Hermes seeks an insider trading probe into LVMH stake building September 4, 2012 THE LONG-SIMMERING feud between two of France’s top luxury houses boiled over yesterday after Hermes asked French prosecutors to open a probe into alleged insider trading and share manipulation by larger rival LVMH. LVMH has been gradually increasing its holding in Hermes since it surprised the market in 2010 by saying it had built up [...]
Axa helps fund new King’s Cross offices September 4, 2012 INSURANCE giant Axa has agreed to forward fund the development of BNP Paribas’s new headquarters at King’s Cross for around £300m. Axa, in partnership with an unnamed partner, will take ownership of the 400,000 square feet office building, which is 55 per cent pre-let to BNP Paribas on a 15 year lease. Construction is due [...]
Underwriters give verdict on Man Utd float September 4, 2012 JEFFRIES & Co, the lead underwriter in Manchester United’s initial public offering (IPO) last month, started coverage of the English football club with a “buy” rating yesterday, saying the company was poised to gain from increasing media appetite for live content. “We view Manchester United as a key beneficiary of the changing media world where [...]
African Barrick Gold prepares for sale to Chinese gold firm September 4, 2012 AFRICAN Barrick Gold (ABG) has appointed a transaction committee ahead of a potential offer from China Gold. The committee, composed of Michael Kenyon, Derek Pannell and David Hodgson, will prepare ABG for a sale to the Chinese government-owned gold firm. Barrick Gold, the Canadian parent company of ABG, announced last month it was in talks [...]
Obituary: Sir Andrew Crockett September 4, 2012 Sir Andrew Crockett, the distinguished central banker and former general manager of the Bank for International Settlements, died yesterday at his home in California. He was 69. Crockett led the BIS between 1994 and 2003, at a time when closer monetary union between European states and the creation of the European Monetary Institute, the European [...]
Monitise pares full-year losses September 4, 2012 MONITISE yesterday announced a deal with a unit of Bank of China to provide the Hong Kong-based lender with mobile payments technology, as it narrowed its full-year losses to £17m and doubled revenues to £36.1m. The British mobile banking technology company said it would help launch mobile services for Bank of China (Hong Kong), which [...]
DS Smith hit by AGM rebellion September 4, 2012 RECYCLED packaging maker DS Smith encountered a shareholder rebellion yesterday after nearly a third of investors voted against its remuneration report at a general meeting in London. The company, which had put forward bonuses of £570,000 for chief executive Miles Roberts and £357,000 for group finance director Steve Dryden, equivalent to one hundred per cent [...]
Thames Festival helps London to keep partying September 4, 2012 THE Paralympic Games may come to a close this weekend and end a season of sport that has gripped the nation, but for those looking to make the most of the Indian summer and carry on the party, there’s still a chance to celebrate at London’s largest free knees-up: The Mayor’s Thames Festival. In its [...]
Night hike through the City will be a peek through closed doors September 4, 2012 IF you’ve always wanted a nosey around Boris Johnson’s office, then the eighth annual Maggie’s Night Hike might just be the opportunity you’ve been waiting for. The 20-mile route takes in some of London’s most iconic architecture – including City Hall – and offers walkers exclusive access to some of the Square Mile’s most prestigious [...]
BP sued by 20 investors over Macondo spill September 4, 2012 BRITISH oil giant BP is facing legal proceedings from a raft of institutional investors, who claim that BP misled them over its safety policies around the time of the Deepwater Horizon disaster in April 2010. Around 20 investors, including six from the UK, are suing the oil major under Texan law for statutory fraud and [...]
