Tullow snaps up Norway oil firm but shares sink December 11, 2012 BLUE CHIP explorer Tullow Oil plummeted more than eight per cent in trading yesterday as it announced it is to acquire Spring Energy Norway for up to $672m (£417m). Spring, a Norwegian oil exploration company, holds 28 offshore licences in the North, Norwegian and Barents Sea covering more than 18,000 square kilometres. Since 2008, it [...]
Canaccord Genuity has lost its head of broking Erik Anderson October 22, 2012 ERIK Anderson has left Canaccord Genuity as its head of corporate broking. Anderson left the firm for the last time a few days ago. He joined Collins Stewart, which was then taken over by Canaccord, from Investec. “Erik has decided to leave the firm and to pursue other interests,” an internal memo informed colleagues. “Erik [...]
Megafon set to list in London by December November 15, 2012 TELECOMS firm Megafon re-started the flood of Russian firms looking to list in the City yesterday, announcing the price on its joint London-Moscow listing as its delayed initial public offering (IPO) comes to market. The offering was held up by the group’s acquisition of handset maker Euroset and by the third quarter financial results. Speculation [...]
As the FSA proposes changes to listing rules, will it be enough to help the London market? October 2, 2012 YES Daniel Bellau The FSA proposals are a timely example of tightening regulations in order to protect investors and attract quality issuers. Seeking to ensure independence at board level if there is a powerful majority shareholder, and regulation of that shareholder’s relationship through a relationship agreement, already reflects the market. Codifying this within the regulations [...]
Are the policies announced in the Queen’s Speech enough to reassure UK businesses? May 9, 2012 YES Mark Boleat The proposals outlined in the Queen’s Speech are good news for business. Strong corporate governance is the backbone of good regulation. The government’s endeavours to reinforce shareholder votes are a welcome move that will empower them to have a stronger say on pay packages and bonuses for directors. Ultimately, it is the [...]
Are the policies announced in the Queen’s Speech enough to reassure UK businesses? May 9, 2012 YES Mark Boleat The proposals outlined in the Queen’s Speech are good news for business. Strong corporate governance is the backbone of good regulation. The government’s endeavours to reinforce shareholder votes are a welcome move that will empower them to have a stronger say on pay packages and bonuses for directors. Ultimately, it is the [...]
City jobs bloodbath shows that backlash has gone too far November 5, 2012 IT is time to start worrying about London’s financial and business services industry. The City is in crisis, with job cuts spiralling out of control. As we report on our front page, City-style jobs – investment banking, securities, corporate finance, trading, research, derivatives and forex, fund management (including hedge funds and private equity), insurance and [...]
Third largest bank from Russia prices stock for London listing October 3, 2012 PROMSVYAZBANK took another big step towards listing shares in London yesterday, setting the price range for its initial public offering. Russia’s third largest bank is joining the flood of firms from the country rushing to the UK, following larger compatriot Sberbank which listed in London last month, and coming ahead of VTB, another bank looking [...]
London rejoices as Megafon IPO defies the odds November 28, 2012 MEGAFON, the mobile telecoms group controlled by Russia’s richest man, Alisher Usmanov, became the second largest share offering in Europe this year as it raised $1.7bn (£1.06bn) yesterday in London and Moscow despite concerns which had earlier led Goldman Sachs to step aside from the deal. The deal was assisted in its final stages by [...]
DMGT looks ahead as it cuts ties with JP Morgan Caz November 1, 2012 CORPORATE broking relation-ships in the City tend to be pretty sticky, which is one reason bankers tell me that Barclays is so far hanging on to many of its newly-won clients even though the ultimate force behind its move into this line of business, former chief executive Bob Diamond, is very much no longer with [...]