Potash claims rivals will bid

first_img Tags: NULL whatsapp Tuesday 14 September 2010 9:14 pm whatsapp KCS-content More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Sharecenter_img FERTILISER company Potash Corp is not considering a large stake sale to a third party or long-term production sharing agreements as serious options to block a sale to BHP Billiton, investors who met with the company said yesterday.Potash Corp chief financial officer Wayne Brownlee was in New York meeting with investors on Monday and yesterday ahead of a presentation at a conference this morning, the investors said.The investors spoke on the condition of anonymity. They said Brownlee also echoed previous company statements on the strong fundamentals and prospects of the business.Investors said he reiterated earlier Potash Corp statements that the company has been in talks with third parties about alternative transactions to the BHP bid.Last month, BHP launched a $39bn (£25bn) hostile bid for Potash Corp as the Anglo-Australian miner looks to become the world’s largest fertiliser company.However, Potash has resisted the offer, with chief executive Bill Doyle writing to staff on Monday to claim the firm is ready for a “marathon, not a sprint” when it comes to other bids. Potash declined to comment. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Show Comments ▼ Potash claims rivals will bid last_img read more

ITEM: cuts won’t cause double-dip

first_img THE UK faces a slow economic recovery but fears of a double dip recession are overdone, one of the UK’s top forecasters will say today.The Ernst & Young Item Club – which uses the Treasury’s own economic model to make its predictions – also suggests that far from hurting the economy, Wednesday’s Comprehensive Spending Review will stimulate activity with investment to grow nine per cent next year. The news will come as a boost to Chancellor George Osborne, who yesterday vowed to keep to his schedule for cutting the deficit.The Item Club report says current uncertainty over where Osborne’s axe will fall has led businesses to hoard cash. However, once the scale of spending cuts is known, companies will start spending.In a further boost to Osborne, 35 business leaders will today urge him not to slow down the cuts. They include Andy Bond, chairman of Asda, Gordon Frazer, boss of Microsoft UK, Ian Livingston, boss of BT, and Charles Dunstone, chairman of Carphone Warehouse.Peter Spencer, Item’s economic advisor, said GDP growth would be 1.4 per cent this year and 2.2 per cent in 2011. Spencer said exports were likely to pick up from mid-2001. Inflation would also begin to ease towards the second half of 2011 and come below target from January 2012, while the Bank of England’s base rate was unlikely to change. But wage growth remains below 2 per cent, with real income to fall one per cent next year.Some departments will suffer much more than others. The Ministry of Defence will see real cuts of 8 per cent, with troop numbers cut to 95,000. The NHS will see its funding go up in real terms, as will foreign aid. The schools budget appears to have been largely protected. It is believed that the Ministry of Justice could lose up to 30 per cent, hitting courts and prisons, while the Home Office will also be slashed.But yesterday Osborne confirmed funding of major infrastructure projects such as Crossrail – giving Boris Johnson a boost – Mersey Gateway, the science project Diamond synchrotron and universal broadband. He also announced plans for a three strikes rule, which would mean cheats would be denied benefits for three years following three convictions for benefit fraud. There are also likely to be other large cuts to welfare and social spending.The Transport Department is also likely to be hit by large cuts. There is talk of massive, 40 per cent rises in train fares over the next few years. Other departments such as Energy, the Foreign Office and Culture will be slashed. KCS-content Sunday 17 October 2010 11:50 pm whatsapp Share Tags: NULL ITEM: cuts won’t cause double-dip whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timeslast_img read more

CITY VIEWS: SHOULD THE UK HELP BAIL OUT IRELAND

first_img Monday 22 November 2010 8:09 pm Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com whatsapp whatsapp Show Comments ▼ KCS-content CITY VIEWS: SHOULD THE UK HELP BAIL OUT IRELAND RICHARD YOUNG | CONTROLCIRCLE“I’m not sure why we are trying to support an independent country when we have got mountains of debt of our own. There needs to be an underlying trade or political reason to do so.”CHRISTOPHER MILLER | INVESTMENT QUOTIENT“It’s not ideal, but it would be far worse if companies with links to Irish financial health such as the UK Post Office bank collapsed.”KEVIN CLARK | RK HARRISON“The money would be better spent on our own country right now, helping to make our own economy stronger – though I can see how Irish trade benefits us.” Tags: NULLlast_img read more

