Market Chatter — Corporate finance press digest

July 22 (Reuters) – The following corporate finance-related stories were reported by media on Friday:

* Spain’s Santander (SAN.MC) is preparing to list its UK operations on the London market as early as this autumn, the Financial Times said, in a deal that could raise an estimated 3 billion pounds ($4.55 billion) to fund growth by the bank. [ID:nLDE66L007]

* Paulson & Co, the hedge fund linked to civil fraud charges against Goldman Sachs (GS.N), will launch a new fund open to retail investors, the Financial Times said. [ID:nLDE66L00M] (Compiled by Tresa Sherin Morera)

UPDATE 1-Speedy Hire stays cautious on recovery in UK

July 20 (Reuters) – Tool-hire firm Speedy Hire (SDY.L) said on Tuesday it maintained a cautious view about recovery prospects in the United Kingdom for the remainder of this year.

The company, which provides support services to construction, manufacturing, industrial and rail sectors, said the timing of recovery within private sector construction and the government’s autumn spending review will be critical to future performance.

However, Speedy Hire said first-quarter revenue and adjusted pretax profit were in line with its expectations.

The company said it would enhance its banking facilities to invest in its Middle East operations and take a one-time cash charge of 3.5 million pounds in the first half of this financial year.

Net debt at the end of last week closed at 134.9 million pounds ($205.4 million), the company said.

Shares of Speedy Hire closed at 22.5 pence on Monday on the London Stock Exchange. ($1=.6567 Pound) (Reporting by Juhi Arora in Bangalore; Editing by Unnikrishnan Nair) ((juhi.arora@thomsonreuters.com; within UK +44 207 542 7717; outside UK +91 80 4135 5800; Reuters Messaging: juhi.arora.reuters.com@reuters.net))

UPDATE 1-MMK Q2 crude steel output up 9 pct q/q

MOSCOW, July 19 (Reuters) – Russian steelmaker Magnitogorsk Iron & Steel Works (MAGN.MM) (MAGNq.L) said on Monday it increased second-quarter crude steel output by 9 percent compared with the preceding three-month period.

Rivals Evraz (HK1q.L) and NLMK (NLMK.MM) last week also said they increased output, in the hope that the trend of weaker prices in the last two months will turn around in the autumn, [ID:nLDE66E0P1] while MMK forecast 2011 steel output to rise 20 percent to 12 million tonnes. [ID:nWLA8353]

MMK said in a statement its production of crude steel totalled 2.985 million tonnes versus 2.732 million tonnes in the first quarter. It did not provide year-ago numbers.

The company, Russia’s third-largest steel producer by volume output, earlier forecast flat second-quarter production before it was expected to fall slightly during the quieter summer months of June and July. [ID:nLDE65A07O]

MMK also said finished products output grew 7 percent quarter-on-quarter to 2.623 million tonnes from 2.453 million tonnes, and its domestic and export prices kept on increasing in the April through to June period.

The company, which is controlled by Russia’s ninth richest man Viktor Rashnikov, said average price of steel products increased by 17 percent.

Its Moscow-listed stock opened 0.54 percent higher on Monday, slightly outperforming the broader market index which edged up 0.17 percent. (Reporting by Maria Kiselyova; editing by Keiron Henderson)

SAS says to boost Scandinavian flights due demand

July 13 (Reuters) – Loss-making airline SAS (SAS.ST) said on Tuesday that it would increase flights on some Scandinavian routes due to strong demand.

SAS was badly hit by the global downturn and has had to slash costs and raise cash via a rights issue. But the airline was upbeat about its home markets

“Apart from the fact that we have planes which are record full, we also see a positive development in our Scandinavian network…,” SAS commercial chief Robin Kamark said in a statement.

