Immigrants in OECD nations hit by crisis
Immigrants in OECD nations have been badly hit by the economic crisis especially in vulnerable states such as Ireland, Spain and Italy, a report said yesterday. The report, entitled ‘Settling in: OECD indicators of immigrant integration in 2012’, said the average rate of unemployment among immigrants in the industrialised club of nations had risen to 11.9% in 2010, a 2.7 point rise over the past decade.
Gold Fields takes $1.5bn in loans
Barclays, Credit Suisse and JP Morgan have underwritten a $1.5bn financing package to back South African mining company Gold Fields’ demerger of two gold mines and refinance existing Gold Fields debt, bankers said yesterday. The three banks have opened a $900mn loan to participation by other banks and will hold the remaining $600mn as a bridge loan to a planned bond issue,
UBS non-commital on Libor deal report
Swiss banking giant UBS was non-commital yesterday after a newspaper reported it may pay more than $450mn (€350mn) to US and British authorities to settle allegations that it manipulated Libor interest rates. A deal could be reached as early as this month, unnamed officials were quoted as saying in the report in the online edition of the New York Times yesterday.
ADM raises bid for GrainCorp to $2.9bn
Archer Daniels Midland Co yesterday raised its bid for Australia’s GrainCorp Ltd to $2.9bn in cash from $2.8bn, as the US agribusiness group seeks to expand its geographic reach. ADM is now offering A$12.20 ($12.73) per share in cash, up from its prior bid of A$11.75. Including a recently announced dividend of 35¢ per share, which GrainCorp shareholders would be able to keep,
HSBC names new retail banking head
HSBC said its strategy and planning boss John Flint is to take over as head of retail banking and wealth management (RBWM) next year to replace veteran banker Paul Thurston, who is retiring. Europe’s biggest bank said Flint will become chief executive on Jan. 1 of RBWM, one of the bank’s four global businesses. Previously known as personal financial services, RBWM has more than 50mn customers and made an operating profit of $4.3bn last year.
Nokia Siemens to sell networks unit
Mobile telecoms equipment maker Nokia Siemens Networks (NSN) said yesterday it is to sell its optical fibre networks unit to Marlin Equity Partners. NSN said the sale would be completed in the first quarter of next year. As a result of the deal as many as 1,900 employees, mainly in Germany and Portugal, will be transferred to the new company, NSN said. A planned restructuring is expected to result in €1bn ($1.3bn) of cost savings by the end of next year.