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Sunday newspaper round-up: Iran, RBS, Babcock

Sun, 24th Nov 2013 16:46

The interim deal between Iran and six world powers hammered out in the small hours of November 24th to curb the former's nuclear programme is a long way from perfect, but it meets two key tests. The first is that it will extend Iran's so-called "critical capability"?the time needed for it to produce one or several nuclear devices following a decision to weaponise?by many months compared with the trajectory it was on before the agreement. Secondly, it forms the basis for a more permanent solution to the decades-long problem of Iran's nuclear activities to be reached over the next six months, The Economist wrote on Sunday. Royal Bank of Scotland has been referred to City regulators over allegations that it deliberately "forced vibrant businesses into financial trouble" so that it could charge them high fees and ultimately seize their assets. The claims are made by Lawrence Tomlinson, an adviser to business secretary Vince Cable, who is convinced RBS has driven some of its own customers under so that the bank could take over their properties at knock-down prices, the Financial Times says. Ukrainians came out on Sunday in their largest numbers since the 2004 Orange Revolution to protest against last week's surprise government decision to postpone signing a historic integration deal with the EU this week. A crowd estimated at close to 100,000 people thronged central Kiev, scene of the pro-democracy uprising nine years ago, despite cold weather and fog, the Financial Times reports. Babcock International is in advanced talks on a blockbuster £1.5bn takeover of the world's biggest helicopter operator. The FTSE 100 company, which runs the Devonport and Rosyth dockyards and provides hi-tech support to the forces, plans a swoop on Avincis. It specialises in search and rescue, medical evacuation and flights to and from oil rigs. It may herald the start of the long-awaited wave of takeovers predicted by the City on the back of rapidly rising stock markets, The Sunday Times writes. Lloyds Banking Group is poised to sell a 12% stake in the wealth management firm St James's Place before Christmas in a move that would reap £390m. The taxpayer-backed bank is believed to be keen to reduce its remaining 22% holding in St James's Place to less than 10%. A lock-up agreement that blocks Lloyds from selling the shares expires tomorrow, according to The Sunday Times. The beleaguered natural resources giant ENRC is considering selling its African mining division, which is at the heart of a Serious Fraud Office investigation. One of the London Stock Exchange's most sordid chapters will close tomorrow when ENRC's shares will be delisted. It has been taken over by its trio of oligarch founders and the government of Kazakhstan for less than half the price at which it floated in 2007. The deal came after the SFO launched a probe in April amid long-running allegations of bribery and corruption, The Sunday Times explains. Vince Cable will come under intense questioning this week as to whether he will dole out an additional £4.2m in payments to advisors accused of "catastrophically" undervaluing Royal Mail. The Business Secretary will appear before Westminster's business select committee as Royal Mail unveils its maiden set of results since joining the London Stock Exchange six weeks ago, Scotland on Sunday says.Energy bills will drop by a minimum of £50 a year under Government plans to cut back green and social levies on household bills, according to industry sources. The Government is expected to announce a range of measures to shift some such charges away from utility bills and instead finance them through general taxation, along with other changes. The move, expected to be announced in the Chancellor George Osborne's Autumn Statement on December 5th, will come with a demand that energy firms cut bills still further and bear the cost themselves, The Mail on Sunday explains.Almost a quarter of BSkyB's shareholders rebelled against the £7m pay package of Chief Executive Jeremy Darroch and other top executives at the pay-TV company's annual general meeting on Friday. Almost 23% voted against BSkyB's remuneration report - with a further 0.6% abstaining, which is often viewed as a protest vote - after several shareholder advisory services flagged concerns over the way top executives are paid, The Guardian reports. Poundland has begun the process to float on the stock market in the early part of 2014 with a valuation of up to £800m. The discount retailer is this week expected to send out letters of engagement to the advisers leading the float: Credit Suisse, JP Morgan, Rothschild, and Shore Capital. It is understood that Warburg Pincus, the private equity owner of Poundland, is looking to raise between £200m and £300m from the float, which would value the retailer at between £700m and £800m. The finance raised would be used to fund significant expansion in the number of stores, The Sunday Telegraph says. AB
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20 Sep 2013 11:36

London midday: Stocks pause ahead of German elections

Stocks were trading broadly flat by Friday lunchtime as markets paused for breath in the aftermath of the Federal Reserve's surprise decision not to taper quantitative easing, though upside was limited ahead of the German elections this weekend. After a weak start, the FTSE 100 was more or less unc