“SAS will raise the number of depatures in the autumn within Scandinavia due to strong demand,” the company added. The new flights would come on the Stockholm-Copenhagen and Stockholm-Oslo routes. (Reporting by Patrick Lannin)

Straumann CFO to step down after 4 months in job

ZURICH, July 9 (Reuters) – Straumann’s (STMN.S) finance chief will step down after four months in the job because it didn’t fit his expectations, the world’s second-largest maker of dental implants said on Friday.

Chief Financial Officer Wolf-Ruediger Daetz, who joined Straumann from Siemens Building Technologies, will leave in the autumn and his role will be covered on an interim basis by Chief Executive Beat Spalinger, the Swiss company said.

“Basically the job just didn’t fit his expectations. He is staying until the end of September and he will fulfil his responsibilities,” a Straumann spokesman said.

“Spalinger was the previous CFO. He knows the team. He has done the job before,” the spokesman added.

(Reporting by Katie Reid; Editing by Erica Billingham)

Twilight stars embroiled in pay dispute

London, May 19 (ANI): Twilight director Catherine Hardwicke has landed herself into the alleged pay dispute which threatens to delay the final instalment of the movie franchise, insisting the film”s supporting cast “probably do” deserve a wage increase.

Although lead cast actors Robert Pattinson and Kristen Stewart are receiving multi-million pound pay cheques stars like Ashley Greene and Kellan Lutz are reportedly amidst negotiations for higher pay scales.

There is even talk going around about replacing some of the supporting cast if the negotiations fail.

“Ashley and Kellan have agents, managers, lawyers… you get all of these outside influences telling you you should hold out for this much because you”re such an important part of the franchise,” The Daily Star quoted the director as saying.

“Possibly, Ashley and Kellan might not even be all that involved. They have all the other people telling them things and a lot of stuff can get mishandled. There”s so many possible misunderstandings. It breaks my heart.

“It could turn ugly. Do (these actors) deserve more money? Probably they do, on one level. But, if everybody makes so much money then… it”s complicated. What a mess,” the director added.

The film, ‘The Twilight Saga: Breaking Dawn’, will be shot in two parts, back-to-back starting autumn 2010. (ANI)

‘Ghost’ set for Japanese remake

London, May 16 (ANI): Japan is about to get its own version of Patrick Swayze”s hit movie ‘Ghost’.

The 1990 film won two Academy Awards including a Best Supporting Actress Oscar for Whoopi Goldberg.

And now the flick is heading back to the big screen under the direction of Taro Otani with an all-Japanese cast, reports The Daily Express.

The project will begin filming in June (10).

It is slated for an autumn release (10), according to celebrity blogger Perez Hilton. (ANI)

Waterhouse takes jockey row to courthouse

The controversy over who Nash Rawiller will ride in Saturday’s $1.5 million Doncaster Mile has deepened with Gai Waterhouse taking the unprecedented step of bringing the matter before the Supreme Court.

Racing NSW chief executive Peter V’Landys confirmed his organisation had been served with a summons to appear before the equity division of the Supreme Court on Thursday afternoon.

Rawiller and Chris Waller, trainer of Rangirangdoo, have been named as the other defendants.

“It (the summons) asks for the stewards’ order to be set aside and for Nash Rawiller to be restrained from riding a horse other than Theseo as she (Waterhouse) believes there is a contract between her and Nash,” V’Landys said.

The jockey tug of war began on Monday when Waterhouse warmed to the idea of running Theseo in the Doncaster Mile (1,600m) at Randwick.

Rawiller, who is stable rider for Waterhouse, had been booked to partner Rangirangdoo in the feature but Waterhouse believed he had a commitment to ride Theseo throughout his autumn campaign.

Stewards were asked to adjudicate and found that Rawiller and Waller were entitled to believe Theseo was not running in the Doncaster and that his booking for Rangirangdoo must stand.

Waterhouse then made application to appeal that finding.

The matter appeared to be over on Wednesday when she was advised that the principal member of the Racing NSW Appeal Panel, John Hiatt, had looked into the unique case and found she did not have grounds to appeal the decision of the stewards under the Rules Of Racing.

