Scottish budget would depend on oil after exit March 24, 2014 THE SCOTTISH government would be too dependent on volatile oil and gas revenues if the country became independent, according to two reports released today. Research published by the Centre for Public Policy for Regions (CPPR), an arm of Glasgow University, shows the reliance of the country on tax revenues from offshore energy. Another report by [...]
Big six defend energy market ahead of competition review March 24, 2014 THE BIG six energy firms yesterday defended competition in the market, ahead of the regulators’ findings on the matter later this week. Ofgem and the Office of Fair Trading are due to decide whether to refer the investigation into whether the energy market operates fairly to the Capital Markets Authority. “Competition in the energy market [...]
Managers point to contracting Chinese industry during March March 24, 2014 CONCERNS for the strength of the Chinese economy were heightened yesterday, as an indicator suggested that the manufacturing sector has contracted in the first quarter. Markit and HSBC’s manufacturing purchasing managers’ index (PMI) suggests that the country’s colossal industrial sector declined in March, with a score of 48.1, below 50 and indicating a small drop [...]
Thames Water hunting sewer backers March 24, 2014 BRITAIN’S biggest water and sewage services provider will formally advertise for backers in May for its controversial £4bn supersewer. Thames Water, owned by a group led by Australian investment bank Macquarie and including Chinese sovereign fund China Investment Corporation, is expected to get some of the project’s funding from its shareholders. Thames plans to set [...]
Asda plans HQ redundancies March 24, 2014 ASDA has announced around 200 job losses among its senior managers at its head offices in Leeds and Leicestershire amid mounting competition among Britain’s major grocers. The US-owned chain, which alerted staff yesterday morning, said the redundancies follow a review into the business last year and recognising “a structural change taking place in the retail [...]
Cambridge Uni cashes in on Horizon float March 24, 2014 CAMBRIDGE University has made more than £3m on an investment of just £100,000 that it made seven years ago, after selling its stake in biotech firm Horizon Discovery. Horizon raised £68m by selling shares on Aim yesterday, well-above the original target of £25m and giving it a market capitalisation of £120m when it joins the market [...]
WPP in £20m Cognifide deal March 24, 2014 ADVERTISING giant WPP has taken a majority stake in London technology consulting firm Cognifide, whose clients include Direct Line, Virgin Media and Investec. The value of the deal was not disclosed, but it reportedly could be worth more than £20m. Co-founders Miro Walker and Stuart Dean are set for a windfall following the deal with [...]
Cowmunication firm gets £3m March 24, 2014 A BRITISH syndicate has invested £3m in Silent Herdsman, a monitoring system that detects animals’ health and fertility. Scottish Equity Partners (SEP), Albion Ventures and Scottish Investment Bank, the investment arm of Scottish Enterprise, are investing in growth plans for the business, which helps farmers around the world. Launched in the UK in 2010, Silent [...]
US buyout firms club together in £2bn Nets deal March 24, 2014 US BUYOUT firms Advent and Bain Capital yesterday joined forces with Danish investor ATP to snap up card payment firm Nets, the latest sign of a revival in private equity club deals. The two US firms will pool their resources with ATP to pay 17bn Danish crowns (£1.9bn) in cash for the company, which is [...]
BC Partners drives away with CarTrawler in €450m buyout March 24, 2014 CAR RENTAL platform CarTrawler has been sold by its private equity backers ECI to Phones4U owner BC Partners in a deal thought to be worth around €450m (£377.4m). The Irish business, which was acquired by ECI in 2011, will be majority controlled by BC, with a minority stake also sold to Insight Venture Partners. Management [...]