FTSE climbs as risk appetite returns June 14, 2011 London stocks are gaining ground this morning after heartening economic data from China led Asia to a positive finish overnight and boosted commodities. Energy and metals prices are rising after data showed China’s inflation rate remains high at 5.5 per cent. That rate was better than some expected, though, while retail sales data also showed [...]
Hugh Osmond snaps up power firm APR in deal worth £527m June 13, 2011 HUGH Osmond, the entrepreneur behind Pizza Express and Punch Taverns, is to buy US temporary power provider APR energy in an $855m (£527m) deal. Horizon Acquisition, a cash shell that Osmond floated on the alternative investment market in February 2010, announced yesterday that it will pay $395m cash and $495m in shares for a 59 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 12, 2011 FINANCIAL TIMES FOREIGN BANKS AND GOVERNMENTS IN DESPERATE ASSAULT ON US TAX LAW Banks and foreign governments are mounting an increasingly desperate push against a sweeping US tax law that will force overseas institutions to report their American clients to the Internal Revenue Service. The Foreign Account Tax Compliance Act was passed by Congress last [...]
City honoured in the Queen’s birthday list June 12, 2011 BANK of England governor Mervyn King has topped a list of City figures recognised for their services to British business, banking and finance in the Queen’s birthday honours list. This year’s honours list is weighted heavily towards recognising the contribution of the City. This is partly due to it being seen as politically unpalatable for [...]
Mining shares rebound and oil stocks rise on supply fears June 9, 2011 MINERS rebounded from the previous day’s sharp sell-off to help push Britain’s top share index higher yesterday, while oil stocks tracked crude higher on supply fears. The FTSE 100 closed up 47.45 points, or 0.8 per cent, at 5,856.34, having bounced well clear of the session low of 5,795.00, although thin volumes exaggerated the index’s [...]
Architects cast an expert interior eye June 9, 2011 FREELANCE writer Elisa Wickham and her partner were faced with a debate two years ago when they began renovating the interior of their promising, but outdated shabby three-bed property in N7: Pay an architect to advise or go direct to a builder? “Neither us have any building abilities and we don’t have massive incomes so [...]
HMV DEBT REFINANCING June 7, 2011 Q.WHAT DOES THIS HMV REFINANCING INVOLVE? A.HMV’s lenders RBS and Lloyds have agreed to supply two term loans of £70m and £90m that mature in September 2013, and a £60m revolving credit facility. The deal refinances its previous £240m debt facility with £220m of fresh debt. The banks will charge HMV interest of four per [...]
ONCE AGAIN, THE ECB MAY SURPRISE US June 7, 2011 IN THE movie Groundhog Day, Bill Murray wakes up each day only to find himself repeating the activities of the day before. There is a bit of a Groundhog Day feel to the currency market this week, as traders once again prepare for the monthly European Central Bank (ECB) press conference. Recall that last month [...]
HARTSON: YOUNG BOSS BETTER FOR WEST HAM June 6, 2011 Ex- Hammers striker insists club should have hired an up-and-coming manager instead of Allardyce FORMER West Ham star John Hartson believes the east London club have made a mistake in appointing Sam Allardyce as boss, insisting they should have put their faith in a young up-and-coming manager. Barcelona gambled on the inexperienced Pep Guardiola three [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2011 FINANCIAL TIMES SPAIN TO SEEK REDRESS OVER E. COLI CLAIM Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs [...]