Doubts raised over Eurozone banking union September 25, 2012 GERMANY, the Netherlands and Finland issued a joint declaration yesterday that appeared to unravel much of what was agreed at the last European summit in June, when EU leaders paved the way for the direct recapitalisation of problem banks. In a statement issued after a meeting of their finance ministers in Helsinki, the three AAA-rated [...]
Gordon Brown pushes button on Wall St slide September 25, 2012 GORDON Brown was fond of claiming that the financial crisis “started in America”, placing the blame for the banking collapse solely on the excesses of Wall Street. So it was something of a surprise to see him welcomed to the New York Stock Exchange yesterday morning where he joined a list of luminaries – including tennis [...]
City Views | Should Andrew Mitchell resign over comments made to the police? September 25, 2012 GREG MYERS ELLIOT ROSS Definitely not! We all make mistakes; his is just an extremely public one. However I do think something else is needed other than his apology to rectify the situation. MATTHEW GLASS CME GROUP He knows he did wrong and has apologised. After this I do respect him less but with such [...]
Funders reach into their pockets for tower September 25, 2012 FLAT-HUNTERS looking for a pad near the South Bank without the Shard’s eyewatering prices, rejoice: a project to turn King’s Reach Tower into luxury high-rise housing has secured funding. CIT and Jadwa have raised £250m in Shariah-compliant construction financing, and hope to turn the vacant skyscraper into flats and office space by the end of [...]
Record profits for Hargreaves amid mine woe September 25, 2012 FUEL logistics group Hargreaves Services yesterday posted record profits, as it said it would consider mothballing its troubled Maltby mine in Yorkshire. Revenue over the year to 31 May rose 24.6 per cent to £688.3m, while pre-tax profit jumped 16.8 per cent to £43.1m. Hargreaves earlier this year issued a profit warning triggered by geological [...]
Aerospace firms defend deal as EADS chief meets German MPs September 25, 2012 BAE and EADS yesterday played down speculation that the merger ratio will be sweetened to make the deal more attractive to EADS shareholders, as the aerospace giant’s chief executive Tom Enders prepared to appear before German politicians today to address concerns surrounding the deal. The rumours centred around the merger ratio, which could value EADS’s [...]
Analyst Views | What impact would closing the mine at Maltby have? September 25, 2012 NICK SPOLIAR WH IRELAND Closing the mine would be a major change, arguably removing a major distraction and releasing the energy of the business in the direction of a fully service-based model, but at the price of an impairment charge and further downgrade. Setting aside Maltby, the outlook statement is strong. JON LIENARD N+1 BREWIN [...]
Glencore pares back purchase ambitions for miner Kazzinc September 25, 2012 GLENCORE has trimmed its plans for an increased stake in zinc producer Kazzinc, as it said yesterday it would acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazakhstan-focused Kazzinc, was originally targeting an acquisition of up to 48.73 per cent from [...]
Aviva sets deadline for £300m sale of Malaysian joint venture September 25, 2012 INSURANCE giant Aviva has set a deadline of 29 October to receive bids for its Malaysian insurance business, reports suggested yesterday. Prudential, Manulife and Sun Life Financial are thought to be in the running to buy the British firm’s holding, which is expected to fetch at least $500m (£317m). Aviva set up the business five [...]
China’s richest getting poorer September 25, 2012 CHINA’S super-rich have taken a hit this year, with the number of dollar billionaires in the country falling for the first time, according to the annual Hurun rich list. The number of billionaires fell by 20 per cent to 251, while manufacturing has become the biggest source of wealth, as the government has moved to [...]
