Bond relief for Spain and Italy as mood jumps June 20, 2012 SPANISH yields dipped below the crucial seven per cent level yesterday as the debt-stricken country insisted that it had no need for a full-blown bailout. Spain’s 10-year government bond yield, a gauge of the compensation investors demand to lend to the government, fell 27 basis points to 6.93 per cent. The dip came ahead of [...]
Obama urges the Eurozone to break the fever of debt crisis June 20, 2012 US PRESIDENT Barack Obama yesterday urged European leaders to “break the fever” of the escalating debt crisis, as he admitted that the ongoing turmoil could hinder his own re-election prospects later this year. “None of them are going to be a silver bullet that solves this thing entirely … in the next week or two [...]
Confidence at rock bottom in troubled states June 20, 2012 EUROPEANS in heavily indebted countries have given up hope of an economic recovery, according to a study published today, while Germans and Americans are far more confident about their countries’ prospects in the coming months. Just three per cent of recession-hit Spaniards and Italians describe the current state of their economies as “good,” the Ipsos [...]
News Corp bids $2bn for Aussie pay TV business June 20, 2012 RUPERT Murdoch’s News Corp made a $2bn takeover offer for Australia’s Consolidated Media Holdings yesterday, boosting top shareholder and billionaire James Packer’s warchest as he abandons media in favour of casinos. Packer, who has built stakes in casinos in Australia, London, Macau and Las Vegas, indicated he would accept the offer in the absence of [...]
Australian rules may dent Murdoch’s home advantage June 20, 2012 AFTER the calamitous failure of its BSkyB bid, Rupert Murdoch’s News Corporation has decided to advance its pay TV ambitions in his birth country, bidding A$1.97bn (£1.27bn) for Australia’s Consolidated Media Holdings. If the deal is accepted and gains the necessary regulatory approval, it will double the media giant’s stake in Foxtel, the island continent’s [...]
Cameron brands tax avoiders as dodgy and morally wrong June 20, 2012 PRIME minister David Cameron yesterday brutally spoke out against people who avoid paying tax, calling them “morally wrong”. The comments came after it was unearthed that a string of celebrities and high earners were understood to be involved in severe tax avoidance schemes. Responding to allegations made by The Times that comedian Jimmy Carr cuts [...]
Aer Lingus says no to Ryanair’s takeover bid June 20, 2012 SHARES in Aer Lingus soared 15.4 per cent yesterday after Ryanair’s latest takeover bid, though the budget carrier said after the markets closed that the offer undervalues the firm. Aer Lingus, which has been subject to three takeover offers from Ryanair since listing in 2006, urged its shareholders to take no action for now after [...]
Biggest deal in years for WPP as it buys digital agency stake June 20, 2012 SIR MARTIN Sorrell’s ad company WPP yesterday agreed to buy a majority stake in AKQA, one of the world’s most prestigious digital marketing agencies. In an deal that gives AKQA an enterprise value of $540m (£343m), WPP bought General Atlantic out of its 80 per cent stake and took an undisclosed amount of the 20 [...]
BRITISH AND MEXICAN FIRMS CELEBRATE DEALS June 20, 2012 DAVID Cameron used his trip to Mexico to unveil 25 trade deals linked to the central American nation. The Prime Minister, who met with Mexican President Felipe Calderón yesterday, said firms including healthcare group Bupa, InterContinental Hotels and engineer JJ Churchill have pledged to expand business in Mexico, while tortilla maker Gruma Maseca is spending [...]
Otkritie sees red over fraud June 20, 2012 OTKRITIE Securities swung to a £55.9m loss last year – from a £2.5m pre-tax profit in 2010 – after it was hit by a major fraud scandal. In accounts filed with Companies House, Otkritie – putting a number on the scam for the first time – said an “exceptional [£65.9m] was incurred in relation to [...]