But in a further twist, Waterhouse then sought further legal advice and decided to take the case to a higher level.

Speaking at Canterbury races on Wednesday, Waterhouse was adamant Rawiller had an obligation to ride Theseo in whatever races he contested this autumn.

“He’s always on the horse and always booked for the horse,” Waterhouse said.

“He was booked from day one. I told him as we got closer (to the race) we would make up our mind.”

Champion Hong Kong-based jockey Darren Beadman remains on standby to partner Theseo in the Doncaster should Waterhouse lose her case in the Supreme Court.

Rangirangdoo will be one of three runners for Waller along with second favourite Danleigh and 2008 Doncaster winner Triple Honour.

Anthony Cummings will also have three starters after first emergency Recoup De Fortune gained a berth following Wednesday’s scratching of Walking Or Dancing due to a stone bruise.

Cummings already has Road To Rock and Prima Nova safely in the field.

Road To Rock is rated the pick of his trio at $23 with Prima Nova at $41 and Recoup De Fortune an $81 outsider.

Despite the odds, Cummings believes Recoup De Fortune’s on-tempo racing pattern gives him a cheeky chance.

“We’ve been really pleased with his last couple of runs, he’s on the upward incline so hopefully he takes that extra step on Saturday,” Cummings said.

Apprentice Brenton Avdulla has retained the ride on Recoup De Fortune while fellow junior rider Daniel Ganderton partners Prima Nova.

Damien Oliver will be aboard Road To Rock.

Water release saves river life

A 490 megalitre environmental flow has maintained a critical respite for animal and plant life in the MacKenzie River.

The water release between Wartook and Laharum began last December and is expected to continue until May.

The Wimmera Catchment Management Authority says the release is simulating a summer-autumn flow pattern.

It says establishing a healthy habitat is crucial to protecting the river’s fragile platypus population, which has been identified as under threat from localised extinction.

Dannii Minogue to be axed from ”The X Factor” due to pregnancy?

London, Mar 29 (ANI): Dannii Minogue”s pregnancy has put producer Simon Cowell in a fix as he cannot see how she will manage to perform as co-judge on ”The X Factor” with her baby due in the middle of auditions.

Cowell, 50, is said to be looking at ways to offer 38-year-old Minogue a scaled-back role on The X Factor when it returns in the autumn.

“Simon sees The X Factor as a programme that is constantly evolving and developing,” the Mirror quoted a senior show source as saying.

“He knows Dannii was a big part of the show”s success last year but he”s has been thinking about tinkering with the formula for some time.

“The only spanner in the works is that Dannii is now pregnant. Simon is acutely aware how this could play out in public.

“He doesn”t want to be seen as getting rid of Dannii because she”s pregnant but realistically he knows it will be impossible for her to do the whole show from the auditions through to the live finals.

“It”s a real dilemma but one option being considered is the possibility of giving Dannii a mentoring role on the show but not on the panel.

“Normally a decision like this would be taken much further down the line. But Dannii”s pregnancy means the question has to be addressed now,” the source stated.

Cowell himself has already voiced concerns about how Minogue could stay on the series.

“At the moment she”s having a baby in the middle of the show,” he stated.

Filming for the new series of ”The X Factor” begins in less than 10 weeks with the nationwide auditions.

By then Minogue, who has already revealed her intention to give birth in her native Australia, will be eight months pregnant.

And so far she has done little to make the move easy for Cowell, publicly stating her desire to return to The X Factor.

“If possible, I”d love to be a part of the live shows and fly the Team Minogue flag,” she had said.

A spokesman for Cowell added: “Nothing is definite at this stage. Lots of things are being discussed.” (ANI)

McEvoy outed for a month

Top jockey Kerrin McEvoy has been suspended for a month by Racing New South Wales stewards for his ride on Shakes at Randwick on March 18.

Stewards found McEvoy guilty of failing to take all reasonable and permissible measures to give Shakes full opportunity to win or obtain the best placing in a 1,400-metre race on the Kensington track.

