Draghi can’t be read yet on bond buys, says Jean-Claude Trichet October 31, 2011 MARKETS have over-interpreted comments by incoming European Central Bank chief Mario Draghi on the bank’s readiness to go on buying the bonds of troubled Eurozone states, Jean-Claude Trichet, the outgoing ECB president said yesterday. Trichet’s comments came as he hands over the reins to his Italian successor, who will inherit the task of resolving the [...]
ISDA assesses Greek bond deal October 31, 2011 The International Swaps and Derivatives Association (ISDA) announced yesterday it was too early to say whether the terms of last week’s bailout of Greece would mean the country was formally in default. ISDA, which oversees the multi-trillion pound credit derivatives market, said a review of whether credit default swaps (CDS) on Greek sovereign debt should [...]
Sanlam to spend £12.3m on taking over Merchant October 31, 2011 CITY stockbroker Merchant Securities saw its shares leap almost 27 per cent yesterday as it said it had agreed an all cash takeover offer from South African investment group Sanlam. Sanlam, Merchant Securities’ biggest shareholder with almost a ten per cent stake, will pay £12.25m to take its shareholding to 75 per cent through a [...]
Tax crackdown targets foreign home owners October 31, 2011 WEALTHY UK residents with foreign property will come under increased pressure to make sure their tax returns are in order, after Her Majesty’s Revenue and Customs launched a crackdown on undeclared assets. HMRC said yesterday that a new team of investigators will target around 200,000 so-called affluent taxpayers, some of whom it believes may be [...]
G4S chief in last-minute battle on deal October 31, 2011 SECURITY group G4S will not back down from an investor vote on its controversial £5.2bn takeover of ISS despite the Co-operative Group and Harris Associates joining the growing ranks of those against the deal. Sources said G4S has received the backing of several unnamed investors and that chief executive Nick Buckles will press ahead with [...]
Blavatnik ends EMI talks on Citi’s high price October 31, 2011 TALKS to sell iconic music group EMI looked shaky yesterday after the lead bidder for its recorded music arm walked away claiming that the seller, Citigroup, wanted too high a price. Len Blavatnik, the new owner of EMI’s US on-off suitor Warner Music, has tabled a $1.5bn (£930m) offer for EMI’s recorded music business, home [...]
Capital Shopping Centres falls on its bleak outlook October 31, 2011 SHARES in Capital Shopping Centres (CSC) fell by more than three per cent yesterday, despite issuing a robust trading statement, as the UK’s biggest shopping mall owner warned of tough times ahead. The owner of Manchester’s Trafford Centre and the MetroCentre in Gateshead said footfall at its malls was up two per cent from 1 [...]
JJB will not tap investors despite losses October 31, 2011 STRUGGLING retailer JJB Sports said it will not need to tap shareholders for cash, despite issuing a full-year profit warning as losses widened in the first half of the year. Shares tumbled 19 per cent yesterday after the sports group said pre-tax losses almost trebled to £66.5m in the 26 weeks to 31 July from [...]
Luminar suitors want deal tied up by Christmas October 31, 2011 BIDDERS for toppled nightclub owner Luminar want a deal tied up by the first week of December or they will pull out of the running, City A.M. has learned. One source close to the deal said: “There is some value in us picking up a company with the Christmas rush still on. Nobody wants to [...]
Bakrie close to debt deal October 31, 2011 INDONESIA’S Bakrie Group is poised to announce a deal with Renaissance Capital which will see it averting a default on a $1.345bn (£839.7m) loan. The deal was reached after Bakrie’s talks with commodities giant Glencore hit the buffers. Renaissance Capital, led by Indonesian investor Samin Tan, is expected to provide financing to reduce the debt [...]
