Telefonica and China Unicom exchange shares as strategic partnership begins September 6, 2009 SPAIN’S Telefónica and China’s Unicom have struck a deal which will see the twin telecoms giants buy $1bn (£610m) worth of each other’s shares. The agreement will see the Spanish firm build its stake in Unicom to just over eight per cent, while Unicom will end up with between 0.885 per cent and 0.892 per [...]
FSAunder fire as building societies fight rules boost September 6, 2009 CITY financial watchdog the Financial Services Authority (FSA) has come under fire from building societies over its proposals to clamp down on their ability to lend to consumers. The lenders are understood to have teamed up and sent a fierce letter, through the Building Societies Association, to warn the FSA the rules will hamper their [...]
Debt repayments drag coffee firm Pret A Manger to 33m losses September 6, 2009 SANDWICH chain Pret A Manger is struggling to pay its interest on its growing debt mountain, it has been revealed in figures filed by Companies House.Bridgepoint Capital, its private equity owner, saddled the group with debt during the boom time, but interest payments have now grown on its £325m borrowings. The eaterie, founded in 1986 [...]
RSAmulls buyout of stricken Fortis, AIGunits with cash call September 6, 2009 RSA Insurance is thought to be considering snapping up stricken units of Dutch bank Fortis and US insurer AIG, with the proceeds of a $1bn (£610m) cash call. Andy Haste, chief executive of the insurance giant, is understood to have told financial advisers to investigate the potential acquisitions as part of his controversial expansion plans. [...]
AIG sells unit to Bridge for fee of $500m September 6, 2009 BAILED-OUT US insurer American International Group (AIG) has struck a deal to sell its investment advisory and asset management operations for around $500m (£305m), the company said at the weekend. Bridge Partners, which is owned by private equity house Pacific Century Group, is to buy AIG Investments for an initial $300m, but the price could [...]
Fine wines still flavour of month for investors September 6, 2009 THE main fine wine indices rose in August at the fastest rate since mid-2007, as investors continue to plough money into less volatile assets despite signs of a return of confidence to the equity markets. The Liv-ex 100 index rose 4.6 per cent in August, while the Liv-ex Claret Chip index recorded gains of 5.9 [...]
ITV board wrangles over Ball’s remuneration deal September 6, 2009 The ITV nominations committee is understood to be in dispute with Tony Ball over the “considerable” remuneration package the former BSkyB chief executive is demanding to become its new chief executive. ITV has been reluctant to appoint Ball, who earned more than £25m as boss of BSkyB between 1999 and 2003, as a number of [...]
Quantitative easing and low interest rates to stay, says BDO Stoy Hayward September 6, 2009 THE 0.5 per cent basic rate of interest is here to stay until at least the end of 2010, while quantitative easing will also continue, accountancy firm BDO Stoy Hayward predicted yesterday. The company’s latest Business Trends report envisages a continuation of the Bank of England’s current monetary policy to counterbalance low inflation and the [...]
Thomas Cook agency set to dump stake on market September 6, 2009 A STAKE of almost 50 per cent in Thomas Cook, Europe’s second largest travel agent, is expected to be dumped on the market this week. The 43.9 per cent stake belonging to insolvent German department store owner Arcandor had been used as collateral against €1.5bn (£1.3bn) in credit from German banks Bayern and Commerzbank and [...]
Barratt Developments set to launch 500m rights issue September 6, 2009 Housebuilder Barratt Development is expected to launch its £500m rights issue at the end of this month. Insurer RSA, rival housebuilder Redrow and several others are thought to be readying themselves to bid for the stake. The cash call is believed to be part of the group’s efforts to make further inroads into its £1.3bn [...]