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20 Sep 2013 08:17

London open: Markets pull back as post-Fed rally fades

Markets pulled back on Friday morning after a sharp rise the day before in the aftermath of the Federal Reserve's surprise decision not to taper quantitative easing. The FTSE 100 slipped slightly in early trade, falling 0.1% to 6,617, retreating after a 1% jump pushed it to 6,625.39 on Thursday. S

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18 Sep 2013 17:58

INTERVIEW-Sable Mining confident will export iron ore through Liberia

* Exporting through Liberia improves viability of Guinea project * Aims to raise $200-300 million next year * Targeting 5 million tonnes iron ore per year after 2015 By Stephen Eisenhammer LONDON, Sept 18 (Reuters) - Guinea-focused Sable Mining is confident it will get a

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17 Sep 2013 09:24

Miner ENRC wages battle over leaks as London departure nears

LONDON, Sept 17 (Reuters) - Kazakh miner ENRC is pressing ahead with its battle against a former board member whom it accuses of orchestrating damaging leaks, handing a London court what it says are transcripts of conversations detailing sensitive information. ENRC is set to delist from the

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17 Sep 2013 07:24

Tuesday newspaper round-up: Argentina, Yellen, European banks

Shale oilfields in countries such as Argentina, Russia and Algeria hold larger reserves than the regions at the heart of the US energy boom, and have the potential to make a significant contribution to global crude supplies in the next decade, according to new research. Analysis by IHS published on

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16 Sep 2013 14:40

FTSE 100 movers: Fresnillo plunges on levy concerns

Precious metals miners Fresnillo has plummeted on concerns over levies on the mining sector in Mexico. "All of Fresnillo's seven operational mines are in Mexico, leaving it heavily exposed to such an increase in its tax burden," said Financial Sales Trader Max Cohen from Spreadex. Sector peer ENRC

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16 Sep 2013 08:29

London open: Stocks jump ahead of Fed, Syria concerns ease

Markets opened strongly on Monday morning as eyes begin to turn to the Federal Reserve ahead of its all-important policy meeting this week while concerns about Syria eased. The Federal Open Market Committee's two-day meeting is due to come to a close on Wednesday and will likely be one of the most

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12 Sep 2013 12:52

Founders Extend Deadline For ENRC Takeover Offer; Have 69.54% Stake

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12 Sep 2013 10:05

Coca-Cola HBC joins FTSE 100

Coca-Cola Hellenic Bottling Company confirmed on Thursday it will be joining the FTSE 100 and FTSE All-Share indices. The world's second-largest Coca-Cola anchor bottler, based in Greece, will be included on the indices from close of business on September 20th. This promotion comes after the comp

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12 Sep 2013 09:17

IN THE KNOW: FTSE Index Movers Experience Mixed Fortunes

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11 Sep 2013 18:33

UPDATE 1-Serco, ENRC demoted in reshuffle of Britain's FTSE

* Serco leaves Britain's top index after five-year stay * ENRC and John Wood Group also leave FTSE 100 * Coca Cola HBC, Sports Direct and Mondi make FTSE debuts * Reshuffle implemented after market close on Sept. 20 By Alistair Smout LONDON, Sept 6 (Reuters) - Outsou

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11 Sep 2013 17:32

Serco, ENRC demoted in reshuffle of Britain's FTSE

LONDON, Sept 11 (Reuters) - Outsourcing firm Serco and Kazakh miner ENRC will both leave Britain's top share index, FTSE confirmed on Wednesday, following a share price slumps during a year beset with difficulties for both firms. Energy services firm John Wood Group is also relegated to th

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11 Sep 2013 16:12

IN THE KNOW: Coca-Cola HBC, Sports Direct Mondi Line Up For FTSE 100

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6 Sep 2013 13:29

IN THE KNOW: Coca-Cola HBC, Sports Direct Mondi Line Up For FTSE 100

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6 Sep 2013 08:23

London open: Stocks fall as investors await US non-farm payrolls

Stocks opened broadly lower on Friday morning with investors refraining from building positions ahead of the all-important US jobs report due out this afternoon, seen as a deciding factor in the Federal Reserve's impending withdrawal of stimulus. US data released Thursday threw more weight behind t

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