Resolution replaces Citigroup as corporate broker

first_img Resolution replaces Citigroup as corporate broker Show Comments ▼ whatsapp RESOLUTION, the life funds group run by Clive Cowdery, ended its broking relationship with Citigroup today following the summer departure of Andrew Thompson, one of the bank’s most senior corporate brokers.Sources said that Resolution was “very much a relationship driven company” and that Thompson’s departure to Deutsche Bank was bound to make a major difference to the bank’s relationship with Citigroup.Resolution said its new financial advisers would be RBC and Barclays Capital, two institutions that were extremely supportive of a recent fund-raising.Thompson looked after Citigroup’s relationships with a number of large UK financial institutions. The bank’s FTSE 100 financial services clients include Lloyds Banking Group, Icap, Resolution and F&C Asset Management.He was one of five managing directors lured out of Hoare Govett – then owned by ABN Amro – by Citigroup in 2005 with two-year guaranteed bonuses. Citigroup said that the bank had won mandates recently, including Punch Taverns and Deutsche Telekom, but that client losses were also inevitable from time to time.Resolution’s choice of RBC as a joint adviser was no doubt assisted by the presence of Josh Critchley who had been the company’s broker while at his previous employer Goldman Sachs.Resolution is the first FTSE 100 client to be won by RBC’s rapidly expanding European capital markets team which has gone from 10 to 22 clients over the past year. “This demonstrates our ability to advise companies up and down the size scale,” says Critchley. Wednesday 24 November 2010 1:08 pm Share whatsapp More From Our Partners I blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org John Dunne Tags: NULLlast_img read more

Third oil strike for Cove’s group

first_img A partnership between Cove Energy, Videocon Industries, Anadarko Petroleum, BPRL Ventures and Mitsui E&P has discovered major natural gas presence off the coast of Mozambique. The discovery well at the Lagosta prospect has a net 550 feet of natural gas find, Videocon said in a statement. The group has made three discoveries in the area, and is looking into ways to commercialise liquefied gas from the region. Third oil strike for Cove’s group whatsapp KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Share Monday 29 November 2010 7:39 pm Show Comments ▼ whatsapp Tags: NULLlast_img read more

FED’S $3 TRILLION IN EMERGENCY AID

first_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com FED’S $3 TRILLION IN EMERGENCY AID whatsapp KCS-content Ben Bernanke: Banks and firms used our temporary liquidity facilities 21,000 times during the crisisEUROPEAN banks were some of the biggest beneficiaries of the Federal Reserve’s $3.3 trillion emergency loan programmes during the darkest days of the financial crisis when the US central bank desperately tried to keep the global system functioning.The biggest release of data on crisis lending ever revealed by a central bank shows the breadth of the Fed’s support as lender of last resort with 21,000 transactions to financial firms, other central banks and companies between the beginning of December 2007 to the end of July this year unveiled.Among the transactions, which cover all but one of the Fed’s emergency lending programmes including direct liquidity injections and investments in key credit markets, Barclays Capital emerged as one of the biggest cumulative borrowers from the Primary Dealer Credit Facility (PDCF) providing access to overnight loans. The firm took 50 overnight loans of as much as $7.5bn. After it took over Lehman on 17 September 2008, it borrowed $47.9bn – the highest individual loan in the life of the PDCF. Barclays yesterday said that all the loans were repaid last year. Meanwhile, RBS had to borrow £36.6bn from the Term Auction Facility (TAF) Programme providing access to short-term one and three-month funding emphasising the squeeze in dollar liquidity after the collapse of Lehman. European banks also featured as five of the ten top users of the Fed’s Commercial Paper Funding Facility (CPFF), which bought high-quality three-month commercial paper from companies that had difficulty selling it with Swiss banking giant UBS tapping it for $37bn in October 2008. Belgium’s Dexia turned to the CPFF for $10.9bn in 2008 and Germany’s Commerzbank for $11.6bn. Senator Bernie Saunders, who pushed through the amendment to the Dodd-Frank law forcing the disclosure, said yesterday the “huge sum” that went out to foreign private banks and corporations was the “most surprising” element of the published data and demanded “an extensive look.”The data also revealed how Wall Street titans Goldman Sachs and Morgan Stanley were forced to turn to the Fed for aid – Goldman borrowed directly from the Fed 84 times when its overnight loans peaked at $18bn, while Morgan Stanley tapped it 212 times borrowing nearly $60bn.Companies such as GE also used the CPFF programme tapping the Fed for more than $12bn in total. And the Fed’s reach also extended to foreign central banks – with the European Central Bank using the Fed’s dollar liquidity swap 271 times in total. Sharecenter_img Wednesday 1 December 2010 9:31 pm whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Tags: NULLlast_img read more

