Ladies who power lunch are celebrated at One Marylebone November 29, 2012 SOME of the City’s best-respected women flocked to One Marylebone on Wednesday, to enjoy a slap-up lunch and give themselves a well deserved pat on the back. The excuse for such a decadent afternoon was Red’s fourth annual Women of the Year awards. Representing the business ladies at the ceremony were shortlisters Lynn Rattigan, deputy [...]
Kcell and Megafon shrug aside Goldman Sachs effect November 29, 2012 In the end, the decision by Goldman Sachs to extricate itself from a leading position on the syndicate of banks advising Russia’s leading mobile telecoms group Megafon on its £7bn London and Moscow flotation didn’t turn out to be fatal. And although Goldman didn’t advise on the London flotation of Kazakhstan-based telecoms group Kcell, fears [...]
Aston Martin close to capital injection November 29, 2012 British sports car maker Aston Martin said it is in “advanced” talks with potential investors over an injection of capital into the business. Indian tractor maker Mahindra and Mahindra last week topped an offer from Italian private equity fund Investindustrial that had been agreed with Aston’s owner, Kuwaiti investment house Investment Dar, sources said. “We [...]
Barnett’s Ridley Park Paragon fund closes November 29, 2012 HEDGE fund manager Julian Barnett is shutting down his Ridley Park Paragon long/short equity fund, after two years in a torrid market, a source said yesterday. Barnett, who could not be contacted for comment, set up the $350m (£218m) fund in May 2010 after leaving his role as star fund manager at Aim-listed Polar Capital. [...]
Direct Line to cut 236 more jobs to save cash November 29, 2012 MOTOR insurer Direct Line yesterday said it was exploring plans to slash a further 236 jobs in a bid to reach its £100m cost cutting target announced in September. The firm, which recently revealed pricing for its public float, said the job losses would come across its commercial, risk and compliance and chief customer office [...]
Takeover approved for Metal Exchange November 29, 2012 REGULATORS yesterday approved the planned takeover of the London Metal Exchange (LME) by Hong Kong Exchanges and Clearing (HKEx). This means the deal to buy one of the City’s oldest – and certainly its most unusual – trading venues could complete as early as 6 December, bringing to an end 135 years of member-ownership. LME is [...]
Rio Tinto plans cost cuts and assets sell-off November 29, 2012 RIO Tinto said yesterday that it aims to axe $7bn (£4.4bn) in costs over the next two years and sell more assets to cushion itself against weaker commodity prices, while at the same time beefing up output in its lucrative iron ore business. The firm is the only global iron ore producer that has not [...]
BHP assures it is looking inside and out for chief exec successor November 29, 2012 BHP BILLITON said yesterday it is looking inside and outside the company as well as using external advisers to help with succession plans for its chief executive, following reports the world’s biggest miner was preparing for changes at the top. Chairman Jac Nasser told BHP’s Australian annual general meeting that planning for a successor to [...]
AstraZeneca wins China approval November 29, 2012 AstraZeneca has won approval for its new heart drug Brilinta in China, an increasingly important market for the pharmaceuticals group. China’s state food and drug administration has issued a drug import licence for the product, meaning it will now be available for treating patients with acute coronary syndrome in the country, the company said yesterday. [...]
Aviva eyes 120 job losses November 29, 2012 Insurer Aviva said yesterday it would shed about 120 jobs as it merges its dedicated property claims service into its existing claims centres. The staff affected are based in Sheffield, where Aviva’s Asprea property claims management service is headquartered, the insurer said in an emailed statement yesterday. Aviva is cutting costs and selling under-performing businesses [...]
