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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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7 Aug 2013 06:49

UPDATE 1-ENRC Q2 production ticks higher, iron ore jumps

LONDON, Aug 7 (Reuters) - Kazakh miner ENRC said its ferroalloys division saw output tick higher in the second quarter, while iron ore reported its best three months in three years after a weather-hit start to 2013. The London-listed miner said production of saleable ferroalloys for the qua

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7 Aug 2013 06:18

ENRC Q2 production ticks higher, iron ore jumps

LONDON, Aug 7 (Reuters) - Kazakh mining group ENRC reported an increase in second-quarter output from its key ferroalloys division, while the iron ore unit on Wednesday reported its best quarter in three years, after a weather-hit start to 2013. The London-listed miner said production of s

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2 Aug 2013 10:56

UPDATE 1-Kazakhmys minority shareholders okay buyout of ENRC

LONDON, Aug 2 (Reuters) - Minority shareholders in mining group Kazakhmys, the largest single investor in ENRC , voted on Friday in favour of a $4.6 billion buyout of its troubled rival, paving the way for the group's founders to take it private. Almost 99 percent of Kazakhmys voting shareh

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2 Aug 2013 09:21

Kazakhmys shareholders pave way for buyout of rival ENRC

LONDON, Aug 2 (Reuters) - Copper miner Kazakhmys paved the way on Friday for a $4.6 billion buyout of Kazakh rival ENRC, in which it is the single largest investor, as almost 99 percent of voting shareholders backed the deal. Kazakhmys support is key for ENRC's founding trio, who, together

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1 Aug 2013 15:49

UPDATE 1-Kazakh miner ENRC disputes effort to block buyout bid

LONDON, Aug 1 (Reuters) - Kazakh miner ENRC on Thursday dismissed as "unfounded" what it said were efforts by an anti-corruption pressure group to block a buyout bid by its founders, citing allegations one of the company's subsidiaries breached sanctions against Zimbabwe. The mining company

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1 Aug 2013 09:31

Kazakh miner ENRC disputes effort to block buyout bid

LONDON, Aug 1 (Reuters) - Kazakh miner ENRC on Thursday dismissed as "unfounded" efforts by an anti-corruption pressure group to block a buyout bid by its founders, citing allegations one of the company's subsidiaries breached sanctions against Zimbabwe. RAID, which promotes responsible con

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1 Aug 2013 09:09

ENRC denies RAID allegations of Camec's Zimbabwe arms-funding

Kazakh-focused miner Eurasian Natural Resources Corporation has strongly denied allegations that a business it acquired had previously breached sanctions against Zimbabwe. RAID, a non-governmental organisation focused on human rights in the developing world, has called for an investigation into a Z

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30 Jul 2013 11:39

London midday: Markets rise on earnings, Gfk data

Markets edged higher on Tuesday morning as traders reacted to a barrage of corporate earnings and data which showed that German consumers were at their most optimistic in six years. The GfK's forward-looking consumer confidence survey for Germany rose from 6.8 to 7.0 in August, its highest levels s

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23 Jul 2013 16:28

London close: Gains erased after US data misses forecasts

Worse-than-expected economic data from the US saw markets across Europe erase their earlier gains on Tuesday, as the FTSE 100 fell into the red despite a strong performance in the mining sector.. Home prices in the States continued to increase in May but at a worse-than-expected rate: the Federal H

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23 Jul 2013 15:00

Sector movers: Hopes over Chinese growth drive mining stocks higher

Stocks in the mining sectors were shrugging off falls in metals prices on Tuesday with share prices surging as markets focused on upbeat comments from government officials in China, a huge importer of raw materials. Chinese Premier Li Keqiang is reported to have stood by the government target for e

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23 Jul 2013 14:44

FTSE 100 movers: Miners jump; Tullow sinks after well update

Mining stocks were among the best performing stocks on Tuesday as concerns over a 'hard landing' in China were eased by comments from the Premier and his second in command. Chinese Premier Li Keqiang is reported to have stood by the government target for economic growth of 7.5% in 2013 and assured

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23 Jul 2013 11:38

London midday: FTSE 100 lifted by Sage, mining stocks

A well-received trading update from Sage Group and strong gains in the mining sector lifted the FTSE 100 into positive territory on Tuesday morning, with sentiment lifted by reassuring comments about Chinese economic growth. Chinese Premier Li Keqiang is reported to have stood by the government ta

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23 Jul 2013 08:17

London open: Miners jump on hopes over Chinese growth

Fading hopes of a 'hard landing' in China lifted stocks in the heavyweight mining sector on Tuesday, meaning that the FTSE 100 opened with solid gains early on. Chinese Premier Li Keqiang assured that economic growth would not fall below the bottom line this year of 7.0%. He called for the governme

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22 Jul 2013 07:33

ENRC director says will defend himself against leak claim

LONDON, July 22 (Reuters) - Former ENRC board member Paul Judge has vowed to defend himself "vigorously" after the Kazakh miner filed a legal claim against him in connection with what it said were leaks of confidential information to the media. "I intend to defend this claim vigorously and

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19 Jul 2013 13:02

ENRC sues ex-director Judge over alleged leaks

Eurasian Natural Resources Corp (ENRC) is suing former non-executive director Sir Paul Judge for allegedly leaking confidential information during infighting on the board. The miner said it had filed a legal claim in the High Court against Judge. The claim seeks damages and injunctions against him

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