MITTAL URGES ‘BUY EUROPEAN’ PROGRAMME
Lakshmi Mittal has called on European political leaders to back a “buy European” industrial programme as part of an effort to boost the continent’s economy, as an alternative to austerity measures which he said were “not working”.
QATARI‘S TARGET BUILDING XSTRATA STAKE
Qatar’s sovereign wealth fund plans to buy at least 10 percent of Xstrata as part of a long-held strategy to invest in Glencore, suggesting the Gulf state could provide crucial support to the pair’s $90 billion merger deal.
Spain will be offered more time to hit the budget deficit targets it agreed with the EU but only if Madrid meets new conditions, including an independent audit of the restructuring plan for its troubled banks.
Guy Hands, the financier, is ploughing 20 million pounds ($32.32 million) of his own money into his underperforming private equity fund in an unusual move to retain his best dealmakers as revenues fall.
A competition probe into Facebook’s $1 billion acquisition of photo-sharing service Instagram threatens to postpone the closure of the deal beyond the second quarter, the target set by the company in its initial public offering documents.
Tidjane Thiam, chief executive of Prudential, has emerged as a leading candidate to replace his counterpart at Legal & General as chairman of the Association of British Insurers.
Bank of Canada Governor Mark Carney said on Friday that now is not the time for central banks to abandon frameworks that “have proved their worth” with “low-for-long” policies.