Vodafone faces further wait for Verizon payout September 12, 2012 VODAFONE’S relationship with its American partner Verizon Communications was tested yesterday as the UK firm faced further delays over a dividend payout from the two companies’ joint US venture Verizon Wireless (VZW). The two telecoms firms are set to meet next week at VZW’s latest board meeting, but dividend payouts are set to be off [...]
Anglo American shuts mines as man found dead at Marikana September 12, 2012 THE WORLD’S largest platinum producer Anglo American Platinum yesterday shut its Rustenberg operations as intimidation continued at its mines yesterday, while the death toll at Marikana rose to 45. Around 1,000 workers confronted security at Amplats’ Rustenberg mine in South Africa, according to a police spokesperson. The five mines in the area have now been [...]
Samsung funds Cluff in Africa September 12, 2012 ■ British miner Cluff Gold yesterday announced Samsung was to fund the junior stock market-listed miner’s operations in West Africa, in return for buying gold from Cluff at a discount. The partnership, which will land Cluff a $20m (£12.4m) windfall to look into further development opportunities, could see Samsung fund around half the estimated $200m costs of [...]
Petrofac agrees credit facility September 12, 2012 ■ FTSE 100-listed Petrofac yesterday agreed a $1.2bn (£746m) five-year revolving credit facility, to be used for general corporate purposes. Barclays and Standard Chartered acted as coordinators for the facility. The miner had initially estimated it would require around $1bn, but this was increased given the “significant level of subscription” from banks.
Shell buys Texan shale assets September 12, 2012 ■ Anglo-Dutch oil giant Shell has acquired west Texan shale gas assets for $1.93bn (£1.19bn) from Chesapeake Energy, in a move to build its shale asset portfolio. The deal is expected to close within 30 days. Shell said in a statement yesterday: “The acquisition provides both existing production and near-term growth potential from a proven [...]
City beacons of charity sought by JP Morgan September 12, 2012 DO YOU know someone in the City whose charitable work deserves recognition? JP Morgan Private Bank has announced its sponsorship of the eighth biennial Beacon Awards for Philanthropy. The Capitalist’s eye was particularly caught by the category sponsored by the City of London Corporation especially to honour the City’s unsung philanthropes. Nominees for this award [...]
Boujis set for October launch in Hong Kong September 12, 2012 BANKERS trying to escape the economic gloom in London by heading to Asia can finally party in the style to which they have become accustomed. Boujis, the eponymous Chelsea night club beloved of Princes William and Harry, is launching a Hong Kong branch next month. Pledging to showcase the “best of the East with the [...]
AXA delivers morning brew by rickshaw September 12, 2012 AXA UK, which has raised almost £50k for Macmillan Cancer support, yesterday held a coffee morning in association with the charity. The morning, with the black stuff distributed by rickshaw, comes ahead of the charity’s official coffee morning on 28 September. There’s still time to join in. Order your kit at www.macmillan.org.uk/coffee.
Broadbent says jobs boom due to banks’ flaws September 12, 2012 FALLING unemployment is due to firms substituting labour for the capital they cannot acquire from the financial sector, monetary policymaker Ben Broadbent said in a speech yesterday, dismissing the idea of a hidden recovery. “In more normal times, the three per cent drop in output since mid-2007 would have been associated with an eight per [...]
Treasury denies it plans to drop a key deficit reduction target September 12, 2012 GEORGE Osborne has no plans to abandon his target of lowering the national debt as a proportion of GDP by 2015, the Treasury said yesterday. The chancellor could struggle to meet the goal as borrowing is staying stubbornly high despite his efforts to close the deficit. The latest figures put the deficit at £47.2bn in [...]
