Russian Helicopters pulls $2.4bn IPO May 10, 2011 KREMLIN-BACKED defence firm Russian Helicopters has pulled its joint Moscow and London initial public offering (IPO) after failing to find sufficient demand for its shares, a source close to the deal told City A.M. The firm becomes the latest in a string of companies, including some Russian ones, to put their London listing plans on [...]
Bumper year for Britain’s ultra wealthy May 8, 2011 BRITAIN’S ultra-wealthy have increased their collective wealth by 18 per cent on last year in a bumper year for City billionaires, according to this year’s Sunday Times Rich List. The top 1,000 multimillionaires have increased their pot by more than £60.2bn. Their total assets are now worth an astounding £395.8bn, just shy of the all-time [...]
Vincent Tchenguiz selling in St Tropez May 8, 2011 VINCENT Tchenguiz has put his luxury French villa on the market for €30m (£25m) – after spending one night there in five years of ownership. The elder brother of the Iranian-born business partnership has appointed the estate agents Knight Frank to sell the property, Villa Symphonie, in St Tropez A spokesman for Tchenguiz insisted he [...]
Ancelotti: I’m not ready to leave Chelsea or England May 8, 2011 ITALIAN’S FUTURE IN THE SPOTLIGHT AS TITLE BID IS KILLED OFF AT OLD TRAFFORD CRESTFALLEN Chelsea manager Carlo Ancelotti admits he is at the mercy of owner Roman Abramovich after his attempts at retaining the Premier League title were doomed to failure by yesterday’s decisive defeat at champions-elect Manchester United. The Italian, who achieved the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 4, 2011 FINANCIAL TIMES BREWER’S FINANCE CHIEF TO RETIRE SABMiller is ushering in a new era after Malcolm Wyman, who has served as chief financial officer for the past decade, announced plans to retire at the annual meeting in July. My Wyman, 64, will be replaced by James Wilson, finance director for European operations. Mr Wilson, 51, [...]
CANDY BROTHERS TUNE IN TO FOLLOW THEIR REAL-LIFE GOSSIP GIRL May 4, 2011 PROPERTY developer Nick Candy famously revealed his guilty pleasures as “fine wine, good Italian pasta, massages and Starbucks coffee”. But from next Monday, no doubt the One Hyde Park developer will be adding new reality show Made in Chelsea – the West London answer to hit show The Only Way is Essex – to his [...]
High prices have stirred trader’s geopolitical risks May 4, 2011 GLENCORE has warned investors that it faces significant geopolitical risks that could materially impact its business, with “increased resource nationalism” due to high commodity prices flagged as a possible flashpoint. The company has endured repeated attacks on its corporate governance standards in the run-up to its float, with allegations that one of its subsidiaries has [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 3, 2011 FINANCIAL TIMES BUSINESSES FEAR £90BN HIT IN COSTS BOOMERANG The UK’s main quoted companies fear that £90bn of annual costs will return to their books as they recover, washing away savings made during the recession and squeezing profit margins, according to a survey by a leading accountancy firm. Businesses believe that 95 per cent of [...]
Russian billionaire readies an offer for Warner Music May 2, 2011 RUSSIAN billionaire Len Blavatnik is said to be on the verge of making a binding offer for Warner music, the record label behind Madonna and Oasis, in a deal valued at more than $3bn (£1.8bn). He will lead a consortium of bidders including the Gores brothers, the US billionaire financiers, to buy the company in [...]
BP asset sale hits profits as output slides April 27, 2011 OIL giant BP revealed a two per cent dip in profits in the first-quarter of this year, as its fire sale to cover the cost of the Gulf of Mexico oil spill ate into production levels. The energy firm made replacement cost profits of $5.5bn (£3.3bn) in the three months to 31 March, from $5.6bn [...]