Megafon drafts in Lord Myners to bolster its UK flotation plans November 18, 2012 MEGAFON, the Russian telecoms group controlled by Arsenal shareholder Alisher Usmanov, yesterday bolstered its corporate governance ahead of a London flotation with the appointment of former City minister Paul Myners as an independent director. The appointment of such a well regarded City figure, who was chief executive of Gartmore Group and chairman of Marks and [...]
Task force says global shadow banking value hits $67 trillion November 18, 2012 THE system of so-called shadow banking grew to $67 trillion (£42 trillion) globally last year, a new high, amid calls from the world’s top policymakers for greater control of the sector. A report by the Financial Stability Board (FSB) yesterday showed the that shadow banking is set to thrive, despite regulatory efforts focused on curbing [...]
Spending billions on buybacks is a cautious move November 18, 2012 THE concept of “having closure”, weirdly popular in American culture, is not something BP is all that familiar with. But the oil major quite likes the idea. Its record $4.5bn (£2.84bn) penalty and guilty plea to felony charges went some way last week to clearing the way back from the bottom of the Gulf of [...]
Monti clear on reforms November 18, 2012 Italian Prime Minister Mario Monti, drafted in unelected to haul Italy from crisis a year ago, said yesterday that a new government appointed after next year’s election would have to keep up his reform agenda to retain the confidence of investors. Monti, who has kept up a carefully neutral stance about his own role in [...]
BP eyes share buyback after Gulf settlement November 18, 2012 OIL giant BP hopes to use some of its Russian windfall to pay for a multi-billion pound share buyback next year. The FTSE 100-listed firm is thought to be looking at plans to snap up shares worth at least £2.5bn to make sure its investors do not lose out in the wake of its cash [...]
Grocer Ocado dismisses loan breach fears November 18, 2012 OCADO, the online grocery shop, yesterday brushed off market speculation that it is seeking to renegotiate its debt covenants with its lenders, saying there was “no threat” it would breach its covenants. A weekend report suggested the online supermarket, which floated to much fanfare in 2010, was seeking to reset its debt or extend the [...]
Moleskine set to open book on stock float as backers cash in November 18, 2012 MOLESKINE, the iconic black notebook brand, will file for its long-awaited stock market debut later this month as its private equity owners Syntegra Capital seek to finally cash in on their €66m (£52m) investment. The Italian company Moleskine Srl, set up in 1997 to produce replicas of notebooks used by early twentieth century bohemian artists, [...]
Glenstrata set to finally get the green light November 18, 2012 GLENCORE and Xstrata are on track to win shareholder approval for their mammoth mining merger tomorrow, though questions remain over retention packages for key staff. Qatar Holding, Xstrata’s largest shareholder after Glencore, confirmed on Friday that it plans to support the transaction, but said it “does not feel it appropriate to influence the outcome” of [...]
Business groups hail coalition plans to slash regulation burden November 18, 2012 BUSINESS groups greeted today’s proposal from the government that any new regulation would come in on a one-in, two-out basis with a resounding cheer. “I congratulate the business department on its move to lighten the heavy load of regulation for British firms,” said Simon Walker at the Institute of Directors (IOD). “Business leaders tell us [...]
Mandelson wins new Lazard role November 18, 2012 Labour peer Lord Peter Mandelson has been appointed chairman of Lazard International – the global arm of the investment bank. Mandelson joined Lazard as a senior adviser last year, and is stepping into the role vacated by ex-UBS banker Ken Costa, who left Lazard in April 2011 to join the Church of England. The former [...]
