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.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
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