Argentina urges US to unfreeze payment of restructured bonds July 2, 2014 ARGENTINA’S government yesterday asked a US judge to unfreeze payment to holders of the country’s restructured debt, in return for opening talks with holdout investors suing for full repayment. A number of holdout creditors – namely hedge funds led by Elliott Management Corporation – refused to restructure their bonds in the wake of the Latin [...]
Federal Reserve’s chair Janet Yellen stays firm on low interest rates July 2, 2014 Federal Reserve chair Janet Yellen yesterday stuck by the US central bank’s loose monetary policy, reiterating her view that regulation should be the key tool used to combat financial stability risks. She argued that interest rates should seldom be used to combat risks to financial stability and that doing so to counter the US housing [...]
Google receives 50,000 “right to be forgotten” deletion requests July 2, 2014 Search engine giant Google yesterday told City A. M. that it had received 50,000 requests to delete articles since a European court ruling in May ordered it to remove “inadequate, irrelevant or no longer relevant” data if an individual requested it. The European Court of Justice ruling came into force this week Google has started [...]
Liverpool sign up Carillion for Anfield revamp July 2, 2014 SUPPORT services and construction firm Carillion yesterday said it had been named preferred bidder for the £75m expansion of Liverpool’s Anfield stadium, ahead of the club’s return to the Champions League. The proposals would increase the capacity of a new main stand by around 8,300, taking the overall capacity of the stadium to around 54,000. [...]
Chestertons up for sale in hope of pocketing more than £50m July 2, 2014 LONDON estate agent Chestertons is considering putting the business on the block, as sales volumes of properties in the capital struggle to recover in line with prices. Cavendish Corporate Finance is understood to have been hired a couple of weeks ago to manage the sale process, which is now underway and is expected to fetch [...]
MPs blast lack of urgency on energy policy July 1, 2014 THE GOVERNMENT’S convoluted energy policies are deterring much-needed infrastructure investment, a committee of MPs warned yesterday. “We are concerned that the complexity and changing nature of the policy landscape affecting infrastructure investment, particularly in the energy sector, may be causing investors to hold back from making investment decisions,” said a report by the Public Accounts [...]
General Electric buys UK tech firm Monsal July 1, 2014 US ENGINEERING giant General Electric (GE) yesterday said its water business had agreed to buy UK-based company Monsal, to expand its capabilities in the renewable energy sector. Monsal, which is owned by investment firms Mobeus Equity and Four Winds Capital Management, is an environmental technology firm that converts biosolids and biowaste into renewable energy. “For [...]
St Modwen’s profits soar by a third on the back of UK property market recovery July 1, 2014 St Modwen yesterday posted a 32 per cent jump in first-half profit, reflecting the recovery of the UK property market. The developer, which in May submitted its planning application for the £2bn regeneration of New Covent Garden Market – Britain’s largest flower and vegetable market located in Nine Elms – reported pre-tax profits of £51.3m. [...]
UK guarantees energy price to cut blackout risk June 30, 2014 The government yesterday guaranteed payment for more than 80 per cent of peak UK electricity demand, to lower the risk of blackouts. The announcement coincides with figures from energy regulator Ofgem, which show that reserve margins – the safety buffer of spare power capacity between supply and demand – could fall to their lowest level [...]
Scotland holds modest shale gas resources June 30, 2014 The Midland Valley in central Scotland has a “modest” amount of shale gas and oil compared to the north of England, according to a new report published yesterday. The British Geological Survey (BGS) estimates that the region is likely to hold around 80 trillion cubic feet (tcf) of shale gas and 6bn barrels of shale [...]