McEvoy’s suspension is due to begin on April 4, the day after Golden Slipper day at Rosehill, and he will be free to resume riding on May 4.

Stewards ruled that McEvoy failed to take all reasonable measures near the 600m mark of the race as Mossamine improved three wide to his outside and he remained racing behind El Sonador when there was the opportunity to position Shakes to the outside of El Sonador’s heels and have a clear run in the straight.

Shakes was held up in the straight until the 200m mark and finished third.

McEvoy’s good record over a period of 13 years and the fact the major autumn races at Randwick’s three-week carnival were imminent were taken into consideration when stewards issued the penalty.

The jockey, who is stable rider for the powerful Darley operation, has until Monday to lodge an appeal.

-AAP

Hazard reduction in full swing

Forests New South Wales says it is confident this season’s hazard reduction burning program in the state’s South East started at the right time.

The program began this week, with burning taking place in the Nadgee State Forest and East Boyd State Forest south of Eden.

The department says burning will begin in forested areas that have received some autumn rainfall, and will move to drier areas as winter approaches.

Operations Manager Marty Linehan says weather conditions have allowed the program to start slightly earlier than usual.

“We are probably about a week or two ahead of where we might be on average, but the really good rain we had three or four weeks back has set us up now.

“We are unlikely to get extreme conditions again so it is time to go.”

For more, go to the South East News blog at http://bit.ly/dgL1SN

Power supply copes with unseasonal heat

Western Power is confident it will be able to meet peak power demands with temperatures set to reach 39 degrees today.

Western Power says last night electricity demand was about 400 hundred megawatts above normal as people used air-conditioning systems to help to sleep.

Despite the increase in demand, Western Power says usage was still a few hundred megawatts below last month’s record peak of more than 4000 megawatts.

Marrissa Chapman from Western Power says the utility is confident that the electricity grid will cope with today’s unseasonally hot autumn temperatures.

“We don’t anticipate any problems with power supply. I understand there is plenty of generation capacity and in terms of the network it’s held up really well so far.”

Sea levels rose as much as 2 feet this summer along the US East Coast

Washington, September 12 (ANI): Reports indicate that sea levels rose as much as 2 feet (60 centimeters) higher than predicted this summer along the US East Coast, surprising scientists who forecast such periodic fluctuations.

According to National Geographic News, though the immediate cause of the unexpected rise has now been solved, the underlying reason remains a mystery.

Usually, predicting seasonal tides and sea levels is a pretty cut-and-dried process, governed by the known movements and gravitational influences of astronomical bodies like the moon, according to Rich Edwing, deputy director for the Center for Operational Oceanographic Products and Services at the US National Oceanic and Atmospheric Administration (NOAA).

But, NOAA’s phones began ringing this summer when East Coast residents reported higher than predicted water levels, much like those associated with short-term weather events like tropical storms.

These high seas persisted for weeks, throughout June and July.

The startling rise caused only minor coastal flooding, but puzzled scientists.

Now, a new report has identified the two major factors behind the high sea levels-a weakened Gulf Stream and steady winds from the northeastern Atlantic.

The Gulf Stream is a northward-flowing superhighway of ocean water off the US East Coast.

Running at full steam, the powerful current pulls water into its “orbit” and away from the East Coast.

But this summer, for reasons unknown, “the Gulf Stream slowed down,” Edwing said, sending water toward the coasts-and sea levels shooting upward.

Adding to the sustained surge, autumn winds from the northeastern Atlantic arrived a few months early, pushing even more water coastward.

The higher waters caused inconveniences for some anglers and boaters and rearranged a bit of shoreline.

“A couple of sand beaches we’d normally fish from were eaten up. And the volume of water was higher than it normally would be,” said Paulie Apostolides, owner of Paulie’s Tackle in Montauk on New York State’s Long Island.

