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.
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 5 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
Scientists discover way to unboil an egg – and the results are not as pointless as that sounds
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
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