Portugal crisis shows threat to UK: Osborne April 7, 2011 CHANCELLOR George Osborne clashed with opposition leader Ed Miliband yesterday over the cuts to the UK’s annual government deficit. “If you hear the stories about the cuts and still wonder why our country needs to take these difficult decisions, then look at what is happening around us – first Greece, then Ireland, today Portugal,” Osborne [...]
Perform lists despite eleventh hour delay April 7, 2011 DRASTIC reforms to gambling laws in Germany caused online sports media firm Perform to delay the pricing of its London listing yesterday, though the firm is still due to begin trading today. The group last night priced its initial public offering (IPO) at 260p per share, after stalling to consult investors over the German ruling. [...]
PROPERTY NEWS April 7, 2011 NEW DEVELOPMENT BOASTS ARTY STAIRCASE Artesian, the property development company, are launching a new development called Crabtree place just off Charlotte Street, close to Goodge Street. The development includes seven townhouses and a penthouse apartment. Once a disused power station on Whitfield Street, the development has a number of prominent architectural features. The new townhouses, [...]
Nomos leads the Russian IPO charge April 5, 2011 THE charge of Russian companies looking to London to go public picked up yesterday, as mid-size bank Nomos confirmed plans to float 20 per cent of its stock and several more issuers eyed talks with investors. The easing of market volatility, which spiked last month on fears of a nuclear crisis in Japan and unrest [...]
France leads calls for action on commodities April 5, 2011 Russia and France, the current holder of the presidency of the Group of 20 nations, have called for coordinated international action to curb volatility on global commodities markets. “Sharp fluctuations in raw materials prices destabilise markets and require coordinated measures to be taken at an international level,” the Russian Finance Ministry said after its head, [...]
Etalon aims to raise up to $650m in London float April 4, 2011 RUSSIAN property developer Etalon started its European investor roadshow yesterday ahead of its bigger-than-expected $650m (£403m) London float planned for later this month. Etalon said yesterday it plans to offer its stock at between $7 to $9 per share – valuing the firm at between $2.06bn and $2.51bn. The company, which develops high-end residential properties [...]
BP returns to Gulf of Mexico well drilling April 3, 2011 BP PLANS to return to deepwater oil production in the Gulf of Mexico this summer – just over a year after the Transocean oil spill disaster, sources told City A.M. yesterday. It reached a deal with US regulators to enable the oil major to resume drilling work on ten wells halted since the explosion and [...]
SUEK set to join FTSE 100 in June IPO April 3, 2011 RUSSIAN coal giant SUEK is likely to join the FTSE 100 when it floats in a London IPO in June. The group’s intention to tap investors for around $1bn (£623m) this summer was first revealed in City A.M. last Thursday. With a valuation of between $5bn and $10bn, the group – the Siberian Coal Energy Company in [...]
THE TIPSTER April 3, 2011 THIS week sees a fourth quarter trading update from Marks & Spencer. The impact of the VAT hike, rising commodity prices and careful consumers will make for interesting reading. With so many others on the high street struggling, there is no real hope of a good performance from M&S. Overseas ambitions may well help in [...]
Rusal trebles profits after bumper year March 31, 2011 RUSAL, the world’s top aluminium maker, said its 2010 net profit more than tripled, beating forecasts, and expects strong global demand for the light metal to continue this year. RUSAL shares rose more than four per cent to their highest level in more than a month, outperforming a 0.4 per cent rise in the broader [...]