Economy
Bank of America seeks board level control on investments |
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| Economy | |
| Written by Roberta Murray | |
| Friday, 13 August 2010 | |
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Morning Business News, Friday 13 July: Bank of America Corp, Vedanta Resources, BP fine and Google Android to pip Blackberry.
Bank of America Corp (NYSE:BAC) has announced a new investment strategy in response to the shifting regulatory environment in the US. It is suggested that bypassing private equity firms and their fees may help Bank of America squeeze out more profit and meet new US ceilings on such investments. Direct stakes can come with board seats, giving Bank of America better knowledge and more influence. The bank has already sold about $3 billion of investments in private equity funds this year. Vedanta Resources goes into oilVedanta Resources (LON:VED), the Indian mining company, is set to move into the oil business within the next few days if it can finalise a deal for a majority stake in Cairn India. The deal with Edinburgh-based Cairn Energy, which has a 62 per cent stake in the Indian subsidiary, could be announced as early as this morning, according to the Independent. BP Plc record fineBP Plc has agreed to pay a record $50m (£32m) fine for failing to fix alleged safety problems at its Texas City refinery in the wake of an explosion in 2005 that killed 15 men, writes the Telegraph. Nickel mining warOleg Deripaska is urging City investors to back his war against a fellow Russian oligarch over the world’s biggest nickel miner, saying that he could double its value if he won control. Deripaska wants to put a new board, a new management team and a new legal structure in place at Norilsk Nickel — and he has embarked on a series of international roadshows to drum up support, reports the Times. General motorsGeneral Motors, whose bankruptcy in 2009 marked the nadir of a crisis in the US car industry, readied itself for a return to the stock market by declaring itself restored to financial health and installing a new chief executive to woo Wall Street, says the Independent. Google Android to pip BlackberryGoogle's android mobile phone operating system is set to pip Research in Motion to second place in the global market by the end of this year, more than 18 months earlier than expected, writes the Independent.
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