French socialists turn hawkish July 17, 2011 France’s two top Socialist leaders cast themselves as tough on public finances and the Eurozone debt crisis yesterday, in a challenge to President Nicolas Sarkozy ahead of an election next year. Martine Aubry and Francois Hollande, both candidates to run for the Socialists in the 2012 presidential election, called for radical action to deal with [...]
C&W Worldwide boss faces revolt July 17, 2011 Cable & Wireless Worldwide boss John Pluthero is bracing himself for a stormy showdown with shareholders at the troubled telco’s annual meeting on Thursday. Pluthero, formerly chairman, recently became chief executive after Jim Marsh resigned following a string of profit warnings and a plummeting share price. But by making the switch, Pluthero is entitled to [...]
Correction July 17, 2011 In our edition dated Friday 15 July we quoted somebody we wrongly labelled as Stuart Forbes of Lloyds Banking Group in our City Views feature. The person pictured was not Mr Forbes and the comments did not reflect his views. We apologise for the error.
Vallares eyes Russian deals worth £8bn July 17, 2011 TONY Hayward, the former chief executive of BP, is considering a bid for two major Russian oil producers in a deal that could be worth around £8bn. Vallares, Hayward’s investment vehicle, has held early stage talks with Bashneft, one of Russia’s biggest oil producers, as well as Russneft, a smaller rival, City A.M understands. Both [...]
International confidence has fallen to 18-month low July 17, 2011 GLOBAL consumer confidence fell in the second quarter to its lowest level in a year and a half as an uncertain economic outlook, a deepening Eurozone debt crisis and rising inflation made people more cautious, a survey revealed yesterday. Consumer sentiment in the United States was weaker than in the second half of 2009 at [...]
World Bank president calls for global trade deal July 17, 2011 WORLD Bank President Robert Zoellick will today call on countries to get out of their defensive positions on trade and push for a broad agreement that could help the struggling global economy. In a speech to the World Trade Organisation that he is due to deliver today in Geneva, Switzerland, Zoellick will say he was [...]
Russia’s Mechel mulls £2.5bn London float July 17, 2011 MECHEL looks set to be the next blue-chip Russian firm to list on the London Stock Exchange. The group – one of Russia’s biggest steel miners – is understood to be in the early stages of planning a flotation of around a quarter of its mining subsidiary to raise up to £2.5bn. The deal could [...]
Thomas Cook to sell £200m of its assets July 17, 2011 STRICKEN tour operator Thomas Cook will sell off over £200m of assets to shore up its balance sheet, after it last week issued its third profit warning in a year. A source close to the firm told City A.M. it was considering putting a range of assets on the block, including its stake in NATS, [...]
Land Securities to start £275m of retail projects July 17, 2011 LAND Securities is close to starting work on a number of shopping development projects worth £275m, despite tough economic conditions still facing the retail sector. Britain’s biggest property company has lined up seven new projects in south-east England and the Midlands for retailers including Tesco and Primark, that together will create more than 1,000 jobs [...]
BAT eyes Bulgarian bid July 17, 2011 BRITISH AMERICAN TOBACCO (BAT) is in ongoing talks to buy Bulgaria’s state-owned tobacco company, in a deal worth in the region of £100m. The world’s second largest cigarette producer, whose brands include Dunhill and Lucky Strikes, is one of three companies that have so far submitted tender offers for Bulgartabac holding, which was put up [...]
