Stryker deal to fund Saab falls through May 12, 2011 A RESCUE deal for Swedish carmaker Saab involving China’s Hawtai Motor Group collapsed yesterday, leaving owner Spyker chasing new funding as it attempts to restart production at the firm. Hawtai and Dutch-listed Spyker agreed a deal last week to pump €150m (£131m) into the loss-making brand and produce a new model in China. But this [...]
CITY MOVES | WHO’S SWITCHING JOBS May 12, 2011 KPMG International Michael Andrew has been elected chairman of KPMG International to lead the firm’s global network for a four-year term, effective from 1 October. He succeeds Timothy P Flynn, who will retire at the end of September after 32 years with the company. Andrew, who will be based in Hong Kong, is currently chairman [...]
Gulliver’s off to quiet start at HSBC May 11, 2011 IN the ever changing world of banking, it was the turn of HSBC’s new chief executive Stuart Gulliver yesterday to inform investors of his bank’s strategy for the future. In recent weeks, both Bob Diamond of Barclays and António Horta-Osório of Lloyds Banking Group, have had a turn at imposing their personalities at their new [...]
Brazil allows BP purchase May 11, 2011 BRAZIL’S energy regulator ANP said yesterday it has approved BP’s purchase of assets from US-based Devon, a deal that was slowed by its massive Gulf of Mexico oil spill. The approval comes after BP sold assets around the world to help pay for the effects of the oil spill at the Macondo well, which delayed [...]
Carlsberg toasts a swing back to Russian growth as profit jumps May 11, 2011 DANISH brewer Carlsberg yesterday said a recovery in east European demand helped drive a 38 per cent rise in first-quarter profits, endorsing its emerging market focus and sending its shares to a near-record high. The brewer met forecasts yesterday as its biggest market returned to growth and said it expected Russian beer volume to grow [...]
Don’t worry, the party in commodities isn’t over yet May 11, 2011 COMMODITIES took a big knock in the recent correction, but the fundamentals still point towards continued rises over the medium term. Assuming you aren’t planning to fill your home with sheep, soybeans and platinum, with certain provisos, commodity funds can offer you a route in. THE PARTY ISN’T OVER Investors who joined the commodity party [...]
Failed take off for float of heli firm 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, sources close to the deal told City A.M. last night. Russia’s primary helicopter maker had been looking to finalise a price for its shares by today, in a sale that [...]
New issues strive to win back trust May 10, 2011 What should we make of the London market for new issues, where private companies appeal for funds from equity investors such as BlackRock, Gartmore and the sovereign wealth houses? Currently we have the spectre of Glencore, the commodities trading group, almost effortlessly getting away an $11bn (£6.7bn) fund-raising, while smaller, less well known companies fail [...]
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 [...]