Taking stock of massive economic turbulence February 22, 2010 Excuse my philosophical mood – but there are times in life when you feel the urge to take stock of the world. I’m at one such crossroad. On Friday I’ll hang up my microphone for the last time this year before I leave CNBC to have my first baby. It all makes me wonder what [...]
Minoan raises £500,000 in share offer February 22, 2010 MINOAN, the Aim-listed resort developer, has raised £500,000 through a share placing. Two thirds of the cash will be put to work in Minoan’s stalled Cavo Sidero holiday park project in northeast Crete, which has been on hold since a legal challenge in early 2009. The remainder will go towards the company’s effort to diversify [...]
Factory data will push GDP data higher February 22, 2010 AFTER official data showed that the UK had barely limped out of recession in the fourth quarter, the hope was that the pitiful 0.1 per cent growth would be revised slightly higher when the full figures were released. On Friday, we will find out whether those hopes were well founded or little more than misplaced [...]
MGPA winds up global property fund with $5bn asset sale for 15 investors February 22, 2010 MGPA, the private equity real estate investor which grabbed headlines in January by buying up Polish shopping centres, has wound up its $480m (£310m) Global Fund I. The fund has sold $5bn of assets on behalf of 15 institutional clients worldwide. Set up in 1999 as the global property market was in mid-bull run, MGPA’s [...]
Icelandic prime minister optimistic on Icesave debt repayment arrangement February 22, 2010 Iceland’s Prime Minister has insisted that a new Icesave debt repayment deal from Britain and the Netherlands would considerably ease the island nation’s financial burden. The two countries have offered new terms for repaying more than $5bn (£3.23bn) lost by savers during Iceland’s financial crisis, potentially heading off a politically risky referendum on the Icesave [...]
Germany’s Tui rules out buying up British entity February 22, 2010 Germany’s TUI yesterday denied a weekend report that claimed it was planning to bid for the minority stake in TUI Travel it does not already own, with a view to delisting the UK business. “There are neither plans nor decisions as to how we want to develop our core tourism business in the future,” a [...]
Schlumberger agrees to buy Smith International February 22, 2010 Schlumberger said it agreed to buy Smith International in a $11.34bn (£7.3bn) all-stock deal that will boost the oilfield services leader’s revenue to double that of its nearest rival. Under the deal announced yesterday, Smith shareholders will receive 0.6966 shares of Schlumberger for each Smith share. The deal values Smith stock at $45.84, a 37.5 [...]
ECONOMIST VIEWS: WHAT DO YOU THINK HAS CONTRIBUTED TO A RISE IN GDP? February 22, 2010 JONATHAN LOYNES | CAPITAL ECONOMICS “The breakdown looks set to reveal a weak contribution from household spending after the slowdown in retail sales growth in the fourth quarter. With net trade also weak, stockbuilding, investment and government spending may have driven the exit from recession.” PHILIP SHAW | INVESTEC “ONS figures showed industrial production rising [...]
Nortel hit by £2.1bn legal action February 22, 2010 The UK Pensions Regulator has filed a claim for £2.1bn against failed telecom equipment giant Nortel Networks, it emerged at the weekend. According to a filing to an Ontario court, the regulator has set a 1 March deadline for action that could lead to an order against Nortel’s assets. Once America’s biggest telecoms equipment maker, [...]
Ruby Tuesday eyes UK launch February 22, 2010 US restaurant group Ruby Tuesday is planning a launch in the UK later this year. The firm, which was originally a simple bar and grill, has tweaked its offering over the years and now focuses on the higher-end casual dining sector, offering a mix of traditional north and south American foods. It will open its [...]
