Rio Tinto prices $1.2bn of 10-year notes and redeems $1.2bn of 2016 notes June 12, 2015 Rio Tinto has said it would issue $1.2bn of 10-year bonds, allowing the Anglo-Australian mining company to repay debts due next year. It said it had priced the 10-year fixed rate debt securities with a 3.75 per cent coupon. They will be issued by Rio Tinto Finance and will mature on 15 June 2025. Citigroup [...]
Doubts cast on George Osborne over RBS sell-off as Andrew Tyrie questions £14.3bn profit claim June 11, 2015 The chairman of the Treasury select committee last night cast doubt on chancellor George Osborne’s claims taxpayers stand to make a £14bn profit from the 2008 banking bailout. Osborne unveiled plans on Wednesday to start selling a 79 per cent stake in Royal Bank of Scotland (RBS) – but at a loss to taxpayers who [...]
Greene King leaps last hurdle in Spirit merger June 11, 2015 Greene King moved within touching distance of completing its takeover of Spirit Pub Company yesterday after announcing the acquisition was no longer subject to regulatory approval. The announcement that the company had waived approval from the Competition and Markets Authority (CMA) means the acquisition is expected to take place within weeks. Last [...]
RBS gains offset by Royal Mail losses as FTSE 100 closes flat – London Report June 11, 2015 GAINS in Royal Bank of Scotland shares bolstered Britain’s top equity index yesterday on news it would be returned to private hands sooner than expected, while shares in Royal Mail fell after the government sold half its stake at a discount. The blue-chip FTSE 100 index closed up 0.2 per cent at 6,846.74 points. The [...]
Is George Osborne right to prioritise a quick sale of the government’s stake in RBS? June 11, 2015 Nigel Green, founder and chief executive of deVere Group, says Yes With the current stock market offering reasonable value and conditions, and because the market price was not expected to rise significantly before any action was taken, George Osborne is right to take the decision to prioritise the sell-off the state’s stake in RBS. The [...]
Former Tesco asset Blinkbox Music goes into administration less than six months after sale June 11, 2015 Blinkbox Music, the music streaming service sold off by Tesco in its asset fire sale, has gone into administration less than six months into its new ownership. Australian firm Guvera, which bought the company in January for significantly less than the £10m the supermarket paid to acquire it back in 2012, attempted to sell Blinkbox [...]
Rolls-Royce “exploring opportunities” to not cut jobs June 11, 2015 Rolls-Royce says it is exploring ways to “mitigate the need for compulsory redundancies wherever possible”. The engine maker, which announced its intention to cut a tenth of its 6,000-person marine workforce in May, said in a statement it has been “engaged in constructive dialogue with union representatives”, and that it has “Made significant progress” [...]
Around 1,000 in-store Tesco managers accept redundancy rather than take a pay cut June 11, 2015 More than a fifth of Tesco's in-store management have taken voluntary redundancy rather than move onto a lower rate of pay, as part of a huge restructure of the supermarket. Around 1,000 people have left the grocer, which has effectively stripped out two layers of management – deputy manager and line support – from [...]
Sainsbury’s boss Mike Coupe acquitted by Egyptian courts June 11, 2015 Sainsbury's boss Mike Coupe has been acquitted by an Egyptian court of all charges in a legal case linked to the supermarket's investment in a business in the country 16-years ago. The chief of one of Britain's biggest supermarkets was sentenced to two years in prison in April, over allegations of embezzlement after being found guilty [...]
UK’s £56bn aerospace, defence, security and space sectors come out strongly against Brexit June 11, 2015 A whopping 86 per cent of the UK's £56bn-a-year aerospace, defence, security and space sectors want Britain to remain part of the European Union, a new study has found. Just two per cent of companies in the combined sectors' trade body ADS said Brexit would have a positive impact on their business. The [...]