Financial Times
KING OF MINING M&A; QUITS TO FIGHT FINE
Ian Hannam, the London banker dubbed “the king of mining
M&A;”, has resigned from JPMorgan Cazenoze, vowing to
fight a 450,000 pounds ($718,700) fine from the UK Financial
Services Authority for market abuse.
MURDOCH RESIGNS AS BSKYB CHAIRMAN
James Murdoch on Tuesday stepped down as chairman of British
Sky Broadcasting to prevent phone hacking and other
scandals at News Corp tainting the UK satellite
broadcaster.
BTG PACTUAL IPO TO VALUE BANK AT $15 BILLION
BTG Pactual is set to float later this month in a
deal that will value the rapidly growing Brazilian investment
bank’s equity at up to $15 billion and the shareholdings of a
swathe of executives at more than $150 million each.
PENT-UP DEMAND DRIVES US CAR SALES
The U.S. motor industry recorded its best monthly sales for
nearly five years in March on the strength of a brightening
economy and pent-up demand.
CHINA TO LET IN MORE FOREIGN INVESTMENT
China has almost tripled the amount of money foreign
institutions can invest in its capital markets, in the latest
move aimed at loosening strict capital controls and
internationalising the renminbi.
FED TO FINE MORGAN STANLEY OVER HOME LOANS
Morgan Stanley became the latest U.S. bank to be
ensnared by the so-called robosigning scandal, drawing the wrath
of the Federal Reserve for the alleged mistreatment of
distressed borrowers by a since-sold home mortgage subsidiary,
Saxon Mortgage Services.
CAIRN BUYS NORTH SEA EXPLORER FOR $450 MILLION
Cairn Energy has agreed a cash and shares deal with
the Rothschild family to acquire Agora Oil, an oil and gas
exploration company with assets in the North Sea, for $450
million.
GDF PRESSED TO INCREASE OFFER FOR UK GROUP
GDF Suez of France will have to increase its offer
for 30 percent of International Power by at least 15
pence per share, several people involved in the talks have said,
after a leading investor in the British-listed company sold
almost a third of his holding at about 405 pence per share.
