Sir John Bond steps down as Glenstrata giant is born November 20, 2012 CITY grandee Sir John Bond stepped down yesterday as chairman of Xstrata, as shareholders backed the £56bn mega-merger with Glencore but snubbed controversial remuneration plans for senior executives. The retention bonus snub prompted Bond – who was set to become chairman of the enlarged group and backed the pay proposals as “fundamental” to its future [...]
Xstrata investors back Glencore megamerger November 20, 2012 THE £56bn soap opera between commodity giants Xstrata and Glencore finally came to a head yesterday as Xstrata investors approved the mining mega-merger. In a meeting lasting just over two hours, investors green-lit the merger – whose twists and turns have entertained the market since Glencore first approached Xstrata in February – and paved the [...]
FTSE 100 edges down as Moody’s downgrades France November 20, 2012 The blue chip index inched lower in trading this morning, as Moody’s downgrade of France stifled investor sentiment. On the FTSE All-Share, platinum miner Lonmin sank more than 40 per cent in early trading. Yesterday its shareholders voted through an $817m (£514m) rights issue at a general meeting. Pub group Punch Taverns fell almost four [...]
Ocado investors prop up £36m capital raising November 19, 2012 OCADO’S shareholders ploughed more money into the online grocery chain yesterday to support a £36m placing that will keep the firm financially stable for at least 18 months. Existing shareholders including Jorn Rausing of the Tetra Pak dynasty and Ocado’s management team took up around 19 per cent of the shares placed, in line with [...]
HSBC in talks to sell $9bn China insurance stake November 19, 2012 HSBC yesterday revealed it was in talks to sell its 16 per cent stake in China’s second largest insurer Ping An in a move that would bolster the bank’s capital balance sheet. The firm said in a joint statement to the London and Hong Kong stock market it was in “discussions” with buyers over a [...]
Ocado delivers on its debts but profits aren’t in the bag November 19, 2012 BEFORE anyone gets too excited about Ocado’s share price rising by more than a fifth yesterday, the troubled online grocer is still trading at less than half its original float price of 180p, which was itself at the bottom of the hoped-for range back in 2010. Yesterday’s raising of £35.8m staved off Ocado’s most immediate [...]
FTSE 100 up on optimism over fiscal cliff deal November 19, 2012 The leading share index was trading up this morning, buoyed by optimism that the US will avoid the fiscal cliff. Miners and banking shares led the FTSE 100 higher this morning, with Eurasian Natural Resources the biggest blue chip riser, adding 3.27 per cent. On the FTSE All-Share, internet grocer Ocado rose almost 21 per [...]
FTSE 100 up on optimism over fiscal cliff deal November 19, 2012 The leading share index was trading up this morning, buoyed by optimism that the US will avoid the fiscal cliff. Miners and banking shares led the FTSE 100 higher this morning, with Eurasian Natural Resources the biggest blue chip riser, adding 3.27 per cent. On the FTSE All-Share, internet grocer Ocado rose almost 21 per [...]
HSBC in talks to sell Ping An insurance stake November 19, 2012 HSBC confirmed this morning it was in talks to sell its 15.57 per cent stake in China’s Ping An Insurance. HSBC spent $1.7bn (£1.07bn) to build up the stake in China’s second-largest insurer in 2002 and 2005, but a sale has been widely expected as part of its three-year recovery plan in the wake of [...]
Grocer Ocado dismisses loan breach fears November 18, 2012 OCADO, the online grocery shop, yesterday brushed off market speculation that it is seeking to renegotiate its debt covenants with its lenders, saying there was “no threat” it would breach its covenants. A weekend report suggested the online supermarket, which floated to much fanfare in 2010, was seeking to reset its debt or extend the [...]