Xstrata looks to woo Anglo shareholders June 24, 2009 MINER Xstrata went public with the details of its offer for rival Anglo American yesterday, in an effort to convince shareholders of the merits of the deal. Releasing a letter sent to Anglo, Xstrata chief executive Mick Davis said a merger could bring in annual cost reductions of more than $1bn (£609m) by the third [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 24, 2009 FINANCIAL TIMES CHIP MAKER MOVES TO QUASH BID SPECULATIONImagination Technologies has reiterated that it expects to remain independent, despite market speculation to the contrary and heavy share buying in the chip designer. Intense buying on the London Stock Exchange saw more than 12m shares change hands and 9.7m sold at 150p a share, amid speculation [...]
Tories plan to beef up Bank’s role June 24, 2009 THE TORIES will hand the power to regulate financial institutions back to the Bank of England if they win the next general election, City A.M. can confirm. Under plans to be announced by shadow chancellor George Osborne before the current parliamentary session ends in late July, the tripartite system of regulators would be overhauled, with [...]
BBC facing a backlash over expense claims June 24, 2009 THE BBC looks set to become the next target of public anger over expenses, after deciding not to reveal how much its executives spend on entertaining its top stars. The state-funded broadcaster will publish the claims of its senior executives, which top £1,000 a month in some cases, but will redact the most sensitive parts [...]
OECD: WORST OVER FOR THE ECONOMY June 24, 2009 THE worst recession since the Second World War is drawing to a close, according to the Organisation for Economic Cooperation and Development’s (OECD) quarterly economic outlook, published yesterday. Stimulatory government policies and improving financial conditions meant the Paris-based think tank revised its forecasts upwards for the first time since June 2007, predicting that GDP would [...]
Fed sounds cautious note June 24, 2009 THE US Federal Reserve said last night that the recession was easing as it kept interest rates on hold, but warned that economic activity would “remain weak for a time”. It also vowed to press on with its strategy of buying up mortgage-related debt and government bonds. America’s central bank, chaired by Ben Bernanke, kept [...]
Britain’s economy is improving slowly June 24, 2009 MOST commentators are focusing on the world’s appalling economic performance this year – the UK will collapse by 4.3 per cent, the US by 2.8 per cent, Japan by 6.8 per cent and the Eurozone by 4.8 per cent, according to yesterday’s revised forecasts from the OECD. But that is no longer really news. The [...]
Sants drops bonus payout June 24, 2009 FINANCIAL Services Authority (FSA) chief executive Hector Sants has turned down his £130,000 bonus for the last year, sending a message that the regulator is leading by example. “In view of the wider public debate relating to levels of bonuses payable in the financial services industry and the role of the FSA in seeking to [...]
FOOTBALL IN BRIEF June 24, 2009 Pato prefers Milan to ChelseaAC MILAN striker Alexandre Pato has delivered a snub to Chelsea by insisting he wants to remain at the Italian club. Pato, 19, is reported to be wanted at Stamford Bridge by manager Carlo Ancelotti, who was until last month his coach at Milan. But the £30m-rated Brazilian said: “Pato will [...]
Queensland clinch State of Origin June 24, 2009 RUGBY LEAGUE: Queensland sealed a record fourth successive victory in the State of Origin series with a 24-14 win over New South Wales yesterday. The Maroons capitalised on early errors to storm into an 18-0 lead in front of a capacity crowd of more than 80,000 at the ANZ Stadium in Sydney. And despite a [...]
