UniCredit prices €4bn rights issue January 7, 2010 ITALY’S biggest bank UniCredit yesterday priced its €4bn (£3.6bn) rights issue at €1.589 a share, a 29 per cent discount, in a move to shore up lagging capital ratios. UniCredit, the Italian bank most pummelled by the credit crunch, is carrying out its second capital increase in a year, the latest in a raft of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 30, 2010 FINANCIAL TIMES OSBORNE PLANS TREASURY STAFF CUTS George Osborne is planning to cut staff numbers at the Treasury by about one-quarter and scale back his department’s role as he attempts to lead by example in the search for sweeping spending cuts across Whitehall. The chancellor will reconvene the public spending “star chamber” this week and [...]
Unicredit passes on €2bn of money raised in rights issue to Bank Austria March 4, 2010 CANACCORD Financial yesterday announced a $285.9m (£189.8m) deal to buy up Canadian advisory firm Genuity Capital Markets, in a drive to boost its business across Canada, the US and here in the City of London. Under the terms of the deal, Canaccord will pay 26.5m of its own shares and $30m of cash for Genuity, [...]
CITY MOVES | WHO’S SWITCHING JOBS July 8, 2010 Jones Lang LaSalle The property-focused financial and professional services firm has appointed James Brown from Grosvenor as its new head of retail research and consultancy for the EMEA region. Brown is currently UK director of research at Grosvenor, where he is responsible for property market forecasting and analysis of demand, supply and values, local market [...]
UniCredit sees risk costs drop November 11, 2009 ITALY’S biggest bank UniCredit reported the first quarterly decline in bad debt charges in more than a year yesterday, despite a big writedown in Kazakhstan Net profit for the quarter to September dropped 20 per cent compared to the previous twelve weeks to €394m (£356m), UniCredit said, as revenue declined from an exceptional second quarter. [...]
TITANS OF BUSINESS SET TO CLASH AT GOODWOOD REVIVAL FESTIVAL September 16, 2010 THE LOVE affair between businessmen and their fast cars is certainly alive and kicking. This weekend marks the Goodwood Revival historic motorsport and aviation festival, as over 132,000 attendees prepare to head down to Sussex for two days of immersion in classic cars and planes. And The Capitalist hears that among those competing on the [...]
Doubts cast over Spanish banks merger May 25, 2010 FOUR Spanish savings banks will merge into a joint holdings group in a bid to fend off the deepening Eurozone crisis. The pooled resources of the four unlisted regional lenders will create Spain’s fifth biggest financial institution, with assets of more than €135bn (£115bn). The merger between Caja Mediterráneo from Valencia, Cajastur from Asturias, Caja [...]
Rights approval at Unicredit November 16, 2009 SHAREHOLDERS in UniCredit, Italy’s biggest bank, yesterday approved a rights issue of up to €4bn (£3.56bn) aimed at shoring up lagging capital ratios. The clearance by shareholders was widely expected. The capital increase is expected to be completed by the end of the first quarter of 2010, the bank said. UniCredit , Europe’s fourth-biggest bank [...]
London rights issues fall to zero May 16, 2010 No company listed on the London Stock Exchange held a rights issue in the first quarter, according to research by Trowers & Hamlins. The three months to March was the first quarter without a cash call since the credit crunch bit in the third quarter of 2007, indicating the urgent need for funds to repair [...]
Thomas Cook dips into the bonds market April 16, 2010 TRAVEL firm Thomas Cook has raised £650m through new sterling and euro bond issues. The company issued two bonds – a £300m seven-year bond paying 7.75 per cent interest, and a £350m five-year version paying 6.75 per cent. In the past the company, Europe’s second largest agent, has relied on bank loans. The bonds will [...]