BHP Billiton admits rising costs June 23, 2011 BHP Billiton said yesterday that its Worsley bauxite and aluminium project in Australia will cost $135m (£84.4m) more than previously expected, and that first production has been put back a year to the first quarter of 2012. BHP said the $3bn venture is “one of the most complex brownfield projects undertaken”, which has slowed down [...]
ANALYST OF THE YEAR June 22, 2011 IT TAKES strong-minded individuals with deep knowledge of the sectors they cover to make calls that challenge popular thinking, but the five thinkers on CITY A.M.’s shortlist for Analyst of the Year have won respect for going against the grain – whether being sane on the Glencore IPO or criticising the Bank of England’s interest [...]
INVESTMENT BANK OF THE YEAR | The Shortlist day 3 June 21, 2011 This hasn’t been the easiest of times for investment banks but there are signs that deal activity, at least, is picking up to more normal levels. We have chosen JP Morgan because, as ever, it has shown itself to be strongly placed in most markets. Bank of America Merrill Lynch is something of a recovery [...]
CAR TALK June 21, 2011 PARK LANE’S MCLAREN PALACE McLaren’s flagship London showroom has just opened at One Hyde Park. McLaren claims the showroom will stock a spare of every serviceable part for its new MP4-12C high-performance, carbon-fibre-based sports car and provide an efficient “pitstop” service for repairs. McLaren aims to hand-build 1,000 cars this year. FERRARI UK DEBUT Ferrari’s [...]
China makes the very best of neighbours for Australia June 21, 2011 WHILE Australia’s first stock exchange officially opened in Melbourne in 1861, some 10 years after the start of the Gold Rush, the national Australian Stock Exchange was not established until more than 100 years later, in 1987. But ASX Group, current owner of the entity created by the merger of the Australian Stock Exchange and [...]
CITY MOVES | WHO’S SWITCHING JOBS June 19, 2011 Co-operative Bank The Co-operative Bank has appointed Richard France (left) and Chris Wilson to lead the Corporate and Business Relationship Banking team and the Corporate Banking Specialist Sectors operations respectively. France was previously head of the Bank’s nationwide corporate banking centres and Wilson led the firm’s Commercial Real Estate, Public Sector and Treasury Sales activities. [...]
Rothschild and Hayward in £1bn float June 9, 2011 CITY financier Nat Rothschild and former BP chief executive Tony Hayward set out plans yesterday to raise £1bn in a flotation of their investment vehicle Vallares in London. The scion of the banking dynasty and former City heavyweight have joined forces to launch Vallares as a cash shell to acquire and expand high-growth but cash-poor [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 2, 2011 FINANCIAL TIMES FORMER TESCO CHIEF PUTS MONEY INTO NICOTINE A medical devices group developing non-tobacco nicotine delivery systems has won the backing of Sir Terry Leahy in the latest private investment by the former Tesco chief executive since he retired in March. Sir Terry has put an undisclosed sum behind Kind Consumer, a start-up that [...]
The Juke: a crossover with class May 31, 2011 THIS strange beast is the Nissan Juke. A small crossover designed for the city, it’s the funny-looking little sibling to Nissan’s super-successful Qashqai. At first sight it appears something of an oddity with its large, round headlights, bulb-shaped sidelights and protruding bottom lip. Its shape comes from a desire to blend toughness with sportiness and [...]
FTSE rebounds but Wall St fall goes on May 24, 2011 UK stocks rebounded today as miners regained ground after grim falls yesterday, though final gains were small. The FTSE 100 ended the session 0.4 per cent higher at 5,858.41 but recorded a high of 5,884.66 in the day’s trading as investor confidence returned. Bargain hunters moved in on miners, which recovered along with metals prices [...]