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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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19 Jul 2013 12:33

UPDATE 1-Miner ENRC sues former board member over leaks

LONDON, July 19 (Reuters) - Kazakh miner ENRC said on Friday it had filed a legal claim against former board member Paul Judge and is seeking unspecified damages, accusing him of leaking confidential information to the media. London-listed ENRC - in the throes of a buyout by a trio of co-fo

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19 Jul 2013 11:47

Miner ENRC sues former board member over leaks

LONDON, July 19 (Reuters) - Kazakh miner ENRC said on Friday it had filed a legal claim against former board member Paul Judge and is seeking unspecified damages, accusing him of leaking confidential information to the media. "We have conducted thorough investigations into the malicious lea

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16 Jul 2013 16:55

London close: Stocks slip despite mining strength

Strong gains in the mining sector weren't enough to lift the FTSE 100 on Tuesday as a number of upcoming 'risk events' prompted investors to pause for breath following a decent performance over recent weeks. The FTSE 100 finished down 30 points at 6,556, a fall of 0.45% on the day. London's benchma

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16 Jul 2013 15:01

Sector movers: Miners rise across the board

Mining stocks were the best performers on Tuesday afternoon, as metals prices rose on the back of a weaker dollar. Precious metal producers Fresnillo, Randgold and Polymetal were among the highest risers on the FTSE 350 as gold and silver futures advanced. Diversified mining group Rio Tinto was a

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16 Jul 2013 11:46

London midday: Stocks flat as markets digest mixed data

The UK stock market was flat on Tuesday morning, pausing for breath after hitting highs not seen in seven weeks, as investors reacted to a barrage of mixed economic data. The UK annual consumer price index (CPI) hit a 14-month high of 2.9% in June, up from 2.7% in May. While this came in slightly b

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16 Jul 2013 08:24

London open: Markets flat ahead of economic data

The FTSE 100 opened flat on Tuesday morning, holding on to a near a seven-week high, as investors paused for breath ahead a barrage of economic indicators due out during the session. London's benchmark index had closed at 6,586 on Monday, its highest closing level since May 30th when it reached 6,6

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12 Jul 2013 15:54

Kazakhmys investors to vote on ENRC deal on Aug. 2

LONDON, July 8 (Reuters) - Kazakh miner Kazakhmys, the single largest shareholder in miner ENRC, said on Friday its independent shareholders would vote on whether to accept a buyout bid for ENRC on August 2. Kazakhmys in June gave its support to a $4.7 billion take-private deal for ENRC fro

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11 Jul 2013 19:07

Congo delays copper concentrate export ban until year-end

KINSHASA, July 11 (Reuters) - Democratic Republic of Congo has delayed until year-end a ban on exports of copper and cobalt concentrates designed to encourage miners to refine the red metal within its borders, a senior Mining Ministry official said on Thursday. Several emerging resource-ric

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11 Jul 2013 14:52

UPDATE 1-British investor group calls for listing rules shake-up

By Chris Vellacott and Kylie MacLellan LONDON, July 11 (Reuters) - An investor group whose members manage assets equivalent to a quarter of the value of the UK economy has called for listing rules to be changed to better protect minority shareholders. The Association of British Insure

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10 Jul 2013 23:01

British insurers call for listing changes to protect minority owners

By Chris Vellacott LONDON, July 11 (Reuters) - The Association of British Insurers (ABI) - whose members manage assets of nearly $3 trillion, or about a quarter of the British economy - wants rules for listing on the London Stock Exchange changed to protect minority shareholders. The

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3 Jul 2013 16:23

British lawmakers launch inquiry into mining, oil industries

LONDON, July 3 (Reuters) - British lawmakers launched an inquiry into the mining and oil and gas industries on Wednesday, seeking to better understand their contribution to the economy and the impact of having scandal-prone companies listed in London. The wide-ranging investigation comes as

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28 Jun 2013 12:59

FTSE 100 movers: Serco gains on growth forecast

Public services outsourcing company Serco Group led the FTSE 100 race on Friday after saying it expects to report strong revenue growth in its full-year results. Schroders edged higher as the asset manager was upgraded by analysts at BNP Paribas to an 'outperform' rating in a research report on Fr

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28 Jun 2013 08:32

Friday broker round-up UPDATE

BAE Systems: Deutsche Bank increases target price from 375p to 400p, while downgrading to hold. Barclays: Bank of America moves target price from 430p to 410p, while its buy recommendation remains unaltered. Booker Group: Investec shifts target price from 140p to 141p and keeps its buy recommendat

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27 Jun 2013 12:56

Broker tips: StanChart, ENRC, Antofagasta

Nomura has maintained its positive stance on Asia-focused bank Standard Chartered after its second-quarter results on Wednesday, saying that the stock is looking attractive relative to Asian peers. A 'buy' rating has been maintained but Nomura has reduced its target price for the shares from 1,880p

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27 Jun 2013 11:16

London midday: Stocks gain for third day as rebound continues

UK markets were able to hang on to gains on Thursday morning on a busy day for economic data, as stocks continue to rebound after some heavy losses over the last month. After hitting a fresh five-month low of 6,029 on Monday, the FTSE 100 has risen strongly over the past two sessions with bargain h

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