International confidence has fallen to 18-month low July 17, 2011 GLOBAL consumer confidence fell in the second quarter to its lowest level in a year and a half as an uncertain economic outlook, a deepening Eurozone debt crisis and rising inflation made people more cautious, a survey revealed yesterday. Consumer sentiment in the United States was weaker than in the second half of 2009 at [...]
World Bank president calls for global trade deal July 17, 2011 WORLD Bank President Robert Zoellick will today call on countries to get out of their defensive positions on trade and push for a broad agreement that could help the struggling global economy. In a speech to the World Trade Organisation that he is due to deliver today in Geneva, Switzerland, Zoellick will say he was [...]
Russia’s Mechel mulls £2.5bn London float July 17, 2011 MECHEL looks set to be the next blue-chip Russian firm to list on the London Stock Exchange. The group – one of Russia’s biggest steel miners – is understood to be in the early stages of planning a flotation of around a quarter of its mining subsidiary to raise up to £2.5bn. The deal could [...]
Thomas Cook to sell £200m of its assets July 17, 2011 STRICKEN tour operator Thomas Cook will sell off over £200m of assets to shore up its balance sheet, after it last week issued its third profit warning in a year. A source close to the firm told City A.M. it was considering putting a range of assets on the block, including its stake in NATS, [...]
Land Securities to start £275m of retail projects July 17, 2011 LAND Securities is close to starting work on a number of shopping development projects worth £275m, despite tough economic conditions still facing the retail sector. Britain’s biggest property company has lined up seven new projects in south-east England and the Midlands for retailers including Tesco and Primark, that together will create more than 1,000 jobs [...]
BAT eyes Bulgarian bid July 17, 2011 BRITISH AMERICAN TOBACCO (BAT) is in ongoing talks to buy Bulgaria’s state-owned tobacco company, in a deal worth in the region of £100m. The world’s second largest cigarette producer, whose brands include Dunhill and Lucky Strikes, is one of three companies that have so far submitted tender offers for Bulgartabac holding, which was put up [...]
Charter in plan to stop takeover July 17, 2011 ENGINEERING group Charter International is said to be considering a break-up plan to stave off an unwanted takeover approach. Goldman Sachs is thought to be looking into a sale or demerger of Howden, the subsidiary that accounts for around a third of Charter’s £1.7bn revenues. The plan follows Charter’s refusal on Friday to accept an [...]
Candover to launch a £500m sale July 17, 2011 CANDOVER Investment, the private equity firm which became a high-profile casualty of the credit crisis, has launched a £500m auction to sell off its biggest investment. Investors managing the remains of Candover will partially unwind Expro International, the oil services group it bought in 2008 just months before failing. Goldman Sachs, which invested with Candover [...]
Iron ore firm lists on AIM July 17, 2011 FERREX, an African focused iron ore and manganese development firm, has listed on London’s alternative investment market (AIM) in a deal which will value the company at £15.5m. The firm, which specialises in minerals primarily used to produce steel, raised £2m by listing new shares at 3p apiece today. The money raised will be used [...]
US abandons tax deal talks with Swiss July 17, 2011 THE United States has ended talks with Switzerland aimed at settling a row over investigations into Swiss banks accused of helping Americans dodge taxes, it is understood. The US sent Berne a letter two weeks ago saying it had no interest in a global settlement to end the tax dispute. An announcement on Friday that [...]
