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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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4 Sep 2013 05:51

Former Director Judge Files Claim Against ENRC - Daily Mail

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30 Aug 2013 08:33

London open: Stocks edge lower, Syria and Fed taper in focus

The FTSE 100 opened slightly lower on Friday morning after yesterday's strong gains as investors continue to await further developments in Syria and speculate about the future of US stimulus. Cautiousness ahead of a three-day weekend in the States could also be having an effect on risk appetite thi

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29 Aug 2013 13:20

UPDATE 1-Endgame in sight as ENRC bidders hold 94.5 pct of stock

* Bidders extend offer to Sept. 11 * No rush to sell non-core assets - sources * New group will refocus on Kazakh assets - sources By Clara Ferreira-Marques LONDON, Aug 29 (Reuters) - The founders of troubled Kazakh miner ENRC, leading a $4.8 billion bid to take the compan

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29 Aug 2013 07:12

ENRC bidders hold 94.5 percent of shares, extend offer

LONDON, Aug 29 (Reuters) - The founders of Kazakh miner ENRC , bidding to buy out minority shareholders, said on Thursday that a majority of small investors had taken up the offer, taking acceptances to 94.5 percent and all but guaranteeing success. The trio of billionaire founders, working

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27 Aug 2013 08:12

London open: Markets edge lower after long weekend

Stocks fell on Tuesday morning after a three-day weekend as markets attempted to play catch-up following negative sessions in the US and Asia overnight. Concerns over Syria are likely to weigh on sentiment after US Secretary of State John Kerry said last night that Syria would be held accountable f

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22 Aug 2013 14:01

FTSE 100 movers: IMI, Wolseley, Vedanta Resources

IMI's shares rallied after the engineering company forecast an improvement in trading for the second half as it takes on higher-margin contracts at its severe service business. Wolseley gained after UBS upgraded its stocks to 'buy' from 'neutral' ahead of its results, saying "our analysis of US pee

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21 Aug 2013 08:29

London open: FTSE 100 slips as investors await Fed minutes

The FTSE 100 fell into the red on Wednesday morning, hitting a fresh six-week low as investors nervously awaited the minutes of the latest Federal Reserve meeting. The index dropped 0.5% to around the 6,420 mark early on. The last time the London benchmark closed lower was on July 5th when it finis

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19 Aug 2013 08:27

London open: Markets lower, but Kentz rockets after AMEC approach

The FTSE 100 opened slightly lower on Monday morning as traders continue to speculate about the future of the Federal Reserve's quantitative easing programme. The weak start follows the London benchmark's second weekly decline in a row last week and the worst weekly performance on New York's Dow Jo

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15 Aug 2013 14:03

FTSE 100 movers: Imperial Tobacco, ENRC, BT Group

Imperial Tobacco Group led the FTSE higher as it said it was sticking to its full-year expectations despite a fall in volumes and sales amid difficult market conditions in Europe. Eurasian Natural Resources Corp. gained as speculation escalated over a takeover bid by its founders and Kazakhstan. B

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15 Aug 2013 06:58

Thursday newspaper round-up: BoE, JP Morgan, China

Top economists expect the Bank of England to take further action to ensure interest rates remain low say it and could relaunch quantitative easing within months if markets do not move into line, The Telegraph reported. Two former JP Morgan bankers face up to 25 years in prison after US prosecutors

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14 Aug 2013 17:27

London close: Markets lower despite better-than-expected Eurozone GDP

A return to growth in the Eurozone wasn't enough to buoy markets today with the FTSE 100 finishing down 24.51 points at 6,587.43 after a choppy session. Eurozone gross domestic product (GDP) figures showed that the single-currency region exited a recession in the second quarter by expanding 0.3%, a

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14 Aug 2013 14:54

FTSE 100 movers: RBS leads banks higher after Fitch report

Royal Bank of Scotland Group topped the risers on the FTSE 100 on Wednesday after ratings agency Fitch said that a break-up of the state-backed UK lender into a 'good' and 'bad' bank is increasing unlikely as the costs would outweigh the benefits. Part-nationalised counterpart Lloyds was also making

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14 Aug 2013 11:18

London midday: Stocks flat despite decent data from UK, Eurozone

The FTSE 100 was continuing to trade more or less flat on Wednesday morning despite economic data from the UK and Eurozone coming in ahead of expectations. "The equity market continues to trade within its recent range this morning as volumes bounce along the bottom and traders struggle for motivati

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14 Aug 2013 08:23

London open: Subdued start as markets await influx of data

Markets opened broadly flat on Wednesday as traders showed caution ahead of a barrage of economic reports, including the minutes of the latest Bank of England policy meeting.   As well as the minutes, investors will look out for gross domestic product (GDP) figures from the Eurozone, unemployment da

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14 Aug 2013 07:51

UPDATE 1-Kazakh miner ENRC sees H1 profit drop as buyout looms

LONDON, Aug 14 (Reuters) - Kazakh miner ENRC posted a steeper than expected 17 percent drop in first-half profit on Wednesday, in what could be its final set of earnings as a listed company as its founders push ahead with plans to take the company private. Hit by higher costs and a poor pri

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