What the other papers say this morning November 29, 2012 FINANCIAL TIMES Morgan Stanley to boost returns Morgan Stanley’s chief executive wants to use the bank’s excess capital to boost returns for the company’s “long suffering” shareholders. In the strongest signal yet that Morgan Stanley is preparing to hand back more than token sums to shareholders since the financial crisis, James Gorman told a securities [...]
Meinertzhagen : City legend dies November 29, 2012 ONE of the City’s best known corporate financiers, Peter Meinertzhagen, has died at the age of 66. Meinertzhagen, whose clients included Lord Hanson and his company Hanson Trust, spent 42 years working in the City. Most of his working life was at Hoare Govett, the stockbroker that was bought by ABN Amro, then RBS, and is [...]
London launch of China bond November 29, 2012 CHINESE bank the China Construction Bank will today issue a “dim sum” bond in London, the first Renminbi denominated bond ever sold outside of China. The one billion RMB bond follows a landmark deal struck by chancellor George Osborne and Chinese vice premier Wang Qishan in September to boost London’s role as a RMB hub. [...]
BT in Olympic park move November 29, 2012 BT yesterday announced plans to set up the headquarters of its new sports channel BT Sport at the Olympic park in East London after inking a ten-year deal with bosses to rent studios in the grounds of the iconic stadium. BT will start redeveloping the site – which housed 28,000 journalists during the Olympics – [...]
Kcell prices IPO as London bags another listing November 29, 2012 KAZAKHSTAN telecoms firm Kcell priced its London listing yesterday, joining the flood of Russian and central Asian firms looking to raise funds in London. The leading mobile phone operator hopes to raise between $525m and $650m in the initial public offering (IPO). That would value the firm at $2.1bn (£1.3bn) to $2.6bn, as the 50m [...]
Three big auditors are slapped with lawsuits over past work November 29, 2012 AUDIT firms Deloitte and KPMG are among the firms named in a US lawsuit brought by a disgruntled investor in Hewlett-Packard, though both firms distanced themselves from the troubled deal yesterday. The case, filed in California, claims the auditors missed numerous red flags about Autonomy, which HP bought last year. The tech firm has since [...]
Megafon rises above $20 as it is fast-tracked into Russia’s MSCI November 29, 2012 SHARES in Megafon, the Russian mobile telecoms group controlled by Arsenal stakeholder Alisher Usmanov, rose above the $20 issue price yesterday on news that the stock would be fast tracked into the main Russian stock market index, the MSCI. Normally the MSCI requires three months of trading history for a company that has just floated, [...]
Critics hit out at Leveson’s plans for press November 29, 2012 BUSINESS leaders and industry bodies warned against government interference in the press yesterday, and urged the newspaper industry to take the initiative in creating a new regulatory framework. Shares in paper owners News Corp, Daily Mail & General Trust, and Johnston Press also rose following Lord Justice Leveson’s report despite worries over state regulation, signalling [...]
Newspapers searching for new way ahead November 29, 2012 WITH David Cameron making it clear that newspapers will have to overhaul the systems that currently regulate the press if they want to ward off legislation, the industry is now scrambling to put forward a new system. All the major newspaper groups, including those outside of current body the Press Complaints Commission (PCC), have backed [...]
Higher bills for a decade due to new energy bill November 29, 2012 CUSTOMERS will see gas and electricity bills rise for at least the next decade to fund a new round of green energy investment, under plans published yesterday by the government. The idea is to encourage investment in low-carbon power production, but the plan could backfire as consumers and small businesses struggle under the burden of [...]
