WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
DERIPASKA IN NEW LISTING
Oleg Deripaska, the Russian billionaire, is preparing to float a second resource company in Hong Kong just three months after the controversial $2.2bn initial public offering of Rusal, his aluminium group. Strikeforce Mining and Resources aims to raise as much as $200m this month, according to people close to the deal, in what would be the second Hong Kong share sale by a Russian company.
LLOYDS TOPS LBO LOANS LEAGUE
Lloyds Banking Group has this year become the biggest provider of loans for private equity-backed takeovers of companies in Europe, outpacing rivals that were league table lenders at the height of the credit boom and nearly tripling the share of the market it had in 2007. The buy-out loans are expected to contribute to Lloyds meeting targets for business lending.
TOURNAMENT EXPECTED TO DELIVER $1BN GAIN FOR FIFA
Fifa, football’s governing body, expects this year’s World Cup in South Africa to generate a net gain of $1bn in income thanks to commercial deals but is eager not to call it a profit, its secretary-general has told the Financial Times. Jerome Valcke said the 2010 tournament would generate $3.3bn (£2.2bn) in income from commercial deals, and see Fifa spend $1.2bn on the tournament.
CONTRACT SUCCESS BOOSTS ALPINE
Sir Robert McAlpine reported an 80 per cent jump in pre-tax profits after the privately held construction company finished the year with a strong run of contract wins. Boosted by lucrative and high-profile projects, including the National Indoor Sports Arena and the Sir Chris Hoy Velodrome in Glasgow, the Hertfordshire-based company was able to mitigate the effects of the downturn in the building industry.
THE TIMES
PROPERTY OWNERS TELL VALUERS ‘IT’S YOUR FAULT’ AFTER CRASH
Legal actions against estate agents and surveyors reached record levels last year, as property owners counted the cost of steep falls in the values of their assets. There were 25 High Court cases alleging professional negligence over valuations of residential or commercial property last year, according to Reynolds Porter Chamberlain, the law firm. This compared with only one case in the previous five years.
PWC PARTNER COLIN TENNER SUES OVER REDUNDANCY
A former partner at PricewaterhouseCoopers is taking it to an employment tribunal this week, claiming compensation for disability discrimination. Colin Tenner was an equity partner at PwC in Northern Ireland.
The Daily Telegraph
HOUSE PRICES TO RISE 5PC THIS YEAR, PREDICTS CEBR
House prices will rise by 5 per cent during 2010 despite their sluggish start to the year, research claimed yesterday. The research also expects the Bank of England’s key interest rate to remain at 0.5pc throughout this year and next. The Centre for Economics and Business Research (cebr) said a combination of low mortgage rates and a shortage of new homes being built would push up house prices by 5.3 per cent during the year to average £172,500.
WE CAN’T FIX FARES, SAYS CHIEF OF MERGING US AIRLINES
The new head of what is expected to become the world’s largest airline promised that it will not be able to set prices, as Continental Airlines confirmed it is to be taken over by rival United in a $6.8bn (£4.5bn) deal.
WALL STREET JOURNAL
AIR NZ AND VIRGIN BLUE IN TIE-UP
Air New Zealand and Virgin Blue Holdings said they will seek regulatory permission to co-operate on flights between Australia and New Zealand. The airlines said the planned alliance will allow for collaboration on future route and product planning, including code sharing on each other’s services across the Tasman Sea, reciprocity on loyalty schemes and sharing of airport lounges.
AIRBUS AIMS TO BREAK EVEN IN 2010
European commercial aircraft manufacturer Airbus is aiming to break even this year after incurring an operating loss of €1.37bn (£1.2bn) in 2009, the company’s chief operating officer Fabrice Bregier said. Bregier said he’s hopeful that pay talks between management and Airbus’ French labor representatives on 4 May will reach a acceptable compromise.