News Column


July 18, 2014

CVC to extract further $360m from F1 CVC Capital Partners will extract a further $360m (260m) from Formula One under the terms of a debt refinancing deal that will benefit shareholders of the motorsport series by more than $1bn. The refinancing is due to be completed by the end of the month and is being undertaken to take advantage of favourable debt markets, according to people with knowledge of the deal. F1 has proved one of the most successful investments for the private equity group, which bought it in 2005-06.

Dubai suspends trading in Arabtec Dubai Financial Market has suspended trading in construction company Arabtec as the country's regulator beefed up oversight of the company at the centre of the emirate's roller-coaster ride over the past two months. A senior Dubai official said the history of the company's share price had required a proactive response after reports that the company's former chief executive, Hasan Ismaik, was in talks with its major shareholder about selling at least half of his 28.9 per cent stake.

BlackRock founder joins Apple board Apple has appointed Sue Wagner, a co-founder of BlackRock, to its board, adding greater mergers and acquisitions experience and its second female director, as part of a push for greater diversity by chief executive Tim Cook.

BT launches business smartphone BT re-entered the mobile market yesterday with a business smartphone designed to regain a toehold in a sector it abandoned more than a decade ago. BT launched the "One Phone", a cloudbased smartphone system that acts like a desk phone when it is used in the office and a normal mobile when a worker is on the road.

Eurostar suffers World Cup slump The cross-Channel train operator said that its performance had been hit by more people choosing to holiday in northern Europe, and potential customers from South America staying at home to watch the football.

Google to offer broadband in Britain Google is exploring building ultrafast fibre optic networks in British cities, in a move that would add to pressure on BT to further upgrade its ageing infrastructure. It is understood that web giant has held detailed talks with a recently listed British company called CityFibre, with a view to extending its Google Fiber project outside the US.

Facebook rolls out 'buy' button Facebook has introduced a new feature that will let users buy products directly from its website. Shoppers can click a "buy" button to purchase items in adverts or other posts without leaving the social network.

Airbus and Boeing rake in orders Airbus Group and Boeing padded their deep order backlogs with $115.5bn (67.6bn) in jet deals at the Farnborough air show. Even so, as the weeklong event draws to a close investors worry that production levels may start to ease.

Twitter set to unveil new metrics When it reports second quarter earnings on 29 July, Twitter is expected to unveil as many as four new metrics that it hopes will illustrate its reach beyond the 255m users that log in at least once a month. The aim: to show Twitter isn't just a diminutive Facebook.

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Source: City A.M. (UK)

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