Nationalised lender Irish Nationwide has had a near 100 percent take-up for its coercive buyback of £146.2m ($236m) of subordinated debt at an 80 percent discount. The lender, being wound down as part of an EU/IMF bailout, said investors holding £125.7m of bonds due 2016 and £20.5m of notes due 2018 had agreed to the…
Do what you like. Just count us out. That, in essence, is the message that Britain is sending its European partners as the 17 countries that share the euro move towards closer economic integration. In a departure from half a century of British diplomacy, PM Cameron has adopted a strategy of benign disengagement from the…
With a leading Republican candidate yet to emerge, the biggest risk to President Obama’s quest for a second term next year is a jobless rate that has hovered between 9 and 10 percent for months. March 4’s jobless report is expected to show nonfarm payrolls soared in February by 185,000 jobs, but the overall unemployment…
South Africa’s Nedbank beat expectations with a nine percent increase in annual profit, helped by a fall in bad debts, and said it expected further growth in the coming year. South Africa’s fourth-largest bank, like its rivals, was lacerated by bad debts in 2009, after a recession slashed more than a million jobs and left…
While crafting the accolade of Company of the Decade, it has become the opinion of the World Finance editorial team that – more than any other time in the past hundred years – the preceding 10 years has been the time for businesses to shine. During its highs and lows, the global economy of the…
In July 2006, Companhia Energética de São Paulo (CESP) joined BM&FBovespa´s Corporate Governance Level One, which consists of a set of rules governing the relationship between the controlling shareholder, the board of directors, the executive board, the other company shareholders, and especially the capital markets. The adherence to BM&FBovespa’s Corporate Governance Levels better advertises the…
Peruvians are very proud of one important fact: the country is growing and World Bank figures prove it. 2011 will be remembered as the year the Peruvian economy grew nine percent, an incredible rate representing the highest individual economic growth in Latin America and indeed the world. Peru’s economic success is based in no small…
Porvenir is a leading provider of pension and severance pay fund management services in Colombia, South America’s second most populous country after Brazil. The company has 33 offices and 10 service modules located in Colombia’s largest cities, as well as a strong nationwide sales force that rivals most of its competitors. Additionally, as part of…
In 1872, a young Italian engineer called Giovanni Battista Pirelli established Pirelli & C. in Milan and opened a plant manufacturing rubber articles. A century and a half later, Pirelli is now the world’s fifth largest tyre company in terms of sales, and a leader in high-end and high-tech development. Pirelli now has 20 plants…
It is a pity that the most abundant metal in the earth’s crust, which is also one of the most useful to mankind, is so difficult to render into a useable form. The chemical properties of aluminium make it appear only in combination with other elements, forming compounds such as aluminium sulphate and aluminium oxide….
