UK resolution plans diverge from peers May 26, 2011 THE UK is the only major Western country so far to approve temporary public ownership of collapsing banks, a report by law firm Clifford Chance shows. In a comparison of resolution regimes, which allow a regulator to take over and wind up failing financial institutions instead of bailing them out, Clifford Chance determined the UK [...]
Bolt pips Powell on his return May 26, 2011 ATHLETICS: World 100m record holder Usain Bolt capped his return to the track after a 10-month absence with the narrowest of victories over Asafa Powel at the Diamond League meeting in Rome. Bolt trailed until the last five metres and finished in a time of 9.91 seconds.
Virgin Atlantic expects to unveil new partnership within months May 26, 2011 VIRGIN boss Sir Richard Branson said yesterday up to three suitors of his Virgin Atlantic airline are set to bid for a stake in the company, with an announcement on the tie-in due within the next three months. Branson, speaking at an event in the States, said he will remain involved with the carrier as [...]
Hamilton angered by Toro Rosso May 26, 2011 FORMULA ONE: McLaren’s Lewis Hamilton has told stewards in Monaco to keep an eye on Toro Rosso’s drivers, accusing them of holding him up in Spain last week. Hamilton said: “They [Toro Rosso] let Vettel past and then they held me up.”
Burberry sees profits surge as Asia booms May 26, 2011 BURBERRY is stepping up spending on new stores to cash in on a boom in demand for luxury goods in Asia as it met forecasts with a 39 per cent jump in full-year profit. Profit for the 12 months to the end of March were £296m with revenues up 27 per cent to £1.5bn. The [...]
ECB to launch county review May 26, 2011 CRICKET: The England and Wales Cricket Board has appointed the former ICC and ECB Chairman David Morgan to conduct an extensive review into the business of domestic cricket.
Rank hits back at £586m Guoco bid May 26, 2011 RANK Group yesterday stepped up its defences against a takeover bid from its biggest shareholder, telling investors that Guoco Group’s offer “substantially undervalues” the casino and bingo hall operator, and that shareholders should reject the offer. Asia-based Guoco Group’s 150p approach, which valued Rank at £585.8m, was triggered after the property and investment manager raised [...]
Sportingbet says Centrebet deal terms agreed May 26, 2011 SPORTINGBET yesterday agreed terms for its acquisition of Australian online bookmaker Centrebet, which it will look to fund by raising £130m through the issue of new shares and a convertible bond. Sportingbet will issue 154,761,904 new shares at a price of 42p each and £65m in nominal value of convertible bonds. Chief executive Andrew McIver [...]
ANALYST VIEWS: IS THERE MORE GROWTH TO COME FROM BURBERRY? May 26, 2011 FRASER RAMZAN | NOMURA Consistent delivery by Burberry management has seen earnings per share upgraded and the stock re-rate as such accelerated investment should be seen as a potential net positive for the medium term growth rate of the business. The decision to invest further makes strategic sense in our view. RICHARD HUNTER | HARGREAVES [...]
BAT in $452m swoop to buy Protabaco May 26, 2011 BRITISH American Tobacco (BAT) said yesterday it had agreed to buy the privately owned Productora Tabacalera de Colombia, the second largest cigarette company in Colombia, for $452m (£277m). The London-based second biggest cigarette maker in the world said the deal will elevate it to second from third place in Colombia, Latin America’s fourth largest cigarette [...]
