Rolls-Royce seals pension trust future November 28, 2011 ROLLS-ROYCE yesterday unveiled a deal with its pension trustees to offset the cost of paying out to employees who live longer than expected. The longevity swap deal will see Deutsche Bank taking on £3bn of the risk associated with the company’s pension. The world’s second-largest maker of aircraft engines said the agreement would give additional [...]
Olympus could face new probe November 28, 2011 Japan’s securities regulator the Securities and Exchange Surveillance Commission (SESC) has launched an on-site investigation of Olympus Corp to uncover the details of the company’s loss cover-up scheme, the Nikkei said. Invoking the Financial Instruments and Exchange Law, the SESC will ask Olympus to submit in-house financial documents concerning past mergers and acquisitions, it reported. [...]
Thomas Cook soars on new banking deal November 28, 2011 Shares in Thomas Cook soared yesterday after the announcement of a new £200m bank facility to help secure the troubled tour operator’s survival. The travel firm’s banking syndicate – led by Barclays, HSBC, RBS and UniCredit – has agreed to replace the £100m short-term facility announced last Monday with this new provision, available until 30 [...]
Digital sales grow for Trader Media November 28, 2011 Trader Media Group (TMG) yesterday reported solid sales for the six months to 2 October, buoyed by online growth. Jointly owned by Guardian Media Group and Apax Partners, TMG showed an underlying revenue increase of four per cent to £135.4m, with total digital revenue up 15 per cent to £96.4m. Its underlying earnings increased by [...]
Nomura cuts exposure to Italian government bonds November 28, 2011 NOMURA Holdings, Japan’s largest investment bank, has cut its exposure to Italian government bonds and other Italian securities to $467m (£301.6m) from $2.82bn in less than two months to reduce its risk in the region’s debt crisis. Nomura said the move was part of a broader reduction of its holdings in Europe. The bank said [...]
Sean Quinn is ordered to pay back state bank November 28, 2011 BANKRUPT billionaire Sean Quinn was yesterday ordered to repay €1.7bn (£1.5bn) to a state-owned bank in the largest judgement ever against an individual in Ireland. Quinn, whose €4bn empire collapsed after a disastrous investment in Anglo Irish Bank before its 2009 nationalisation, was ordered to pay the lender €417m, bringing his total liability to €2.1bn. [...]
CITY VIEWS: IS THE REFINANCING ENOUGH TO SAVE THOMAS COOK? November 28, 2011 JAMES HOLLINS | EVOLUTION Longer-term, the company will have to fundamentally adjust its business model; savagely cut costs; hope for more benign economic conditions; and wish for negligible external shocks such as the current events in Egypt. The required changes are a tall order in a structurally flawed industry. WYN ELLIS | NUMIS We believe [...]
KKR in Capital Safety buyout November 28, 2011 KKR, one of the world’s largest buyout firms, has bought safety equipment maker Capital Safety for $1.12bn (£722m). KKR, which is acquiring the company from private equity firm Arle Capital Partners, said it sees attractive prospects in the fall protection business because of its ties to the energy and infrastructure industries, with potential for growth [...]
German Domino’s bids to go large November 28, 2011 The fledgling German operation of Domino’s Pizza UK & IRL could grow to be twice as big as the UK business, incoming chief executive Lance Batchelor said yesterday. Domino’s, which operates the British and Irish franchises of the global delivery brand and opened its first stores in Germany this year, believes the German market could [...]
AOL not planning to buy Yahoo November 28, 2011 AOL does not plan to buy any of Yahoo’s assets, AOL’s chief executive said yesterday. Tim Armstrong reiterated the company’s strategy of staying independent and growing its ailing brand, known for its dial-up services, into a media powerhouse dependent on advertising revenue. Meanwhile, the New York Times reported last night that a constortium including Microsoft [...]
