“Concerned but not surprised”: Three-quarters of UK landlords and sole traders miss digital tax launch
Lazard beefs up non-core asset advice June 9, 2011 ADVISORY bank Lazard has hired a team of credit experts in London to help banks and investment managers address a vast overhang of structured products still plaguing their balance sheets. The team, to be led in Europe by managing director Alan Patterson, will give strategic advice on how to rebalance or wind down the billions in non-core [...]
Lloyds considering float alongside sale of branches June 9, 2011 LLOYDS is mulling an initial public offering (IPO) of the 620 branches that it is being forced to sell under EU competition law. The bank is now pursuing a “dual track” approach to offloading the branches, with a float or sale both on the table. A float would see Paul Pester, now the managing director for [...]
Citi says cyber hack breached bank card data June 9, 2011 US LENDER Citigroup has admitted computer hackers had breached its network and accessed the data of about 200,000 bank card holders in North America, the latest in a string of cyber attacks on high-profile companies. Citi said the names of customers, account numbers and contact information, including email addresses, were viewed in the breach. The bank joins [...]
Cable vetoes a Southern Cross bailout June 9, 2011 STRUGGLING care home operator Southern Cross will not receive a government bailout, but the department for business is making sure its banks maintain its flow of credit properly, Vince Cable said yesterday. The news came as Southern Cross told its creditors that it plans to hand back 132 care homes to their landlords, which would [...]
Ex-Tory energy minister takes on role at 3Legs June 9, 2011 FORMER Tory energy minister Tim Eggar has been named as the new chairman of 3Legs, in his second appointment to the board of a growing oil and gas firm this year. Eggar is already chairman of Cape, the oil services group poised to move from the Aim junior index to London’s main market, as well [...]
Shale gas and oil specialist floats in London June 9, 2011 BRITISH shale gas firm 3Legs Resources has listed on London’s alternative investment market (AIM) in a deal valued at about £77.2m. The firm, which specialises in the exploration and development of unconventional oil and gas resources, listed its shares yesterday at 190p per unit. 3Legs raised about £62.5m in new shares in order to exploit [...]
Rothschild and Hayward in £1bn float June 9, 2011 CITY financier Nat Rothschild and former BP chief executive Tony Hayward set out plans yesterday to raise £1bn in a flotation of their investment vehicle Vallares in London. The scion of the banking dynasty and former City heavyweight have joined forces to launch Vallares as a cash shell to acquire and expand high-growth but cash-poor [...]
Mittal-backed Ophir Energy plans £600m London listing June 9, 2011 OPHIR Energy, an oil and gas firm backed by Britain’s richest man Lakshmi Mittal, has said it plans to list on the London Stock Exchange in a deal that values the company at more than $1bn (£607m). The Africa-focused exploration firm is seeking up to $400m from an initial public offering (IPO) and is expected [...]
Mini contract gives UK’s car industry £500m lift June 9, 2011 BMW is ploughing an extra £500m into UK manufacturing with an agreement to build its next generation of Minis here. Chairman Norbert Reithofer said yesterday that the extra contract, for the next three years, demonstrates that “the UK will remain the heart of Mini production” and will take the company’s UK investment to more than [...]
PZ Cussons prices up as costs soar June 9, 2011 Cleaning products maker PZ Cussons said it would have to raise its prices to combat soaring costs of its raw materials yesterday. The maker of Imperial Leather soap said trading over the past year was in line with its expectations, but it had to put “mitigation plans” in place to deal with rising costs, such [...]
