Business news in brief
Thursday 03 April 1997
Commonwealth Bank of Australia has bought a 17 per cent stake in Caspian Resources, the London-based emerging markets investment bank founded by Christopher Heath, for an undisclosed sum. CBA, one of Australia's four main banks, said the stake in Caspian would provide it with additional distribution outlets in Asia and wider access to investors.
National Power looks to Indonesia
National Power is to take a 30 per cent stake worth $130m in an Indonesian company set up by a consortium planning to build a $1.6bn coal-fired power station. It is NP's first big project in Indonesia as part of the consortium. In a 30-year power purchase agreement, the Indonesian state-owned electricity corporation will buy power from the 1,320 megawatt plant.
BASF forecasts record results
BASF, the German chemicals group, expects to report its third consecutive set of record results in 1997. Chief executive Juergen Strube said sales should reach DM50bn (pounds 18.2bn) and earnings should grow at least as strongly as sales. He said BASF had enjoyed a strong start to the year marked by double-digit first-quarter sales growth, driven in part by higher domestic demand. Last year BASF posted a 5.5 per cent rise in sales to DM48.7bn marks. Pre-tax profits climbed 6.9 per cent to DM4.4bn.
pounds 16.8m Adas management buyout
Adas, the government agency specialising in agricultural research and consultancy, has been bought by its management and staff. The pounds 16.8m buyout was partly funded by 3i, the venture capital group, which will own 80 per cent of Adas. The Bank of Scotland provided debt facilities.
Car rental firms reject credit cards
Avis and Hertz, the car rental companies, have stopped allowing customers to use Visa and Mastercards to rent cars, according to the New York Times. Hertz was reported to have said the cards provided no qualification of creditworthiness.
Trafficmaster seals German deal
Trafficmaster is to supply its traffic system to the German autobahn through a 12-year licence agreement with Mannesmann, the German engineering and telecommunications group, and T-Mobil, a fully owned subsidiary of Deutsche Telecom .Trafficmaster chief executive David Martell said the deal would accelerate the adoption of Trafficmaster technology as original equipment in new cars.
Costain names Armitt as chief
Costain, the international engineering and construction group, has appointed John Armitt to succeed Alan Lovell as the group's new chief executive. Mr Armitt is currently managing director of Union Railways, which is responsible for developing the pounds 3bn Channel Tunnel rail link.
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- 3 Professional big game hunter Ian Gibson crushed to death by elephant during hunt
- 4 Farmer told to tear down mock-Tudor castle after hiding construction behind hay bales
Migrants crossing the Mediterranean: Pope Francis joins calls for EU action on boat refugees
Yemen crisis: Meet the child soldiers who have forsaken books for Kalashnikovs
Alan Rickman admits editing 'terrible' script with friends in Pizza Hut behind backs of writers on Robin Hood: Prince of Thieves
Rarest Beanie Baby of them all could be sold for £62,500 on eBay
Isis in Afghanistan: Group claims responsibility for Jalalabad suicide bombing that killed 35
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
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