Veteran City broker lured to join Oriel July 5, 2009 CORPORATE broking veteran Peter Meinertzhagen has been lured out of semi-retirement to join Oriel Securities, the broker run by his ex-colleague Simon Bragg, as an adviser. Meinertzhagen is best known in the City for advising some of Britain’s biggest companies during his 17-year tenure at the helm of Hoare Govett, now ABN Amro Hoare Govett [...]
DARLING: PAY SQUEEZE FOR STATE SECTOR July 5, 2009 ALISTAIR Darling has hinted at a public sector pay freeze to tackle Britain’s budget black hole. In response to Audit Commission chief executive Steve Bundred’s call for £5bn savings in wages, the chancellor said: “Public sector pay obviously has got to reflect prevailing conditions, and in particular inflation has come way down.” He said the [...]
O’Toole: we’ll keep hold of UK franchises July 5, 2009 NATIONAL EXPRESS, the troubled transport group, will not give up its hold on its remaining franchises, defying transport secretary Lord Adonis. In the latest twist in a saga which has seen National Express’ chief executive Richard Bowker stand down and the government announce a nationalisation of the company’s east coast rail line, the group’s acting [...]
FULL HOUSE FOR CENTRE POINT July 4, 2009 Centre Point, the iconic London office tower has finally become fully occupied for the first time in its 40 year history after controversially spending the first 15 years of its life empty in a bid to reduce tax payments. Owner Targetfellow has now secured its last leasing to Onalytica, which is owned by the original [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 2, 2009 FINANCIAL TIMES M&B SEEKS TO FEND OFF INVESTOR REBELLIONMitchells & Butlers is prepared to head off a potential rebellion by offering its two largest shareholders board representation. Drummond Hall, M&B chairman, is understood to be in talks with Joe Lewis, the Bahamas-based billionaire, and Elpida, the investment vehicle for Irish horseracing tycoons JP McManus and [...]
US job losses jump in June July 2, 2009 US UNEMPLOYMENT jumped by more than expected in June, taking the jobless rate of the world’s largest economy to 9.5 per cent, the highest in more than a quarter of a century. Non-farm payroll data, released yesterday, showed that US employers cut 467,000 jobs last month, significantly more than the 363,000 estimated, breaking four months [...]
Leslau’s Max Property eyes up its first bargain July 2, 2009 PROPERTY mogul Nick Leslau is eyeing up a bargain acquisition and could buy it through his recently floated Max Property Group. The Aim-listed property company, which became the largest initial public offering in the UK this year after raising £220m, is in discussions to buy a £270m industrial portfolio out of administration. The portfolio comprises [...]
Carphone in Vodafone tie-up July 2, 2009 CARPHONE Warehouse said yesterday it will offer contracts from Vodafone from next week in its 820 stores, three years after Vodafone pulled its mobile phone products from the retailer. Vodafone switched to an exclusive deal with Carphone rival Phones4U in 2006 in the hope it could pay lower sales commissions. The move knocked Carphone’s shares [...]
Lawson: The Tories need to find the bottle to cut public spending July 2, 2009 FORMER chancellor Lord Lawson is feeling hot under the collar. It’s not just because he’s finished delivering a lecture in a stuffy, airless room at the London Stock Exchange. He’s also fed up with travelling on the underground in the sweltering heat. “The problem with the tube is not so much the heat,” he tells [...]
New rules for US bank buyouts July 2, 2009 Private equity houses hoping to invest in troubled banks will be governed by strict rules under new guidelines proposed by US bank regulators yesterday. Private equity firms will have to maintain higher-than-usual capital levels and provide assurances that a healthier institution could provide support for the weaker bank if it runs into difficulty.