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Fairfield to raise $450-$500m in London IPO
Fairfield has not yet decided on the proportion of its shares to be sold, but a banking source familiar with the matter told reporters the stake floated was likely to be more than 25 percent but less than half of the firm. The initial public offering could value the company at more than $1bn, the Financial Times reported, a figure on which Fairfield declined to comment. Fairfield, founded in 2005 and controlled by private equity firms led by Warburg Pincus, is one of several independent explorers that have been extending their grip on the North Sea in recent years, buying assets from oil majors focusing on larger reserves elsewhere. British o... -
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US jobless claims, price data back low rates policy
Fears that growth could be slowing were heightened by a report showing factory activity in the country’s Mid-Atlantic region braked to its slowest pace in 10 months in June. The employment gauge fell to its lowest level since November. “I don’t know if this is temporary, related to everything that has been going on in the markets, or if this means that the recovery is slowing,” said Alan Lancz, president of Alan B Lancz & Associates in Toledo, Ohio. Financial markets have been worried that a debt crisis that started in Greece could spread. Belt-tightening by European governments already looks set to slow economies there and take ... -
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Japan PM eyes 10% sales tax in party policy shift
Kan, who has made fiscal reform a top priority since taking office, also said he would map out the size of a future sales tax hike by the end of the fiscal year to March 31, 2011. The premier declined comment on when a tax rise might be implemented, but Democratic Party policy chief Koichiro Genba said the earliest timing technically would be autumn 2012, adding corporate tax cuts to boost competitiveness could come first. The Democrats ousted their long-dominant conservative rivals in a historic general election last year, promising to cut waste and focus spending on households to spur growth. But Europe’s debt woes have fanned concern abo... -
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Japan ruling party vows to tackle debt, sales tax
Japan’s ruling Democratic Party has vowed to fix the country’s tattered finances and pledged to seek a decision on tax reform quickly, paving the way for a likely hike in a politically sensitive consumption tax. In their campaign platform for a July 11 upper house election, the Democrats also vowed to do their best to keep fresh government bond issuance in the fiscal year starting next April from exceeding the “level for fiscal 2010”. “We will launch a multiparty discussion on the overhaul of tax systems, including consumption tax, with the aim of reaching a conclusion early,” the party’s manifesto said. It gave no hint of the t... -
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EU leaders sanction Iranian oil and gas sector
The measures go substantially beyond the sanctions the UN agreed on June 10 and are designed to pressure Tehran to return to talks over an uranium enrichment programme Western powers believe is designed to produce nuclear weapons. The steps, which could come into force within weeks, will focus on trade, including dual-use items, banking and insurance, Iran’s transport sector, including shipping and air cargo, and key sectors of the gas and oil industry. The energy sector sanctions will prohibit “new investment, technical assistance and transfers of technologies, equipment and services related to these areas, in particular related to refin... -
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Bank of England pushes for more ABS transparency
Britain’s central bank proposed these changes in March 2010 and aims to begin a phased introduction of the new criteria in 2011. There will be no grandfathering. “The feedback is supportive in principle,” said Sarah Breeden, head of special projects, markets at the Bank. “There were some particular issues including concerns about consistency with other initiatives,” she told a conference in London. “Our intention is to be complementary not competing.” The bank has been accepting asset-backed securities (ABS) as collateral in its efforts to provide banks with liquidity during and after the credit crisis. Now it wants to improve t... -
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Lehman Europe creditors could get speedier payouts
Thousands of creditors of bankrupt US investment bank Lehman Brothers owed about $22bn will be offered earlier cash payments if they are willing to accept lower valuations on their claims. PwC, which is in charge of the collapsed bank’s main European operations, said that the majority of claims should be agreed by the end of the year and payouts made in 2011. The traditional case-by-case approach would take years. The so-called “consensual approach” would value the claims on over 6,000 unsecured creditors of Lehman Brothers International Europe (LBIE). “The consensual approach is an innovative mechanism which will enable the claims to... -
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Scrapping, tough economy hit May Europe car sales
New passenger car sales fell 9.3 percent in May in the EU as the effects of government support for the car industry slipped away and the economic environment remained difficult, industry association ACEA have announced. Governments helped carmakers hit by the crisis last year with scrapping incentive schemes that boosted demand for new cars, but these have finished or are running out and carmakers are worried about the second half of the year. ACEA said the May decline to a total of 1,129,508 cars registered was the second monthly decline this year and reflected “the end to government support schemes on the one hand and the further challeng... -
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Resolution plans cash call to fund AXA deal
Acquisitions vehicle Resolution said it would fund its planned takeover of French insurer AXA’s British life operations by raising £2bn ($2.91bn) in a rights issue. The acquisition would cost a total of £2.75bn, Resolution said, adding that it hoped to announce a deal by the end of June. The company, founded by insurance tycoon Clive Cowdery, aims to buy and merge at least three British insurers or asset managers before floating or selling the combined group in 2012. Resolution confirmed that it was discussing a takeover of most of AXA’s British operations in what would rank as its second acquisition after the £1.8bn purchase of Britis... -
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Spain says has not, will not make EU aid request
Spain’s economy ministry has said it had not made a request for economic aid from the EU, after a newspaper report that the EU was preparing to activate a package in case Madrid asked for it. “This is lie. There’s no rescue. There’s nothing asked for, nor will there be, nothing, but nothing. I don’t know where they got this from,” an economy ministry spokesperson told reporters. Without citing sources, the FT Deutschland said the EU was preparing for an aid application in the months ahead for access to the fund set up to lend to eurozone countries that run into Greek-style payments problems. Specifically, Spain might need the aid ...
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