Graff outlines plans for IPO in Hong Kong November 21, 2011 LONDON-based jeweller Graff hopes a planned Hong Kong IPO will bolster its position in a fast-changing diamond industry and give it financial clout to expand into Asian and other major cities, its 73-year-old founder and chairman said yesterday. The privately-held diamond and precious gems firm founded by Laurence Graff (pictured) in 1960 has found it [...]
Qantas forced into arbitration November 21, 2011 TALKS between Australia’s Qantas Airways and the trade unions that represent its pilots and cabin crew have broken down without resolution, meaning the long-running dispute will be settled by binding arbitration. The airline said it had failed to agree a deal by the deadline imposed by the Australian government 21 days ago. It will now [...]
Life sciences firm posts a jump in its annual profits November 21, 2011 DIPLOMA said yesterday its full-year adjusted pre-tax profit rose 39 per cent, as it benefited from acquisitions in its life sciences business and a higher demand across its segments. The FTSE 250 company, which supplies products and services to the life sciences, seals and controls industries, raised final dividend by 37 per cent to 8.5p, [...]
Philip Morris takes legal action over Australian cigarette packaging laws November 21, 2011 TOBACCO giant Philip Morris launched legal action yesterday against Australian laws forcing tobacco products to be sold in plain packaging from late next year, and other tobacco companies said they would soon follow suit. The tough legislation cleared by parliament is being closely watched by governments considering similar moves in Europe, Canada and New Zealand. [...]
SAGE OF OMAHA SPEAKS OF EUROZONE FLAWS November 21, 2011 WARREN Buffett, the billionaire known as the Sage of Omaha, yesterday said there was a “major flaw” in the Eurozone and that “won’t be corrected just by words”. He said some European equities were still good value. He also said the earthquake and Olympus scandal have not made him look any less favourably on Japanese [...]
Charitable leader of IMG Worldwide Theodore Forstmann dies aged 71 November 21, 2011 THEODORE Forstmann, the investment banking tycoon and leader of IMG Worldwide, has died aged 71 following a battle with brain cancer. Forstmann had led IMG, the sport, fashion and media agency, since 2004, when he bought the group. IMG is the largest sports agency in the world, representing Tiger Woods, Roger Federer, Nike and Rolex. [...]
AIB sells Dublin asset arm November 21, 2011 State-controlled Allied Irish Banks has sold its Dublin-based asset management arm to South African investment management firm Prescient Holdings for an undisclosed sum. AIB was effectively nationalised last year and is shrinking its operations as part of an EU-IMF bailout. It was ordered to sell its asset management arm last year under a restructuring agreement [...]
Rentokil to buy rival for £6.5m November 21, 2011 Rentokil Initial, the business services company, is set to pay £6.5m for the building services division of rival firm Managed Support Services. The firm says the acquisition will offer synergies with its own electrical engineering building services business. Managed Support Services’ division has 200 employees and turnover of around £22m a year. It offers services [...]
CITY MOVES | WHO’S SWITCHING JOBS November 21, 2011 HSBC Private Bank Bernard Rennell has been appointed as chief executive for North Asia, subject to regulatory approvals. Rennell, who will be based in the Hong Hong office, will be responsible for all private banking activity for HSBC Private Bank in north Asia, including Hong Kong, China, Taiwan, Japan and the Philippines. A former securities [...]
BEST OF THE BROKERS November 21, 2011 STANDARD CHARTERED JP Morgan rates the bank “overweight” with a target price of £18. The broker believes the group is well positioned to benefit from its strong balance sheet, which includes $150bn of near-cash equity. Following meetings with management across the firm’s Asian operations, JP Morgan also notes that revenues are still rising, costs are [...]
