Debenhams in debt refinancing deal July 19, 2010 DEBENHAMS has sealed a new deal to refinance its debts, signing a new £650m ($997M) agreement that will cut its interest bill. The deal includes a £250m loan and a £400m revolving credit facility expiring in October 2013, with an option to extend to October 2014. It expects interest costs net of fees to fall [...]
Moody’s downgrades Ireland July 19, 2010 THE international credit rating agency Moody’s has downgraded Ireland’s debt – for the second time since the financial crisis hit. Moody’s is the last of the three main agencies who help investors assess investment risk to lower Ireland’s rating for a second time. However, the ratings agency has moderated its outlook for Ireland from negative [...]
BP oil cap hit by “seepage” as bill reaches $4bn July 19, 2010 ENGINEERS monitoring BP’s damaged well in the Gulf of Mexico have detected seepage on the ocean floor while the company’s bill for the spill has hi $3.95bn (£2.58bn). BP said in a statement it continued to run an integrity test on the well, on which it placed a cap last week. The statement did not [...]
Former Pru boss tucker joins AIA July 18, 2010 AIA WILL today announce the shock appointment of the former head of FTSE-100-listed Prudential as its new chief executive. Mark Tucker will take the reigns at the firm just weeks after Prudential’s $35.5bn (£23bn) AIA takeover bid humiliatingly collapsed. He will now be responsible for overseeing the firm’s momentous listing, resurrected last week, which could [...]
Boeing sells 30 jets to Emirates July 18, 2010 EMIRATES will order 30 new Boeing 777 aircraft in a deal worth more than $7bn (£4.6bn). The contract will be unveiled at the Farnborough Air Show, which starts today. It follows a period of rapid expansion for the Dubai-based airline, which last month ordered 32 Airbus A380 superjumbo jets, worth around $115bn. The deal will [...]
City row over director deals July 18, 2010 A TOP City figure has spoken out against a decision by the Financial Services Authority to prevent stockbrokers from notifying clients that they are passing on shares being sold by a company director. Directors’ share sales can have a material impact on market sentiment towards their company. Many brokers thus traditionally gave investors a heads [...]
Sweden’s failed Tobin tax experiment July 18, 2010 BAD ideas have a habit of never really going away. There were renewed calls at the weekend for a Tobin tax on financial transactions, a deeply flawed concept which remains popular in influential circles. Supporters should acquaint themselves with an excellent study published in the mid-1990s by the Canadian government’s depository services programme, which remains [...]
BP cap stops oil spilling July 18, 2010 BP said yesterday its new cap has stopped the oil that has gushed into the Gulf of Mexico for three months and hopes to keep it that way until a relief well can permanently seal the leak next month. The British energy giant expressed confidence its blown-out Macondo well is intact below the seabed and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 18, 2010 FINANCIAL TIMES MANDARINS TO BE OFFERED EARLY REDUNDANCY PAYOUTS Thousands of senior civil servants are being offered voluntary redundancy ahead of big cuts in their severance terms, sparking fears that some of Whitehall’s most talented officials could walk before the terms are reduced. The offers are less to do with the coalition’s plans to tackle [...]
Motorola close to Nokia deal July 18, 2010 Motorola is close to selling most of its wireless-network equipment business to Nokia Siemens Networks (NSN) for $1.2bn (£780m). NSN, a joint venture of Finland’s Nokia and Germany’s Siemens, would buy Motorola’s network unit under the deal, which could be announced as early as today. Motorola plans to keep its iDen technology, which works for [...]
