WHAT THE OTHER PAPERS SAY THIS MORNING October 30, 2011 FINANCIAL TIMES SCHÄUBLE CALLS FOR EU LEAD ON TOBIN TAX Wolfgang Schäuble, Germany’s finance minister, wants the European Union to take the global lead in introducing a financial transaction tax to curb speculative trading, along with tougher regulation of big banks and the “shadow” banking sector, such as hedge funds. If the UK blocked agreement [...]
APR sees 64pc revenue jump October 27, 2011 TEMPORARY power provider APR delivered a bullish trading update yesterday, saying it saw growth accelerate in the past quarter with revenues up 63.5 per cent to $57.5m (£35.7m). APR, which only re-listed in June after being taken over by Hugh Osmond’s Horizon vehicle, signed a new agreement to supply turbines to engineering group Pratt & [...]
Cut in bad debt spurs profit at National Australia Bank October 26, 2011 THE PARENT company of Yorkshire and Clydesdale banks has increased second-half cash profit by 17 per cent as bad-debt charges fell and mortgages grew at more than three times the rate of the industry. National Australia Bank said this morning that profit was a record A$2.79bn (£1.82bn), despite doubts over the immediate health of the [...]
UK groups buy abroad amid slump October 12, 2011 HOPES of a long-term recovery in Britain’s global buying power are boosted today with the publication of figures showing it has held on to its position as the second-most active nation in mergers and acquisitions. British companies made $83.26bn (£52.82bn) of acquisitions overseas so far this year while foreign firms spent $64.35bn on buying British [...]
Bidders play hardball over Lloyds sale October 9, 2011 LLOYDS Banking Group is likely to have to offer a cut price deal on the 632 branches it is selling in order to lure all potential bidders back to the table. City A.M. understands that one potential bidder, Hugh Osmond’s Sun Capital, is disputing the Lloyds’ estimate of how much it will cost to set [...]
Levene’s bank confirms bid for Lloyds arm September 29, 2011 LORD Levene’s British bank venture NBNK confirmed yesterday it had put in a formal bid for the 632 branches that Lloyds Banking Group is selling, with the amount on the table believed to be around £1.5bn. The NBNK offer is the only formal bid for the Lloyds’ branches so far, with Hugh Osmond’s Sun Capital [...]
What a rotten time to be selling assets September 29, 2011 IT is difficult not to feel a smidgen of sympathy for Lloyds Banking Group, instructed, as it has been, to sell 632 branches under state aid rules in the middle of a major economic slowdown. For one thing, the one financial alternative to a trade sale, an IPO, is virtually out of the question given [...]
Osmond’s APR expects lift from Cat deal September 29, 2011 APR Energy, the temporary power business owned by entrepreneur Hugh Osmond, expects a surge in new business after it signed an emerging markets development deal with Caterpillar. The five-year contract will see APR work with Caterpillar and Florida agent Ring Power, with Caterpillar supplying mobile generator sets to APR Energy. APR will gain access to [...]
Lloyds gets just one bid on branches September 28, 2011 LLOYDS has received just one formal bid on the 632 branches it is selling. NBNK Investments, the buy-out vehicle set up by Lord Levene, bid substantially below the £2bn that Lloyds is hoping to get. As part of the conditions of the bid, City A.M. understands that NBNK would agree to buy only a portion of [...]
Bid for NAB UK rejected September 27, 2011 NATIONAL Australia Bank (NAB) rejected a bid by Hugh Osmond’s Sun Capital for its UK assets before entering into its current talks with NBNK Investments, it has emerged. A source familiar with the situation said that the bid, which was around £2bn, was made in the last few months but did not go anywhere. NAB is [...]