South African mines reopen September 17, 2012 ■ Two South African mines that were suspended over the weekend due to labour unrest were reopened yesterday. Aquarius Platinum and Xstrata both reopened their mines near Rustenberg, although the situation is still thought to be tense. Anglo American Platinum, the world’s largest producer of the silver metal, said its Rustenberg operations would reopen today [...]
Peregrine boss to stay in jail September 17, 2012 ■ Peregrine Financial group chief executive Russell Wasendorf Sr, who has confessed to swindling customers of his futures brokerage out of more than $100m, is set to stay in jail after prosecutors objected to a plan to release him yesterday, according to a court order. Wasendorf, 64, was expected to be released from an Iowa [...]
Reckitt Benckiser ditches CFO after culture clash September 17, 2012 CONSUMER goods giant Reckitt Benckiser yesterday ditched its current chief financial officer Liz Doherty in favour of Smith & Nephew’s Adrian Hennah, after it admitted Doherty was not “well matched” to the firm. Doherty, who was appointed in January 2011, will remain working at the company until March 2013. Hennah will join in December 2012, [...]
City law firm Field Fisher in merger talks worth £200m September 17, 2012 FIELD Fisher Waterhouse, the City law firm based close to Tower Hill, is in merger talks with up to three other firms that could results in a tie-up worth up to £200m, it emerged yesterday. Field Fisher, which called off more advanced talks with rival Lawrence Graham earlier in the summer, is believed to have [...]
Payments group Square attracts $200m in funding September 17, 2012 PAYMENTS company Square said yesterday it had closed on its fourth major funding round, an investment of more than $200m (£123.2m). Investors include Citi Ventures, Rizvi Traverse Management, and coffee retailer Starbucks. The coffee chain’s investment was announced last month. The company is valued at about $3.25bn, a source familiar with the matter has said. [...]
Standard Life issues bonds in Canada September 17, 2012 INSURER Standard Life yesterday announced that it has raised 400m Canadian dollars (£253m) in debt, its first issuance in the local currency. Subject to regulatory approval the funds may be used to repay a similar-sized internal debt owed by the Canadian division to the Edinburgh-based parent company. Holders will enjoy a return of 3.9 per [...]
MPs put in the cheap seats as easyJet inks travel deal September 17, 2012 A BELT-TIGHTENING decree for hardworking politicians yesterday, timed to coincide with the start of the conference season break (three weeks after the end of the Westminster summer break). In a spirit of collective austerity, parliament has drafted in low cost airline easyJet as a travel partner for MPs and peers. For the next twelve months, [...]
Ladies’ investment club plans an evening of advice and inspiration September 17, 2012 ASPIRING female entrepreneurs take note. Tomorrow night the No.1 Ladies’ Investment Club will hold its fifth annual networking event, focusing on the “Power of the Purse” – womens’ relationship with money and how to maximise investment success. Gina Miller established the Investment Club in 2009 to offer access to financial education for aspiring female investors, [...]
Construction begins on Crossrail nature reserve September 17, 2012 CONSTRUCTION work officially kicked off yesterday on a project to create the largest man-made nature reserve in Essex. Wallasea Island, close to Southend-on-Sea, is being transformed from farmland into a huge wildlife sanctuary to attract birds and other wildlife to the area. The 670-hectare park, which will feature marshes and mudflats, is being constructed from [...]
Investors sell Samsonite shares September 17, 2012 PRIVATE equity firm CVC Capital and Royal Bank of Scotland sold a combined 153.6m shares in luggage maker Samsonite International yesterday, raising HK$2.22bn (£175m), according to reports in IFR. The deal originated from a reverse enquiry and was sold to a small number of global investors, the report said. The vendors sold at HK$14.50 per [...]