Even before the new report, released by NOAA on September 2, Apostolides said that many local fishers had already attributed the sea level rise to the “ferocious” winds from the northeast. (ANI)

Noel Gallagher calls brother Liam ‘f***ing moron’

London, Aug 31 (ANI): Noel Gallagher has slammed his brother Liam for his new fashion venture, and called him “f***ing moron”, after splitting from the band Oasis.

“They say never work with children and animals. No one mentioned f***ing morons though, did they?” the Sun quoted him as having told a friend.

The guitarist believes that the frontman’s launch of his own new clothes label, Pretty Green, has gone to his head.

He reportedly added to his pal: “I think all that modelling malarkey has gone to his head. It’s a pleasure to give him time and space to work on his autumn/winter collection.”

Meanwhile, Liam has gone for a trip to Lake Como in Italy with his wife Nicole Appleton, Oasis bass player Andy Bell, and his girlfriend, reports the Sun.

Sources believe that the singer’s alcohol habits led to the division of the band, and differences with his brother.

An insider said: “Liam has been drinking heavily for the duration of the tour and regularly got very abusive and personal. He has taunted Noel’s girlfriend, Sara, other band members and the crew.

People have been frightened to go near him. He is one very angry man who needs to sort his issues out.” (ANI)

Shilpa Shetty offers prayers to Lord Ganesha

Mumbai, Aug 30 (ANI): Bollywood actor Shilpa Shetty offered prayers to Lord Ganesha at a makeshift temple here.

Shetty’s beau Raj Kundra, the London-based Indian millionaire, accompanied her.

Responding to the rumours that she will be marrying Kundra later this autumn, she said in a lighter vein that every one would be invited in advance.

“The day I get married I’ll send invitations to all of you (the media persons) and invite you. I will give you a months notice,” she said.

The couple formed a successful business partnership, which includes a 10 million pounds stake in the Rajasthan Royals Twenty20 cricket team and a recently acquired food company.

The 34-year-old actress had become a household name in the United Kingdom after she won the ‘Celebrity Big Brother’ in 2007.

The show sparked a huge outcry in Britain and India after housemates made racist comments against her, forcing Channel 4 to apologize.

Soon after her win she had got engaged to the jewellery tycoon. (ANI)

The mum-daughter duo who beat cancer four times between them

London, Aug 23 (ANI): Mandy Kelly and six-year-old Eve are more than just the ordinary mother-daughter duo – they’ve beaten cancer four times between them.

Mandy and Eve have both struggled with cancer and have successfully fought it off each time.

The Mirror quoted Mandy as saying: “We have beaten it together, and that really is a miracle…We have been there for each other and gave each other the strength to fight on.”

Eve took nine months of chemotherapy to come off the cancer, which started in her kidneys and spread to her lungs.

As Eve continued her fight with cancer, Mandy’s breast cancer reappeared. The 47-year-old had already battled cancer twice but this time she need a needed a mastectomy (surgical removal of breasts completely or partially).

And this time the mother drew inspiration from her daughter’s courage.

Mandy said: “I knew if she could do it, I could do it too…Eve gave me the strength to beat it again. She knew I had already beaten cancer twice when she was diagnosed, so that encouraged her.

“She had seen me come through it, and so could she.”

Mandy, was first diagnosed with breast cancer in 1998 and it was cured after treatment.

But in autumn of 2003, Mandy developed a new lump in her breast. The cancer had reappeared.

She said: “I couldn’t believe it…this hit me harder than the first time I was diagnosed with cancer as I now had a baby less than a year old. Eve had been a miracle baby for Richard and me as I’d conceived against all the odds. To be told that my cancer had come back was devastating.

“And it was tough trying to cope with a 10-month baby and having treatment for cancer as well. But Richard and my family gave me lots of support so I could get through it.

“My sister would have Eve when I went to hospital for my radiotherapy, or she’d come to hospital with me and wait with her in the waiting room.”

Fortunately for Mandy, her cancer was tracked in its initial stage. The lump was removed and she was declared fit.

