HSBC sells Russian consumer banking division to Citigroup June 14, 2011 HSBC has agreed to sell part of its Russian retail banking business to Citigroup in a deal valued at around $10.7m (£6.5m). The British bank said in April that it would quit its Russian retail operations, becoming the latest in a string of international lenders to pull the plug on consumer banking in the country. [...]
Biotech stocks are in bloom June 14, 2011 THE Nasdaq stock exchange has long been associated with technology companies, attracting high-profile listings such as Apple and Microsoft at the start of their journeys to global domination. Accordingly, the stocks on the exchange are considered to be more volatile and growth-oriented. While technology stocks continue to dominate the top of the Nasdaq 100 index [...]
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 [...]
Gazidis to feel heat of Usmanov’s blast June 12, 2011 ARSENAL chief executive Ivan Gazidis is facing a grilling from disgruntled fans tonight after Alisher Usmanov, the club’s second largest shareholder, turned up the heat on the board. Gazidis (below right), who is hosting a question and answer session with the Arsenal Supporters’ Trust, was already set for a mixed reception amid increasing criticism from [...]
London IPO market is close to seizure June 7, 2011 GLENCORE recently pulled off a $11bn flotation, London’s largest ever, but the past few months have otherwise been pretty desultory in terms of new companies coming to market. Some blame last year’s flotation of Ocado, the online grocer, for starting the rot. Ocado’s share price has recovered well from its early post-IPO malaise but bankers [...]
HMV signs new £220m loan facility June 7, 2011 Troubled music retailer HMV has refinanced a lifeline £220m lending facility with its banks but has agreed to give them a five per cent stake to do so. HMV, which sold its flagship book retail chain Waterstone’s to Russian billionaire Alexander Mamut last month, has signed three separate loan agreements with lenders led by Lloyds [...]
Russia’s Global Ports to raise $750m in London June 6, 2011 RUSSIA’S biggest freight terminal operator aims to list on the London Stock Exchange to raise up to $750m (£456m), it said yesterday. Global Ports Investments, which operates terminals in Russia and Finland, intends to float 25 per cent of its issued share capital. It will list $100m of new shares and an unspecified amount of [...]
Statoil to sell £2bn stake in gas pipeline June 6, 2011 NORWEGIAN energy giant Statoil has agreed to sell a 24.1 per cent stake in a key European natural gas transport venture to a group including German insurer Allianz and the Abu Dhabi Investment Authority for 17.35bn crowns (£2bn). Statoil will retain a five per cent stake in Gassled, the owner of gas pipelines on the [...]
Russia’s Global Ports plans $750m London IPO June 6, 2011 Russian freight terminal operator Global Ports is planning to raise up to $750m (£456m) from an initial public offering on the London Stock Exchange. Global Ports, the latest in a stream of Russian companies seeking fresh capital from the market, has said it will sell $100m of new shares as well as an unspecified amount [...]
HMV nears refinancing deal with its lenders June 5, 2011 EMBATTLED retailer HMV is close to securing a vital refinancing from its lenders, a source close to the company confirmed yesterday. Months-long talks with HMV’s lending syndicate, led by Lloyds Banking Group and RBS, are close to yielding a two-year refinancing of between £210m and £230m, allowing the firm some breathing space to get its [...]