Siemens nearing deal to buy US equipment maker Dresser-Rand September 21, 2014 GERMAN industrial group Siemens is reportedly near an agreement to acquire US oilfield equipment manufacturer Dresser-Rand Group in an all-cash deal. Dresser-Rand, which has a market capitalisation of more than $6.1bn (£3.74bn), could announce a deal as soon as today, according to Reuters. Siemens is expected to pay low- to mid-$80s per share, compared with [...]
Teenager to bid for the top job at Nisa Retail September 21, 2014 HARRIS Aslam, an 18-year-old businessman who runs three convenience stores in Scotland, yesterday launched a bid to be the next chief executive of independent shop supplier Nisa Retail. Aslam currently sits as a non-executive director on Nisa’s board, as well as a youth board director of home improvements retailer B&Q. Nisa’s current chief executive, Neil [...]
First AA results set the scene for autumn listings September 21, 2014 LEADING British car insurance and roadside recovery firm AA is set to release the first set of results this week since its float, as a range of other firms are believed to be gearing up for IPOs in the months ahead. AA floated on 23 June at a value of £1.4bn and has since seen [...]
Cenkos splashes IPO cash with £40,000 payout to every worker September 21, 2014 BROKER Cenkos has given every worker a slice of its revenues from the AA initial public offering (IPO), it emerged yesterday. The firm is well known for paying staff relatively low base salaries, but large bonuses when big deals come in. The AA flotation won Cenkos £31.5m – almost half of the firm’s £65.2m revenues [...]
Zurich wants retirees to get free tax advice on their pensions September 21, 2014 GOVERNMENT advice to new pensioners should include guidance on getting the best tax deal, finance firm Zurich argued today. New rules mean retirees will be freer to choose how to spend their pension pot, rather than being compelled to buy an annuity. But that means they may face varying degrees of tax liability, depending on [...]
London Underground ghost stations may get new lease of life September 21, 2014 Transport for London is thought to be looking at making the most of disused underground stations by giving companies the chance to convert them for business use. The proposals, believed to be at early stages of consideration, may see around 20 stations transformed. The idea has been promoted by Old London Underground Company founder Ajit [...]
G20 states call on Eurozone to sort itself out September 21, 2014 FINANCE ministers from around the world used this weekend’s G20 meeting in Australia to demand European officials act promptly to get the Eurozone economy back on track. The ministers and central bank chiefs discussed financial regulation, tax avoidance and the ways they were going to add an additional 1.8 per cent to their collective growth [...]
Build on the green belt to ease home price crisis, say economists September 21, 2014 ROLLING back the green belt and easing planning laws are needed to address the cost of living crisis, analysts at the Institute of Economic Affairs (IEA) argued today, hitting out at Labour’s plans to cap rents and set conditions on the type of homes built. The think tank argues that house prices have shot up [...]
Manufacturers demand more support to aid their recovery September 21, 2014 MANUFACTURERS feel left out of the economic recovery and are today demanding politicians give the sector more support in their 2015 general election campaigns. Industry body the EEF has made wide-ranging recommendations for policies to promote investment in skills, innovation, infrastructure and energy security, and also wants to stay in the EU. While mostly consisting [...]
EE ready to buy up to 60 Phones 4u stores today September 21, 2014 BRITAIN’S largest mobile network operator EE is in talks to buy up to 60 Phones 4u stores following the retailer’s collapse into administration. PwC is understood to be planning to announce the deal as soon as this morning. However sources close to the administrator said talks were ongoing last night. Phones 4u’s collapse was triggered [...]