EADS boss says BAE merger is the perfect fit September 19, 2012 EADS’ chief executive Tom Enders said yesterday that the firm’s planned mega-merger with BAE Systems represented a “perfect fit”, as he offered reassurance to workers after last week’s drop in the company’s share price. Enders said in a letter to employees that discussions with stakeholders regarding the deal were “moving forward”, and he would be [...]
William Hill mulls joint offer for Sportingbet as eyes Aussie unit September 19, 2012 WILLIAM HILL is weighing a joint takeover of online gambling rival Sportingbet in a deal that would secure it possession of the firm’s lucrative Australian operations. Sportingbet’s Australian operations account for over 90 per cent of Sportingbet’s profits and comprise around a third of Australia’s internet gambling market. The betting operator said yesterday that together [...]
Rosneft seeks $15bn from banks to finance stake buy in TNK-BP September 19, 2012 RUSSIAN oil company Rosneft is understood to be talking to banks about raising $15bn (£9.2bn) in financing to buy BP’s stake in TNK-BP, following BP chief Bob Dudley’s meeting with Vladimir Putin to discuss the sale. Putin met with Dudley, BP chairman Carl-Henric Svanberg and Rosneft chief executive Igor Sechin to get an update on [...]
Banking union could threaten single market September 19, 2012 A EUROPEAN banking union threatens to cause a split in financial supervision between Eurozone states and those outside the single currency, the continent’s leading industry regulator said yesterday. The comments came after German Chancellor Angela Merkel had sought to talk down divisions between her country and France over the implementation of a banking union. European [...]
Solvency II insurance reforms could be delayed once again September 19, 2012 EUROPEAN commissioner Michel Barnier has proposed delaying the introduction of the EU’s new capital requirements for insurers – known as Solvency II – from 2014 to 2015, it was reported yesterday. Tim Ford, a Solvency II specialist at Ernst & Young, told City A.M. that a forthcoming impact study means delaying it now could result in a [...]
Greece to flog Holland Park consulate September 19, 2012 THE GREEK government is expected to sell its consulate in Holland Park as part of wide-ranging measures to cut costs and maintain the support of its bailout providers. The elegant terrace house in west London is currenly undergoing renovation (pictured above, pre-renovation) and could be one of many foreign buildings sold off. Meanwhile reports from Athens said [...]
Gaspar hails Portugal’s progress September 19, 2012 ■ Portugal’s painful economic reforms are producing encouraging results, its finance minister and his German counterpart said yesterday after meeting in Berlin. Competitiveness is improving and government spending is now under control, Wolfgang Schaeuble and Vitor Gaspar said in a joint statement. Gaspar added that Portugal’s Treasury bill auction yesterday achieved interest rates similar to [...]
Construction shrinks in Eurozone September 19, 2012 ■ Production in the Eurozone’s construction sector dipped by 0.3 per cent in July compared to the previous month, data from Brussels’ Eurostat office revealed yesterday. The figure marked the second straight month of decline, after construction dipped by 0.6 per cent in June. Compared to the same time last year, production in the industry [...]
More states could join the euro September 19, 2012 ■ Deepening problems in the Eurozone may not deter other European states from joining the single currency bloc, the Prime Ministers of Croatia and Latvia revealed yesterday. Croatian PM Zoran Milanovic said that interest in signing up to the euro – which is currently the official currency of 17 European countries – remains strong in [...]
City bonuses plunge again but other sectors begin to recover September 19, 2012 FINANCIAL services workers saw their bonuses drop last year, official data revealed yesterday, while bonuses increased in almost every other industry. The payouts for workers in financial and insurance activities slumped nine per cent to a total of £13.3bn in 2011-12, down from £14.6bn in 2010-11. And that is well below the peak of almost [...]
