EIB calls halt to Glencore finance May 31, 2011 THE European Investment Bank (EIB) has suspended new financing to Glencore over concerns about the mining giant’s alleged tax avoidance in Zambia. The bank, which is the European Union’s financing arm, had already agreed to lend $50m (£30 million) to Glencore to renovate a smelter and reduce sulphur dioxide emissions at its Mopani Copper Mines [...]
Nokia shares tumble as firm abandons targets May 31, 2011 NOKIA’S share price tumbled to its lowest in 13 years yesterday after the mobile phone maker abandoned hope of meeting key targets it set just weeks ago. Shares plunged 18 per cent to €4.75 (£4.16), wiping some €3.8bn off its market value as investors worried that Nokia, once a leading force in the industry, had [...]
Wal-Mart gets Massmart consent May 31, 2011 US grocer Wal-Mart yesterday got the green light for its $2.4bn (1.5bn) purchase of most of South African discount retailer Massmart. South Africa’s competition body said Wal-Mart must not cut jobs for two years and develop local suppliers as part of the deal, first mooted in September. The conditions were less stringent than feared, helping [...]
Lonrho assets see revenue grow May 31, 2011 African investor Lonrho last night reported a 29 per cent rise in six-month revenue on last year to £61.1m, and a narrowing in pre-tax losses to £2.9m. The firm, once part of the London & Rhodesia conglomerate alongside miner Lonmin, said the six months to the end of March had been strong for trading, with [...]
Steve Jobs to return to the Apple stage May 31, 2011 APPLE chief executive Steve Jobs, who spent months on medical leave, will open an annual developers’ conference next week showcasing the iPad maker’s latest computer software and a new cloud computing service. Apple’s shares rose 3.1 per cent to $347.83 after it said yesterday that Jobs, along with a team of executives, will deliver the [...]
Alliance Trust buys back £68m shares May 31, 2011 ALLIANCE Trust has bought back almost £70m of its stock since February to improve its share price, it said yesterday. The trust, which battled activist fund Laxey Partners over the gap between its share price and net asset value until May, bought and cancelled 18.1m shares by 25 May for £67.7m. The buybacks reduced its [...]
Half of retirees to leave nothing May 31, 2011 HALF of UK retirees will not be able to afford to leave relatives an inheritance, new research out today shows. More than a quarter of this year’s retirees believe it will be impossible to leave anything as inheritance, according to a survey by the Prudential, while 22 per cent of respondents were not sure their [...]
Novae confirms Omega talks May 31, 2011 LLOYD’S insurer Novae ended speculation about its plans to merge with rival Omega Insurance yesterday, confirming it had opened Omega’s books. Novae, which wrote £587.7m of insurance in 2010, said it was undertaking due diligence to evaluate the merits of a possible merger. It joins unlisted Lloyd’s insurer Canopius among named bidders for Omega, as [...]
Serious Fraud Office to probe EADS bribery claim May 31, 2011 BRITAIN’S Serious Fraud Office is investigating allegations that European defence group EADS bribed Saudi Arabian officials to win a $3.3bn (£2bn) communications contract. The probe centres on a contract awarded to GPT Special Project Management, owned by EADS, to provide communications and intranet services for the Saudi National Guard, which protects the Kingdom’s royal family. [...]
Iceland eyes bond issue May 31, 2011 ICELAND is planning to meet investors this month about a possible Eurobond, one of the lead managers said yesterday, as the country prepares its first international sale of bonds since its economic meltdown. Iceland, which is recovering from its worst-ever downturn following the collapse of its top banks, has planned investor meetings for June 1-8 [...]
