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·US banks in rush for cheap finance
US banks are taking advantage of improving earnings and growing investor demand to raise billions of dollars in debt at low interest rates, a move that could boost the sector’s profits
·Results underline strength of Europe’s corporate recovery
Industrial companies have led the recovery after a crushing fall in earnings last year
·Fed reports paper profit on Bear and AIG bail-outs
The US public’s hope of getting repaid for the bail-outs of Bear Stearns and AIG in the financial crisis increased on Thursday after the Federal Reserve reported a paper profit for the first time on all the holdings of securities bought from the companies
·Wyly brothers charged over ‘undisclosed $550m’
US regulators charged Samuel and Charles Wyly, two billionaire brothers whose interests range from software to restaurants, with reaping more than $550m in undisclosed gains by trading shares in companies on whose boards they sat
·Citi to pay $75m to settle SEC charges
The US bank did not admit to charges that it failed to disclose more than $40bn in subprime mortgage exposure but the settlement includes information that may be useful in cases against it
·Google says China ‘blockage’ miscalculation
Google said that its search and advertising services were being blocked in China for first time since its groundbreaking compromise with the Chinese government earlier this month
·Shell chief defends deep-water drilling
Peter Voser, chief executive, says deep-water drilling has important role to play in global energy supply, as the Anglo-Dutch oil group announces a near-doubling in second-quarter profit to $4.53bn
·Wylie theatens broad digital expansion
Andrew Wylie, the literary agent whose exclusive deal with Amazon.com last week stunned the publishing world, has threatened a broad expansion of his digital publishing business to include up to 2,000 titles if traditional publishers refuse to improve digital royalties.
·FSA unveils tough pay and bonus code
The FSA is broadening the scope of its pay code to more than 2.500 financial services companies to comply with EU legislation that introduced some of the world’s toughest restrictions on bankers’ bonuses
·PartyGaming and Bwin plan merger
Proposed deal would create world’s largest online gambling group, with 2009 pro-forma net gaming revenues of €682m, and earnings before interest, tax, depreciation and amortisation of €196m
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·South Africa: Bank Pioneers New Way of Farming
STANDARD Chartered Bank is providing nearly R3bn to fund agricultural production in SA, using an innovative scheme that avoids the conventional approach of asking farmers to provide a physical asset as security.
·Africa: Race on for BP's African Assets
BP Plc is in talks with India's Reliance Industries and Essar Group to sell its African retail assets, including those in Namibia, that could be worth as much as US$500 million, four sources with direct knowledge of the matter told Reuters yesterday.
·South Africa: Gold One Says It May Hedge Gold to Cover New U.S.$65 Million Debt Facility
GOLD One, which is increasing the Modder East mine near Johannesburg, may have to hedge up to 200 000oz of gold to cover a $65m loan it is finalising.
·South Africa: Phoenix Project Muddies Kumba-Mittal Waters
ARCELORMITTAL appears to be headed for another clash with Kumba Iron Ore, this time over cheap supplies for its steel mills from the Thabazimbi mine.
·South Africa: Khumama Dispute Delays Mvelaphanda Unbundling
THE unbundling of Mvelaphanda Resources (Mvela) has been pushed back from the end of this year to about May next year after an arbitration process with Khumama Platinum failed to reach resolution last week.
·South Africa: Opinions on Nedbank Fraudulent
NEDBANK's battle with Pinnacle Point investors took a twist yesterday when legal opinions were established to be fraudulent.
·Tanzania: Asia's Richest Person Bids for BP Tanzania
Indian billionaire Mukesh Ambani, who is Asia's richest man, has joined the race to buy the assets of the British Petroleum (BP) Company in Tanzania and three other African countries.
·South Africa: Mittal Hints at Settling With Kumba
REMARKS by ArcelorMittal CEO Mittal CEO Nonkululeko Nyembezi-Heita yesterday reinforced what Kumba Iron Ore's CEO has said about the prospect of the two companies reaching a long- term supply agreement, and avoiding a lengthy and expensive arbitration.
·Nigeria: Shell to Sell Four Oil Blocks in Niger Delta
Oil giant Shell has offered some of its oilfields in the Niger Delta valued at between $150 million to $2 billion for sale, THISDAY investigations have revealed.
·Kenya: EABL Takeover Gets Greenlight
East African Breweries Ltd has finally acquired majority shareholding in Serengeti Breweries, giving it a consolation prize in the battle for Tanzania's beer market.
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·Colgate-Palmolive
Everyone wants to clean up in emerging markets, but they all can't come out smiling
·Telefónica to pay €7.5bn for Vivo stake
Spanish telecoms group confirms an agreement to buy Portugal Telecom out of Vivo, their Brazilian mobile phone joint venture, ending three months of acrimonious wrangling
·Emerging markets lure big exchanges
Larger bourses are cross-listing with smaller ones in an effort to increase their businesses
·Condé Nast in Globo tie-up in Brazil
Condé Nast has signed a joint venture agreement with Globo, Brazil's largest publisher, to publish glossy magazines such as Glamour and GQ in the country
·Magna investors approve share plan
Court to decide on end to dual-share structure, which some shareholders say would give too hefty a premium to the family of Frank Stronach, the company's founder
·Slapped wrist and back to business for Goldman
With the SEC's fraud case against Goldman Sachs settled, taxpayers and investors had the right to expect more than this business-as-usual kind of justice
·Zamin weighs up London flotation
The Brazilian iron ore company's planned listing, which would likely value the group at $2bn-$2.5bn, comes after Ferrous Resources cancelled its own London offering
·Standard Life rejects £2.9bn Tomkins offer
One of the group's leading shareholders believes the offer from a Canadian consortium materially undervalues the business and its prospects
·Pearson reveals £326m Brazil deal
UK publishing group is set to fulfil a long-held ambition for substantial expansion into South America after announcing an R$888m deal to buy a division of SEB, a leading Brazilian education company
·Disgraced peer close to gaining his freedom
June ruling by the Supreme Court invalidated prosecutors' use of a criminal statute known as the honest services law, which had essentially allowed them to prosecute individuals for not living up to the duties of their office
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·IASB proposes accounting overhaul for insurers
Insurers face a radical shake-up in how they account for their business as the international accounting rule maker proposes new rules that investors say could reduce the insurance industry's cost of capital and boost stock prices
·Wylie theatens broad digital expansion
Andrew Wylie, the literary agent whose exclusive deal with Amazon.com last week stunned the publishing world, has threatened a broad expansion of his digital publishing business to include up to 2,000 titles if traditional publishers refuse to improve digital royalties.
