LLOYDS Banking Group has put together a report on lending to mid-sized companies that is set to play a key role in the development of a UK government business bank.
The lender is understood to have been working with the Department for Business, Innovation & Skills, as well as the Association for Financial Markets in Europe, to look at ways of securitising mid-sized corporate debt in a way that will be attractive to pension funds.
Details of the proposed £1 billion bank are expected to be revealed around the time of the Chancellor’s autumn statement in December.
City experts head to Glasgow event
Glasgow Chamber of Commerce will host its second “Future for Glasgow City Centre Conference” on Thursday.
Greg Clark, a former advisor to the mayor of London and an expert on cities, will be speaking, as will Valentino Castellani, two-term mayor of Turin, who led its candidature for the 2006 Winter Olympic Games that were assigned to the city in 1999.
Also speaking during the half-day event will be Rod Holmes, former director of property firm Grosvenor and chairman of the Mersey Partnership.
Ottawa defends its investment record
Canada was forced to defend its stance on foreign investment after its surprise, last-minute rejection of a CAN$5.17 billion (about £3.3bn) takeover of Progress Energy Resources Corporation by Malaysia’s Petronas, a deal that had been expected to pass muster easily.
The rejection of the buyout of Progress, a natural gas producer, sparked criticism from some investors about perceived protectionism. A government spokeswoman said: “Canada has one of the best investment climates in the world and a long-standing reputation for welcoming foreign investment.”
Dart aims to raise £40m from float
Australian coal and gas group Dart Energy is today expected to open the book on efforts to raise £40 million in its initial public offering on the Alternative Investment Market (Aim) in London.
The company, which owns a portfolio of “unconventional” gas assets around the world – including a coal bed methane project at Airth in Stirlingshire – is expecting to achieve a valuation of £100m.
The company had initially planned to float on the Singapore stock exchange but changed tack due to poor market conditions.