Rumour of the day
Hammerson, the developer of offices and shopping centres, may be on the receiving end of stake-building ahead of possible bid interest. Morgan Stanley-controlled funds have cut their interest in Hammerson from 11.01 per cent on Friday to 10.76 per cent yesterday as speculation mounts that Grosvenor, the Duke of Westminster’s property company, is working on a funding package with an overseas partner. Vornado, an American property investment trust, and Kohlberg Kravis Roberts, the private equity fund, are said to be looking at Hammerson.
Deal of the day
Rolls-Royce has agreed to provide Trent 1000 engines to the United States-based Nakash Group for two firm orders and two options for Boeing 787-9 Dreamliners in deal worth up to $160 million (£79 million). Arkia Israeli Airlines, a Nakash subsidiary, will operate the aircraft. Nakash has also agreed two lifetime service deals with Rolls-Royce. One agreement is to service the Trent 1000s, the other to cover Arkia’s existing RB211535s on two Boeing 757s.
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Bet of the day
Gold prices jumped yesterday to break through the $661 per ounce barrier and TradIndex is expecting further price rises today as investors look for a safe haven to shelter from further storm clouds gathering around Iraq’s borders. TradIndex is quoting gold at $662 to $663 per ounce for July 30.
Tiddler to watch
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Shares in Northwest Biotherapeutics, a Washington State-based developer of cancer vaccines, rose after the Swiss Institute of Public Health gave authorisation to make its DCVax(R)-Brain vaccine available commercially for the treatment of brain cancer patients in Switzerland, the first such permission for any brain cancer vaccine in the world. Shares in the AIM-listed Northwest jumped 37 per cent to 141p.