EXPENSES IN CITY CAN’T HALF GET EXPENSIVE May 20, 2009 ALL THIS palaver over outrageous Parliamentary expenses has got Square Milers reminiscing about the good old days in the City, when sky-high monthly expense bills were de rigueur. Of course, there are the usual tales of drink, drugs and girls, as well as a few quirkier ones – one gentleman who went to Ascot to [...]
BMI investor goes to high court May 20, 2009 The controlling shareholder of business airline BMI, Sir Michael Bishop, is going to the high court to try and force through a takeover of the group by German carrier Lufthansa. Bishop launched legal proceedings yesterday, saying his group had done everything required of it to complete a £350m buyout by Lufthansa. The move came after [...]
Share sale aids BoA to speed TARP payback May 20, 2009 BANK of America (BoA) moved halfway to finding the $33.9bn (£21.9bn) the US government has demanded it raise yesterday as it said it had sold $13.4bn worth of shares since Friday. America’s largest bank said in a statement after the closing bell that it had sold 1.25bn common shares at an average price of $10.77 [...]
Sir Alan gives bluster boy Ben his marching orders May 20, 2009 IF there’s one place you really don’t want to see Sir Alan Sugar (other than in the role of London mayor), it’s a maternity ward – he’s not famed for his bedside manner. But for this week’s task, he called the teams to University College Hospital to discuss babies, or how to flog stuff to [...]
BEST OF THE BROKERS May 20, 2009 G4SRBS analysts rate G4S as a “buy” following an update from the company, in which it provided in-depth reassurance about the sustainability of long-term growth. In the broker’s view, the combination of a clear strategy, the unique breadth of its presence in the security industry and the attractive valuation is compelling. ALLIANZAnalysts at Nomura downgraded [...]
Future remains upbeat despite falling earnings May 20, 2009 HOBBY magazine publisher Future said yesterday that underlying profit was flat for the first half and that it was still on track to meet its full-year expectations, but pre-tax profit fell. The group’s earnings were flat at £4.6m, but were taken lower by exceptional items of £2.4m relating to a provision against slower payment times [...]
CITY MOVES WHO’S SWITCHING JOBS May 20, 2009 SVG CapitalThe private equity firm has appointed Lynn Fordham as its new chief executive officer and Tony Dalwood as chief executive of SVG Advisers, its advisory arm. Fordham joined the SVG Capital board as finance director in July last year, having previously held positions with Barratt Developments, BAA, Boots, Man Group and Chubb. Dalwood joined [...]
Mandelson may win in reshuffle May 20, 2009 Business secretary Lord Mandelson could be made foreign secretary, it emerged last night, as Gordon Brown plans a cabinet reshuffle for next month. He’s planning the moves as a damage-limitation exercise after the 4 June local and European elections. Mandelson’s grandfather, Herbert Morrison, was foreign secretary, and it is believed to be a dream job [...]
SEC proposes giving US shareholders more power May 20, 2009 THE US Securities and Exchange Commission (SEC) proposed yesterday giving shareholders greater power to nominate corporate board directors, a process now tightly controlled by company management. Amid a push by investor groups for greater accountability by corporate America, the SEC voted 3-2 to propose two approaches aimed at giving shareholders an easier way to influence [...]
Baby boom for Mothercare as its ELC purchase pays off May 20, 2009 MOTHERCARE said yesterday its profits for the year to the end of March had rocketed almost 10-fold, following the acquisition of children’s retailer Early Learning Centre (ELC). But the company warned the weakness in sterling could cause problems later in the year. Pre-tax profits for 2008-2009 at Mothercare were £42.2m, a huge increase on last year’s [...]