Hedge accounting rules change

first_imgThursday 9 December 2010 7:22 pm whatsapp The International Accounting Standards Board has announced plans to revolutionise hedge accounting for financial instruments by brushing aside existing rules and introducing a set of core principles instead. IASB chairman Sir David Tweedie said the changes, announced yesterday, would add simplicity to hedge accounting, while allowing for more easily identifiable risk management. Accountancy body ICAEW cautiously welcomed the new proposals – saying they might be an improvement but they were incomplete. ICAEW’s Dr Nigel Sleigh-Johnson said: “The very detailed and specific rules in the current standard made hedge accounting very difficult. It was hard for companies to explain their strategies and for users of financial reports to understand how the hedge accounting results related to them.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Hedge accounting rules change Tags: NULL Show Comments ▼center_img whatsapp KCS-content Share More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orglast_img read more

eBay snaps up Critical Path

first_img KCS-content Wednesday 15 December 2010 8:14 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Web commerce company eBay said yesterday it acquired Critical Path Software, a mobile software application developer, as the company further embraces selling via mobile. Terms of the deal were not disclosed. US firm Critical Path Software has worked with eBay for over two years, most importantly developing its app for Apple’s iPhone, which eBay says has been downloaded more than 14m times. Tags: NULL Show Comments ▼center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem eBay snaps up Critical Path Sharelast_img read more

Asia bank fees trump Europe

first_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com whatsapp whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Asia bank fees trump Europe KCS-content center_img Show Comments ▼ ASIAN financial services have continued to grow on the global stage, showing a 22.2 per cent lift in investment banking fees taken in the region over the last year, as payments to European banks fell.Companies in Asia surged to contribute £12.8bn last year, as fees taken globally by investment banks jumped nine per cent to $84bn (£54bn) in 2010.European banks earned 12.3 per cent less for their service than in 2009, though fees still totalled $22.7bn, according to data provided by Thomson Reuters.The payments were made by firms to investment banks for financial services including underwriting capital markets deals and advising on mergers and acquisitions.Though deals across the market were up 10.2 per cent by volume, by value the gain was only 0.4 per cent, with smaller transactions dominating the dealflow. In Europe the difference was even more marked, with deals up 8.9 per cent in volume but down 21.2 per cent in value. US banks topped the review, charging $43bn between them and registering a 21.9 per cent increase on the previous year. Among the top fee payers were US government-backed banks, contributing a total of $2.52bn. State-backed mortgage lender Frannie Mae spent $884m on investment banking services last year, topping rankings compiled by data provider Dealogic.Government-sponsored home mortgage provider Freddie Mac placed second, paying $656m, and bailed-out insurer AIG placed third, paying $582m. Tags: NULL Thursday 6 January 2011 8:54 pmlast_img read more

Citi takes back EMI from Terra Firma

first_imgTuesday 1 February 2011 2:21 pm Show Comments ▼ Citi takes back EMI from Terra Firma Share Tags: NULL More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com alison.lock center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaMold Removal | Search AdsBathroom Mold Removal Tips That Might Surprise Most AmericansMold Removal | Search AdsStyleVamp11 Celebs And Their Historical DoubleStyleVampBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewada5log – Livinguard®This mask has been sold out in Germany 5 days after the government has tighten up5log – Livinguard®virimi.com14 Efficient Arm Workouts To Build Might & Muscle – Virimivirimi.comfddStimulus News UpdatesfddCleaning Services | Search AdsHere’s What Cleaning Services In Scottsdale Should Actually CostCleaning Services | Search Adsadvisor15 Plants that Repel Mosquitoes Naturallyadvisor whatsapp whatsapp Iconic recording company EMI has been taken over by Citigroup, the US bank that provided £3.4bn of debt to the company.Citi has taken control of EMI despite it keeping up with debt repayments, after concluding that the outstanding sum was unsustainably large. EMI, home of artists such as Robbie Williams and Kylie Minogue, was loaded with £2.6bn of debt in Terra Firma’s £4.2bn buyout deal in 2007, but has now had most of the loans lifted by Citi.Citi had refused to renegotiate the terms of the debt before taking ownership.Terra Firma’s buyout epitomised the risks of loading companies with debt when EMI’s performance slumped in the downturn.The battle for EMI was soured by an acrimonious US court case brought by Hands in December, in which he accused Citi investment banker David Wormsley of tricking him into paying far more for the company than it was worth.US judges found in favour of Citi but Hands lodged an appeal last month.Citi has cut EMI’s debt by 65 per cent to £1.2bn and it has been left with more than £300m cash.EMI’s management welcomed the change.“The recapitalisation of EMI by Citi is an extremely positive step for the company,” EMI chief executive Roger Faxon said in a statement.“It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity. With that solid footing, we are confident in our ability to drive our business forward.”In a statement, Terra Firma said it was “pleased that EMI’s debt burden has been reduced through Citi agreeing to write down a substantial proportion of EMI’s debt.” EMI said it would continue under the same management and it is now completely separate from its previous owner. The vehicle formed by Terra Firma to own EMI, called Maltby, is now in administration. last_img read more