Xstrata backs rights issue but wants board changes at Lonmin November 15, 2012 XSTRATA yesterday called for a significant overhaul of Lonmin’s board, management and strategy, as it prepared to support its forthcoming rights issue to shore up its balance sheet in the wake of industrial action in South Africa. Xstrata chief executive Mick Davis, in a letter to the chairman of Lonmin, said that the Swiss miner [...]
Qatari investors give blessing to mega merger November 15, 2012 SOVEREIGN wealth fund Qatar Holding has likely scuppered management incentive arrangements for key Xstrata staff, as it confirmed yesterday that it would back the mega-merger with Glencore but abstain from voting on controversial remuneration plans. Xstrata’s second-largest shareholder after Glencore said yesterday it would vote in favour of two key resolutions at Tuesday’s shareholder vote, [...]
Reckitt shoves aside Bayer as bids $1.4bn for Schiff Nutrition November 15, 2012 UK CONSUMER and healthcare company Reckitt Benckiser made a rival $1.4bn offer for Schiff Nutrition International yesterday, topping Bayer AG’s agreed $1.2bn deal to acquire the U.S. vitamin maker. Reckitt proposed to pay $42 for each Schiff share, a 23.5 per cent premium over the $34 per share that Bayer, Germany’s biggest drugmaker, agreed to [...]
Draghi admits low rates have not helped weakest economies November 15, 2012 LOW INTEREST rates have not been able to help boost Europe’s battered economies because the financial system is broken, European Central Bank (ECB) boss Mario Draghi acknowledged yesterday. The top policymaker said that the ultra-loose monetary policy – the benchmark refinancing rate stands at 0.75 per cent – has not been getting through to firms [...]
Data confirms Eurozone back in a recession November 15, 2012 THE EUROZONE tumbled back into an official recession in the third quarter of the year, data from Brussels confirmed yesterday, with bad economic news weighing on markets. The 17-country single currency area saw GDP dip by 0.1 per cent in the three months to September, its Eurostat office said – the second straight quarter of [...]
Fears of fourth quarter slump in UK sparked by retail sales dip November 15, 2012 UK RETAIL sales fell in October as shoppers bought less food and clothing, puncturing a consumer spending revival that policymakers hoped would kick-start the economy heading into 2013. Sales volumes fell 0.8 per cent on the month for an annual rise of just 0.6 per cent, the Office for National Statistics said yesterday. Both numbers [...]
Treasury failure lost billions on bank bailout November 15, 2012 FAILURES at the Treasury meant the state lost billions of pounds in the Northern Rock bailout while simultaneously failing to boost lending as planned, despite running the institution, according to a damning report published today by MPs. The “monumental failures” by the department also mean the government is likely to lose money on the far [...]
FSA ends CPP misselling probe with a record £10.5m penalty November 15, 2012 CPP has been slapped with a joint-record £10.5m fine for misselling card protection insurance, following an FSA probe that lasted more than a year and wiped 90 per cent off the firm’s market value. The company has been left with a bill for £33.4m, including redress for customers and costs associated with the investigation, but [...]
Xi Jinping takes his place at the top of China’s Communist Party November 15, 2012 CHINA’S Communist Party installed Xi Jinping as its new general secretary yesterday, putting a politician known as a cautious reformer in charge of the world’s most populous country. Xi, 59, and six other men were added to the party’s top committee at a ceremony in Beijing, as the party completed its once-a-decade reshuffle. Xi, who [...]
IFG Trust and Corporate Group to bolt on Moore Group November 15, 2012 MOORE Group, the fund management and administration firm, has been sold to IFG Trust and Corporate Group. Jersey based Moore, which has around $17bn (£10.7bn) under its wing including almost $5bn of private equity fund clients, has been bought to give the venture more scope in Asia. IFG Trust and Corporate Group, which is set [...]
