FTSE dragged down by Eurozone and US debt worries July 18, 2011 Banking shares led the FTSE 100 down this morning as the eurozone crisis drained confidence from investors while fears over the US credit rating also cast a shadow. The Greek debt crisis deepened as Eurozone leaders continued to thrash out options to save the country’s economy. Officials proposed a range of schemes for Europe’s bailout [...]
Glencore buys Peru copper assets July 18, 2011 Commodities giant Glencore is buying a 70 per cent stake in copper businesses in Peru. Marcobre, which owns the Marcona Copper property and the Mina Justa exploration and development project, had a price tag of $475m (£295m). The the acquisition is expected to be completed in October. “Mina Justa would ideally complement Glencore’s existing polymetallic [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 14, 2011 FINANCIAL TIMES LAFARGE IN TALKS TO SELL PLASTERBOARD ARM Lafarge is closing in on the sale of its plasterboard business as the French cement maker pushes ahead with its debt reduction programme and attempts to recover its investment grade credit rating. The world’s second-largest cement company by revenue said on Thursday it had entered exclusive [...]
Markets flee risk over eurozone debt contagion July 12, 2011 Fresh fears that the eurozone sovereign debt crisis could spread to states such as Italy and Spain sent shockwaves through stock markets today. The FTSE 100 fell rapidly this morning on fears that the debt contagion could engulf Italy, which is heavily indebted with a sluggish economy. It and other European markets recovered a little [...]
London’s troubled IPO market sees signs of life July 11, 2011 WHISPER it softly, but there are signs that the iciness that has characterised the London IPO market is beginning to thaw. Over the past couple of weeks, two foreign-based groups, Ophir Energy and Global Ports, have successfully raised funds in the London markets, in contrast to the many groups who have had to pull their [...]
CITY MOVES | WHO’S SWITCHING JOBS July 10, 2011 BNP Paribas Martin Egan has been appointed to the newly created role of UK head of fixed income at BNP Paribas Corporate & Investment Banking, based in London. Egan will continue his current responsibilities as global head of primary markets and origination, reporting to Ludovic de Montille, chairman of BNP Paribas Group in the UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 6, 2011 FINANCIAL TIMES SPOTIFY SIGNS DEAL WITH VIRGIN Spotify and Virgin Media on Wednesday announced a deal that could help the music streaming service boost numbers of paying customers and reach a wider audience. By the end of the year, Virgin Media’s 4m UK customers will be able to access Spotify’s catalogue of 13m songs through [...]
London IPO market is hit by Greek default worries July 6, 2011 FEARS over a Greek debt default and the financial stability of the Eurozone have hit investor appetite for new company share offers in London, a new report out today from PricewaterhouseCoopers (PwC) finds. IPO delays and withdrawals have plagued the market, with the super-floats of Glencore and Vallares helping to materially boost the performance of [...]
London IPOs flagging behind rest of world July 5, 2011 THE LONDON market for new company share offers is lagging behind the rest of the world, a report out today by Ernst & Young claims. The total value of capital raised from initial public offerings (IPOs) in the second quarter of this year hit $64.6bn (£40.2bn), up 38 per cent on the same period a [...]
GLENCORE’S GLASENBERG SHOWS HIS SOLIDARITY July 3, 2011 GLENCORE boss Ivan Glasenberg is notoriously elusive – but one event that persuaded the commodities billionaire to make a rare public appearance was a high-level mining industry dinner at Lord’s Cricket Ground in St John’s Wood. Glasenberg was no doubt drawn to the fifth London event of The Melbourne Mining Club last week by the [...]