Jupiter to take Minerva private August 17, 2011 EMBATTLED property developer Minerva is to leave the London Stock Exchange after most of its investors accepted a cash takeover offer that values the firm at £202m. Jupiter Properties 2011, a special purpose vehicle set up by Area Property Partners and Delancey, yesterday said it had approval from 91 per cent of Minerva investors. This [...]
Osborne must heed the Misery Index August 17, 2011 FOR years now, American elections have featured discussions of the Misery Index, a simple indicator which sums the unemployment and inflation rates. The higher the index, the angrier the electorate. In 1976, Jimmy Carter famously made a big deal of the index, arguing that Gerald Ford had no right even to seek the presidency given [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 17, 2011 FINANCIAL TIMES ASAHI IN $1.3BN ALCOHOL DEAL Asahi is poised to agree the NZ$1.5bn (£800m) acquisition of Independent Liquor, the Australasian drinks group, in a deal that would represent the acquisitive Japanese brewer’s largest takeover to date. Barring a last minute hitch, Asahi will strike a deal for the Auckland-based group today, according to a [...]
Ocado founder wife cuts stake August 17, 2011 The wife of one of the Ocado founders slashed her stake in the firm just before it crashed to a record share-price low. Kira Faiman, wife of Jonathan Faiman, sold at least £7m worth of stock on 9 August through Tempest Capital. The firm has seen its stock tumble to below its flotation price as [...]
Bra-maker sells out to Belgians August 17, 2011 Rigby & Peller, bra-maker to the Queen and Lady Gaga, has sold an 87 per cent stake to Belgian lingerie firm Van de Velde for £8m. The deal will provide a windfall for the Kenton family, who have run Rigby & Peller as a family business since 1982. It is understood the family will continue [...]
Tobin tax would be suicide, report says August 17, 2011 A TAX on financial transactions would be “economic suicide” according to a study published this morning by a leading Westminster think tank. The Tobin tax, set to be tabled at the European Union in September, would drive jobs away from the City to lower-taxed parts of the world, the Adam Smith Institute (ASI) argues. The [...]
Mystery bank taps ECB dollar facility for emergency loan August 17, 2011 AN unidentified bank was forced to seek an emergency $500m (£305m) loan in US dollars from the European Central Bank yesterday in a sign lenders may be struggling for liquidity again. The seven-day loan was the first time the ECB’s dollar swap facility has been tapped since March, and the first large loan it has [...]
European proposal for transactions levy takes its toll on financial stocks August 17, 2011 PLANS to impose a Tobin tax across the European Union sent shares in London’s financial stocks tumbling yesterday. German chancellor Angela Merkel and French President Nicolas Sarkozy unveiled proposals to push for a pan-European financial transactions levy on Tuesday evening. Analysts say any such charge would hit European financial centres like the City and especially those [...]
Swiss franc climbs again August 17, 2011 THE SWISS franc climbed yesterday and could hit record highs against the dollar and euro in days ahead if new measures by the Swiss National Bank fail to slow the currency’s rise. While the SNB announced an expansion of its liquidity policy, investors who bet on more aggressive action were disappointed that the plan did not [...]
Enterprise zones named August 17, 2011 A FORMER airfield and an Essex New Town were among the second wave of enterprise zones announced by the coalition yesterday. The sites, at Alconbury near Huntingdon in Cambridgeshire, and at Enterprise West Essex in Harlow, are two of 11 in England that will benefit from tax breaks and a relaxation of planning rules. Vince [...]
