Xinmao: We’re serious about Draka offer November 24, 2010 XINMAO Group’s financial adviser said yesterday that the group had Chinese bank financing lined up for its $1.3bn (£820m) offer for Dutch cable maker Draka, in a bid to dispel doubts over its proposed bid. Xinmao had a commitment from “one of the larger banks in China to provide the funds as necessary” for the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 23, 2010 FINANCIAL TIMES CAMERON WOOS NORDIC NATIONS David Cameron is to host a summit with leaders of Nordic and Baltic countries in January, an unusual move which Downing Street billed as an opportunity to exchange ideas on issues such as the green economy, social cohesion and gender equality. Cameron’s spokeswoman insisted the summit was not an [...]
Tesco China aims to quadruple its sales November 22, 2010 SUPERMARKET Tesco plans to quadruple sales in its Chinese business over the next five years, the firm said yesterday. Tesco told investors and analysts it hopes to hit £4bn in annual sales by 2015, in a country where sales are currently rising at eight per cent year-on-year. The firm aims to build more than 1,000 [...]
Commodity prices are not all that they seem November 22, 2010 THERE’S a tiny corner of pessimism in the commodity investment world. Amid a multitude of bulls, a few bears are pointing at what they think might be the unnoticed elephant in the room: large institutional investors. With the possibility of that demand reversing, should contracts for difference (CFD) traders perhaps be a little worried? Certainly [...]
Gifts with a sense of history November 22, 2010 IT’S no coincidence that the recession has overlapped with a surge in the popularity of all things old fashioned. If our confidence in a bold, sparkling future has faltered, our interest in the aesthetics of the past – and the values of quality, provenance and craftsmanship that go with it – has rocketed upwards. 1940s-themed [...]
China tries to curb food prices after consumer inflation hits two-year high November 22, 2010 CHINA said yesterday it would step up efforts to keep commodity prices stable, in its latest attempt to keep fast-rising inflation rates in check. China’s central cabinet has asked local governments to increase agricultural production and keep a constant coal, oil and gas supply in a seven-page circular. The government has urged local groups to [...]
How to defuse a time bomb: China worries about liquidity November 21, 2010 IF ANYONE had needed more proof of the extent of global economic imbalance, then last week’s inflation figures ought to have been enough. Despite unprecedented monetary ease, America’s inflation rate is running at 0.6 per cent, the lowest level in 53 years. In China, however, money is abundant and inflation is running at 4.4 per [...]
Private equity battle looms for Danish ISS November 18, 2010 A BLACKSTONE-led quartet and two rival teams are readying bids for ISS, the $7bn (£4.4bn) Danish cleaning giant as Europe’s biggest post-crisis buyout heats up. The owners of ISS – Goldman Sachs Capital Partners and Sweden’s EQT – are exploring an initial public offering (IPO) of the company or a sale of it. Blackstone Group, [...]
China secures 100-aircraft order for its first commercial jetliner November 16, 2010 China yesterday announced a 100-plane order for its first commercial jetliner, a first step in its ambitions to challenge Airbus and Boeing for a slice of a global market worth $1.7 trillion. State-owned COMAC, or Commercial Aircraft Corp of China, unveiled the orders at the country’s largest air show yesterday, ending a dearth of orders [...]
FAITH IN QE2 LIMITS FALLS IN EQUITIES November 15, 2010 CFD MARKET STRATEGIST, GFT RECENTLY, investors have got used to their expectations being met. Republican victories in the mid-terms led investors to expect a more business-friendly environment. The Fed’s latest QE announcement was in line with estimates, while a thumping gain in non-farm payrolls has raised hopes that unemployment may have turned a corner. With [...]