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The Business Matrix: Tuesday 16 April 2013
Greece set to get £2.4bn bailout
Greece is in line for the next €2.8bn (£2.4bn) tranche of bailout funds as it heads for a “gradual return to growth” next year, the troika of the European Commission, European Central Bank and International Monetary Fund said yesterday. But the troika said Greece’s ruling coalition was on track with economic reforms.
Dish puts Sprint on takeover table
The US satellite TV group Dish has entered the race to merge with Sprint Nextel, the mobile-phone business that comes with precious wireless spectrum rights, tabling a $25.5bn (£16.65bn) bid that could thwart an earlier offer by Japan’s SoftBank. US telecoms firms are also expanding by amassing as much wireless spectrum as they can.
Centrica signs deal on Canadian gas
Two months after pulling out of plans to build Britain’s first new nuclear plants in a generation, Centrica and its Qatari partners yesterday invested C$1bn (£639m) in a package of Canadian natural gas assets. It is the first acquisition by Centrica, the owner of British Gas, since December 2011.
Housing market springs into life
First-time buyers piled back into the housing market in the best start to a year since 2008, according to the Council of Mortgage Lenders. Its figures showed 32,300 loans advanced to those getting on the property ladder in January and February, 21 per cent up on last year.
HSBC employee in court tax charges
A former HSBC employee wanted in Switzerland on allegations of stealing data on tens of thousands of bank accounts was in a Spanish court yesterday facing extradition proceedings. European tax authorities are seeking billions of euros in lost taxes.
Sly picks up £2.3m from Trinity Mirror
Sly Bailey, the former chief executive of Trinity Mirror, walked away with nearly £2.3m from the newspaper publisher last year after an investor revolt and a 90 per cent slump in its shares. The annual report showed her “compensation for loss of office” was £1.8m. Ms Bailey received a payout of £896,000 from June 2012 until May 2013.
Private equity firms eye Joules
A handful of private-equity firms are plotting to invest in Joules, the fashion retailer that made its name at the Badminton Horse Trials and is valued at up to £50m. Graphite Capital is among the firms considering investing in Joules, which hired advisers at Rothschild in November. The retailer has 70 stores.
Investment bank swells Citi profits
Citigroup reported a 31 per cent rise in first-quarter profit as it drew down loss reserves for mortgage loans, and revenue from its securities and investment banking business swelled.
Its profits rose to $3.8bn (£2.4bn) from $2.9bn during the first full quarter under its new chief executive, Michael Corbat.
FT owner Pearson exits South Africa
Pearson, the owner of the Financial Times, has agreed a deal to exit its South African joint venture BDFM Publishers. The group will sell its 50 per cent stake in the publisher to Times Media Group, which already owns the other half, to focus on its core news strategy.
Top edge fund bosses’ pay dips
The world’s top 25 hedge fund managers earned $14bn (£9.13bn) last year down $8bn from the record $22bn they made in 2010. Highest earner was David Tepper, of the $15bn Appaloosa fund, whose pay and share incentives totalled $2.2bn.
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