·US banks in rush for cheap finance
US banks are taking advantage of improving earnings and growing investor demand to raise billions of dollars in debt at low interest rates, a move that could boost the sector's profits
·Citi agrees $75m to settle SEC charges
Citigroup agreed to pay $75m to settle Securities and Exchange Commission charges that it failed to disclose to investors more than $40bn in exposure to subprime mortgages
·Exxon shrugs off effect of moratorium
ExxonMobil said that the moratorium on new deepwater drilling in the Gulf would have no significant short-term impact on its profits
·CME predicts OTC opacity will remain
The world's biggest futures exchange says that banks will continue to trade OTC derivatives in much the same way as they did before the crisis in spite of US reforms
·Rebound in sales and profits at ad groups
Advertising agencies report significant improvement in sales and profitability in the second quarter, with both Interpublic and Publicis raising forecasts and beating market expectations
·Sales of Droid boost Motorola profits
Motorola, the US mobile phone handset maker, said profits surged in the second quarter, aided by the popularity of its popular Google Android-powered Droid X smartphone
·CME boosted by higher trading volumes
CME Group, the US's biggest futures exchange, reported second-quarter earnings ahead of Wall Street's average expectations, as traders protected themselves from market volatility
·Sanofi poised to make offer for Genzyme
Chris Viehbacher, left open the option of a $19bn takeover of US biotech company Genzyme as he unveiled second-quarter results for the French pharmaceutical group with earnings up nearly 8%
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·Margin lift offsets sales dip at PZ Cussons
Increasing efficiencies from the group's new UK manufacturing facility and a decline in the price of raw materials such as crude palm oil boosted profits
·Tullow to start $10bn Uganda development
Completion of the $1.45bn cash acquisition of Heritage Oil's 50% stake in the Lake Albert blocks clears the way for a sale of two-thirds of the project to be split between Total and CNOOC
·Buy-out group's $613m fund for Africa
Investors' growing interest in African private equity will be underlined when US-based Emerging Capital Partners announces that it has raised $613m for a fund targeting deals from the Maghreb to the Cape of Good Hope
·De Beers chief to step down after five years
Gareth Penny, chief executive, announces plans to step down later this year after the diamond group radically improves its profit performance
·De Beers
Zimbabwe is about to change the dynamics of global diamond production
·Monetising microfinance
Lending to America's poor was problematic so why should lending to poverty stricken masses elsewhere be any different
·Vibrant Africa beckons investors
Global attention turns to Africa where the demographics are stellar, but it is still not an easy market – capital markets are shallow, many stocks are illiquid
·Privatisation benefits African ports
Operators apply their know-how to improve efficiency and technology to win customers but investments are still needed to improve landside infrastructure and ease customs procedures
·NTT in $3.2bn deal to buy Dimension Data
The Japanese telecoms operator has announced an agreed all-cash deal to buy the South African IT services company
·NTT / Dimension Data
Hope again triumphs over experience as Japan's former telecoms monopoly acquires South African IT infrastructure group
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·Li Ka-shing pays £5.8bn for UK utility
EDF Networks has low-voltage electricity distribution networks in the east and south of England, long-term contracts with businesses such as London Underground, Heathrow and Gatwick, and the Channel Tunnel
·KNOC set to complete bid package for Dana
Korea National Oil Corporation is close to arranging the loans needed to launch a formal £1.7bn offer for Dana Petroleum as the UK oil explorer battles to convince its shareholders to push for a higher offer
·Sony raises full-year profit forecasts
The Japanese electronics and entertainment group reports an unexpectedly strong first quarter marked by robust sales of flat-screen televisions and PlayStation video game consoles
·Chinalco and Rio sign $1.35bn Guinea deal
Pact allows the Chinese state-owned miner to buy in to a rich iron ore project in Guinea, in a move that places both mining companies at the centre of multi-billion-dollar scramble for west Africa's iron ore
·US divided on how to tackle Huawei
US government agencies charged with reviewing sensitive acquisitions are engaged in a debate over how to handle Huawei, the Chinese software and telecoms equipment-maker viewed with deep scepticism by government security experts
·Aegis bids for Australian agency
The media agency is to make its largest acquisition for a decade by offering about £207m for Mitchell Communication Group, Australia's largest media-buying agency
·Panasonic bids for green energy units
Japanese electronics group bets on the future of green energy by offering to buy out minority shareholders in two subsidiaries specialising in lithium-ion batteries, solar cells and other environmental technology
·BIS gold swaps mystery is unravelled
Deals that sparked fall were 'mutually beneficial'
·Smartphone trend lifts HTC revenues
The Taiwanese smartphone maker is emerging as one of the biggest beneficiaries from the growing popularity of smartphones, as it reveals a 58% jump in revenues in the second quarter
·Panasonic: Going green
Japanese electronics company is in search of a niche it can dominate
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