Everything was going well, when in October 2006, Eve fell ill. Her scan showed signs of a kidney tumour.

Mandy said: “This time, our world really did fall apart. To be told my three-year-old girl had cancer as well was too much to bear. I asked whether I could have passed it on in the womb and doctors reassured me I hadn’t. It was just terrible bad luck.”

Eve’s cancer was fast spreading to her lungs, so doctors fixed her an aggressive chemo session that ended in July 2007.

Last June Mandy was diagnosed with cancer for the third time. Now she was required to undergo a mastectomy. And she drew courage from her daughter.

“We were there for each other,” Mandy said. “When we felt low, we loved to sit on the sofa watching children’s TV and having a cuddle. I knew I could beat it again. I had to do it for Eve, because she’d been so brave.

“And it was nothing compared to watching her go through treatment. That was the toughest thing of all.”

Mandy completed the Race For Life event for Cancer Research to celebrate her recovery. This was her ninth year of participation and even Eve joined in with her.

She said: “Walking across the finish line with my little girl was an amazing feeling…. That mum-daughter thing is very special between us.

“In all, we’ve faced cancer four times – and we couldn’t have done it without each other.” (ANI)

Ex-UK Special Forces commander to work on reconciliation with Taliban

London, Aug.21 (ANI): A former British special forces commander has been appointed to mastermind a program of reconciliation with members of the Taliban, General David Petraeus, the US military chief, said overnight.

Lieutenant-General Sir Graeme Lamb, who retired recently from the British Army, was personally requested by General Stanley McChrystal, the US and NATO commander in Afghanistan, to take on the role, which is considered crucial to reduce the impact of the insurgency.

General Lamb would work at “local level reconciliation and reintegration”, General Petraeus said at a briefing at the US Embassy in London.

General Petraeus, the commander of US Central Command, which embraces Iraq and Afghanistan, was full of praise for General Lamb, a former Director Special Forces, when he worked with him in Baghdad. He played a similar role there, persuading Sunni insurgent leaders to give up fighting.

General Petraeus said NATO forces had faced a tough time before the election overnight, especially in Helmand, where British troops had lost many soldiers in the last two months. “Our soldiers have shed blood side by side,” he said.

According to The Australian, he refused to predict how long he expected British and other NATO troops to be engaged in fighting the Taliban, but said that the alliance needed to maintain a “sustained and substantial commitment”.

There are about 62,000 US troops in Afghanistan, with another 6,000 to be deployed by the autumn. (ANI)

Stella McCartney wins first court round in ‘Nude’ perfume dispute

London, August 21 (ANI): Stella McCartney has been granted the legal permission to launch her perfume after she was taken to court by U2 star Bono’s wife Ali Hewson over trademark infringement.

Hewson claimed that Sir Paul McCartney’s daughter’s use of the word “nude” for her own variety of perfume called ‘Stella Nude’ amounted to copyright infringement, as she owns a company named Nude Brands Ltd.

But a judge turned down Hewson’s bid to block the perfume from making its debut in British stores, reports the Daily Express.

Judge Christopher Floyd said an injunction could cause “massive disruption” to McCartney’s business.

The case is set to go to court in London this autumn. (ANI)

Emma Watson apprehensive about life after Harry Potter series ends

Washington, July 11 (ANI): Emma Watson is apprehensive about what turn her life will take after the series of Harry Potter flicks end.

“It’s going to sound dramatic, but I feel my life as I know it will be over. My whole life has been about Harry Potter and then all of that will be shut down and I don’t know what it will be like,” Contactmusic quoted her as saying.

However, the actress will join New York’s Columbia University in the autumn, and is expected to turn a full-time student.

Meanwhile, the 19-year-old star is supposed to finish filming the final wizard movie – ‘Harry Potter and the Deathly Hallows’ – which will be split into two parts.

Also her new film ‘Harry Potter and Half-Blood Prince’ will release on July 15. (ANI)