2012 SERVICES boomed in August, according to a prominent business survey, with the biggest sector in the economy expanding at its fastest rate in five months. Jumping to 53.7 – comfortably above the 50 barrier indicating no change – from 51, Markit’s services purchasing managers’ index (PMI) appeared to show meaningful expansion in the all-important sector. [...]
Hope for new floats a welcome ray of sunlight amid the clouds September 4, 2012 THE Russian bear gave the London IPO market a little bullish news yesterday, with mobile phone heavyweight MegaFon and lender Promsvyazbank seeking regulatory permission to pursue listings here. Both firms have been mentioned in connection with possible London listings before, but given the current economic headwinds it is reassuring to see signs that both firms [...]
Branson to appear before politicians September 4, 2012 MPs wil get a chance to question Virgin founder Sir Richard Branson and FirstGroup boss Tim O’Toole over the West Coast franchise auction. The Transport Select Committee has asked the pair to give evidence on Monday, following the government’s controversial decision to award the 13-year contract to First. The deal has not yet been signed, [...]
Travelodge can sleep tight as it wins CVA deal September 4, 2012 BUDGET hotel chain Travelodge has been saved from the brink of administration after landlords yesterday agreed to a controversial rescue deal that sees their rent takings slashed. The company voluntary arrangement (CVA) – voted through by 97 per cent of creditors and 96 per cent of landlords – allows Traveldoge to offload 49 of its [...]
Netflix shares plunge after rival Amazon signs streaming deal September 4, 2012 SHARES in Netflix plunged as much as 11 per cent yesterday on back of news that rival Amazon had struck a three year deal with video streaming channel Epix to add about 3,000 movies to Amazon’s video streaming library. The deal will boost Amazon’s Prime Instant Video service, a streaming service for subscribers, from its [...]
Santander set to float Mexico arm on NYSE September 4, 2012 SANTANDER yesterday announced plans to float its Mexican banking arm Santander Mexico on the New York Stock Exchange later this month. The initial public offering is expected to raise between €3bn (£2.37bn) and €3.4bn of capital for the company, boosting Santander’s core capital ratio by about half a percentage point under Basel II rules. Shares [...]
Spanish banks ponder merger September 4, 2012 BANCO Popular and smaller savings bank Banco Mare Nostrum said yesterday that they could merge to form Spain’s fifth-biggest financial institution, in what could be the first of an expected wave of mergers. Spain’s economic woes, linked to its banking and housing crises, reflects growing unemployment, with figures yesterday showing a five per cent rise [...]
