Rival bidder for TMX says LSE bid bad for shareholders May 22, 2011 THE banker leading a rival bid for Toronto Stock Exchange owner TMX Group has claimed the London Stock Exchange offer does not offer shareholders value. In an interview with the Times Luc Bertrand, vice-chairman of Quebec-based National Bank of Canada, said: “As a shareholder, I would say it’s not a very good premium they are [...]
Sarkozy could be controversial figure at the e-G8 event in Paris May 22, 2011 THE internet world’s titans will alight in Paris next week for a two-day forum hosted by French President Nicolas Sarkozy. While the event is aimed at promoting the European digital economy, it could also see fierce debate over the perceived draconian laws in the EU. The US, with its flourishing internet hub in Silicon Valley, [...]
UBS awaits fate of new headquarters May 22, 2011 THE DEVELOPERS of the new UBS headquarters on the Broadgate estate are set to find out as soon as this week whether the existing office blocks will be recommended for listed status, stalling progress on the £340m project. English Heritage’s advisory board will meet on Wednesday to discuss the group’s recommendations, which will inform the [...]
M&S set to outline plans for growth alongside profit rise May 22, 2011 HIGH STREET stalwart Marks & Spencer is expected to post a 12 per cent rise in full-year profit tomorrow, as the retailer outlines plans for growth overseas and online. M&S is likely to post a £710m pre-tax profit, according to consensus estimates, which is set to lead to a rise in its dividend to 16.5p, [...]
Property guru is back in business May 22, 2011 THE FOUNDER of property website Rightmove has come out of retirement, setting up a conveyancing firm to try and cash in on the complexities of the UK real estate market. Harry Hill has launched In-Deed, an online conveyancing service that lets house-buyers track progress of their purchase through mobile phones and a website. Hill, who [...]
Firms set up housebuilder loans May 22, 2011 Specialist property financiers Pluto Capital and Mountgrande Investment Management have set up a £50m fund to finance housing projects in London and the south-east, the firms said yesterday. Pluto Finance, the fund manager, expects to provide mezzanine loans over the next three years in a bid to bridge the funding gap in residential projects left [...]
TNK-BP to pay dividend: report May 22, 2011 Russian oil venture, TNK-BP, is set to spend almost all of its 2010 profit in the form of a dividend, business daily Vedomosti said, citing two sources at TNK-BP. The newspaper said the board of TNK-BP Holding, the traded unit of TNK-BP, recommended paying 3.85 (8p) rubles per share on fourth-quarter dividend, or 59.47bn rubles [...]
Pirates break box office record May 22, 2011 The latest Pirates of the Caribbean film made $346.4m (£213.2m) in its global box office debut this weekend, falling short of forecasts but still making it the biggest opening weekend this year. Disney said “Pirates of the Caribbean: On Stranger Tides” set a record as the highest international movie opening of all time, with $256.3m [...]
Why company chairmen face an increasing level of investor scrutiny May 22, 2011 THE 2011 AGM season is already delivering some stinging blows for company boards. Recent meetings at the UK’s biggest companies have seen shareholder ire directed at remuneration reports and occasionally directors. But chairmen have also taken flak for their company’s direction and performance over the past year. Prudential shareholders rapped Harvey McGrath last week for [...]
Vedanta aims to resurrect Konkola float May 22, 2011 INDIAN-FOCUSED miner Vedanta is looking to revive its float plans for copper miner Konkola in the coming months, after shelving the IPO in November due to market volatility. Vedanta, which holds a 79.4 per cent stake in Konkola, aims to time the float to cash in on the commodities boom while steering clear of lingering [...]
