Gulfsands stops funds to Syrian head’s cousin August 24, 2011 GULFSANDS Petroleum, the UK oil explorer with assets in Syria, said it had suspended payments to a cousin of the Syrian president yesterday as it sought to appease criticism about its activities in the conflict-torn country. The explorer, which first entered Syria in 2000, said it was “fully compliant” with sanctions against the country and [...]
2011 saw an Arab Spring and the euro in crisis – get ready for even more drama in 2012 December 19, 2011 IT’S been quite a year: the Eurozone is in crisis and the US lost its AAA credit rating from S&P. But economists warn that next year could be worse. There might be a repeat of 2008 – a credit crunch and another recession. Worse, the head of the IMF Christine Lagarde warns of a “lost [...]
Glencore in fuel deal with Libya’s NTC September 5, 2011 COMMODITIES trader Glencore has signed its first contract to deliver fuels to Libya’s interim council, industry sources said, in a further sign that rival Vitol is losing its place as top supplier to the rebels who now rule the country. The National Transitional Council (NTC) has gained broad international recognition as Libya’s legitimate government and [...]
Treasury settles JP Morgan case August 25, 2011 US bank JP Morgan has paid $88.3m (£53.6m) to settle a case with the US Treasury department for making financial transactions in violation of US international sanctions. JP Morgan allowed transactions such as wire transfers to countries such as Cuba and Iran through its affiliate banks over five years from 2005 to 2011, the Treasury [...]
Football’s big spenders risk transfer ban September 7, 2011 EUROPEAN football clubs could be banned from making transfers or have prize money withheld if they fail to meet Financial Fair Play (FFP) rules, they were warned yesterday. Governing body Uefa clarified the range of sanctions at the annual congress of the European Club Association (ECA), which represents 200 leading teams, in Geneva. Uefa has [...]
Miners drag FTSE lower October 13, 2011 Miners led a retreat on the FTSE 100 today as copper prices dropped with global growth worries resurfacing following weaker-than-expected Chinese trade data. China’s trade surplus narrowed in September for a second month in a row as growth of exports and imports both fell below forecasts, reflecting global economic weakness. However in a boost for [...]
Merritt case is athletics’ Bosman rule October 6, 2011 BRITISH Olympic chiefs have warned they will not drop their controversial lifetime ban for drug cheats despite the threat posed by a landmark European legal case that experts have likened to the Bosman ruling. The Court of Arbitration for Sport (CAS) yesterday ruled in favour of American 400m runner LaShawn Merritt, who argued that an [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 15, 2011 FINANCIAL TIMES HGCAPITAL IN TALKS TO BUY BACK IAS HgCapital, the mid-market private equity group, is in talks to buy back the main part of Iris Software Group four years after it sold the UK’s largest private business software maker to Hellman & Friedman. The buy-out house has approached its larger US rival with a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 15, 2011 FINANCIAL TIMES HGCAPITAL IN TALKS TO BUY BACK IAS HgCapital, the mid-market private equity group, is in talks to buy back the main part of Iris Software Group four years after it sold the UK’s largest private business software maker to Hellman & Friedman. The buy-out house has approached its larger US rival with a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 13, 2011 FINANCIAL TIMES PRIVATE EQUITY GROUPS BOOST STAKES IN HOT FUNDS Investors in the secondary leveraged buy-out fund market are using further leverage to finance such purchases, adding another layer of risk and stirring up memories of the debt-fuelled private equity boom ahead of the financial crisis. While private equity groups in Europe and the US [...]