Treasury minister quits over expenses June 17, 2009 TREASURY minister Kitty Ussher resigned from the government last night after it emerged she avoided paying £17,000 capital gains tax on her Burnley constituency home when she sold it in 2007. Ussher denied she did anything wrong, but said she was stepping aside to prevent causing the “government any embarrassment.” Ussher, a former City Minister, [...]
L&G calls for investor muscle June 17, 2009 L&G, the largest institutional investor in the UK is calling on board directors to face annual re-election in a bid to strengthen board accountability. Legal & General Investment Management said yestreday that as a “starting point” board chairmen, senior independent directors and chairmen of all board committees should stand for annual re-election.
Victoria Oil & Gas to raise 5.3m June 17, 2009 Natural resources firm Victoria Oil & Gas said yesterday it is to raise £5.3m before expenses via a two-tranche equity placing, to fund production at its Logbaba gas and condensate project in Cameroon. The Aim-listed firm has placed 100m new ordinary shares at 3p each and is seeking shareholder approval to place a further 76.6m [...]
Davies says lending not hurting UK June 17, 2009 TRADE minister Mervyn Davies has poured cold water on Bank of England deputy governor Paul Tucker’s suggestion that UK banks are hampering economic recovery. Speaking at the Paris air show, the former chairman of Standard Chartered admitted that encouraging banks to lend through the economic downturn was “challenging”. But when asked whether the lack of [...]
Ocado considers London flotation by early 2010 June 17, 2009 ONLINE grocery retailer Ocado is considering an IPO, City A.M. can confirm, in a drastic u-turn by its finance director Jason Gissing. Sources close to the firm said it would use the capital from a London IPO to fund international expansion, after several foreign retailers expressed interest. It is considering floating on the stock exchange [...]
Victoria Oil & Gas to raise 5.3m June 17, 2009 Natural resources firm Victoria Oil & Gas said yesterday it is to raise £5.3m before expenses via a two-tranche equity placing, to fund production at its Logbaba gas and condensate project in Cameroon. The Aim-listed firm has placed 100m new ordinary shares at 3p each and is seeking shareholder approval to place a further 76.6m [...]
CITY MOVES WHO’S SWITCHING JOBS June 17, 2009 ResolutionEntrepreneur Clive Cowdery’s investment vehicle has hired Elizabeth Filbert, pictured, and Jon Hack as new partners, taking the total tally of partners in the business to seven. Gilbert was previously co-head of the European financing group for financial institutions at Goldman Sachs. Hack was a managing director and head of the UK financial institutions group [...]
Turner and King to face MPs June 17, 2009 The Treasury committee is to hold a series of new evidence sessions to take evidence on the financial crisis. Financial Services Authority (FSA) chairman Lord Adair Turner will give evidence on regulation and supervision on 23 June. The following day will see the governor of the Bank of England Mervyn King and colleagues speak on [...]
BAT snaps up Indonesian firm June 17, 2009 BRITISH American Tobacco has bought an 85 per cent stake in Indonesia’s fourth-largest cigarette maker by volume for $494m (£301m). BAT, maker of Dunhill and Lucky Strike, said the decision to acquire an 85 per cent stake in Bentoel Internasional Investama will give it a foothold in Indonesia’s lucrative kretek, or clove-flavoured cigarette market, which [...]
Boris plans RMT talks June 17, 2009 TALKS between warring London Underground (LU) and the Rail and Maritime (RMT) union will resume tomorrow, London mayor Boris Johnson said yesterday, as fears of further tube strikes grow in the capital. Discussions between the two parties collapsed last week, leading to a 48 hour strike London’s 3.5m commuters, and a slanging match between both [...]