Banks lined up on $24bn Dell buyout January 15, 2013 TALKS to take struggling personal computer manufacturer Dell private are in an advanced stage, it emerged last night, with several large banks being tapped for funds to make a bid possible. A bid led by US buyout firm Silver Lake Partners is being prepared with the blessing of Michael Dell, the company’s founder and chief [...]
RBS braced for Libor fines of up to £500m January 15, 2013 RBS is now expected to pay almost double the fine for Libor fiddling that its UK rival Barclays faced, as the bank and regulators close in on a final settlement deal. The state-backed institution is in last-minute talks to bash out a settlement, as it seeks to put the scandal behind it before its full [...]
Burberry tops FTSE 100 January 15, 2013 The leading share index was modestly higher in early deals, as Burberry was the star performer following an upbeat trading statement. The British luxury brand soared 5.2 per cent on the FTSE 100 this morning, as investors were cheered by its latest trading statement. Revenue over the third quarter jumped nine per cent, thanks to [...]
Barclays and Deutsche to cut back bonuses January 14, 2013 BANK job losses are set to be matched by tough bonus cuts as the industry seeks to keep costs under control, with Barclays and Deutsche Bank yesterday joining the long list of institutions thought to be preparing to keep a tight hold on the purse strings. Deutsche Bank is expected to cut its bonus pool [...]
Icap sells stake in post-trade firm to seven-bank consortium January 14, 2013 ICAP, the world’s largest interdealer broker, yesterday said it had sold a 12 per cent stake in post-trade processing firm Traiana to a consortium of seven banks, valuing the business at $300m (£186.5m). Under the terms of the deal, the investors – Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, JP Morgan, Nomura and [...]
Shanks nets £750m waste deal January 14, 2013 Waste management group Shanks has won a 25-year contract with Wakefield Council worth £750m, which will see the firm build a residual waste treatment facility to process up to 230,000 tonnes a year of municipal solid waste and turn it into electricity. The contract has been funded by the UK Green Investment Bank and a [...]
FTSE falls from four-year high as analysts warn on energy shares January 14, 2013 BRITAIN’S leading shares fell yesterday after touching a 4-1/2 year high early in the session, with technical analysts noting the index could be set for a minor correction. Energy stocks, among Friday’s biggest gainers, were the main drag on blue-chip sentiment as Nomura warned that the sector was inexpensive for a reason and attractive price-to-earnings [...]
Financial shares buoy FTSE 100 January 14, 2013 The blue chip index edged up in early trading, but failed to replicate strong gains overnight in Asia. Resources and financial shares were in favour this morning, with oil and gas services provider Petrofac the top FTSE 100 riser. Eurasian Natural Resources was up 1.58 per cent, as Credit Suisse upgraded the stock from “neutral” [...]
Financial firms sack or suspend record number of staff January 13, 2013 FINANCIAL firms and watchdogs have tightened the screws on staff suspected of misconduct in the last year, according to figures out today. In 2012, almost 1,400 financial services workers were dismissed or suspended, or resigned while under investigation by their employer or a regulator, figures from the Financial Services Authority show. In the same year [...]
Strong start to 2013 as US M&A market surges January 13, 2013 MERGER and acquisition activity hit a record high in the opening weeks of 2013, according to new figures from Dealogic, marking a stark change from the flat markets of 2012 as US deals drove the sector. The first two weeks of the year saw $80.8bn (£50.1bn) worth of deals globally – the best start to [...]