Madoff trustee spends $26.9m October 31, 2010 A trustee overseeing the bankruptcy of Bernard Madoff’s investment firm spent $26.9m (£16.8m) in the second and third quarters to recover $849,000 for Madoff’s victims, according to a federal court filing. Irving Picard, the trustee, said in a filing with Manhattan federal court that much of the expense – $15.8m – went to cover fees [...]
Morrisons: jobs for the homeless October 31, 2010 Supermarket chain WM Morrison said yesterday it plans to create 1,000 jobs nationally for homeless and vulnerable people over the next three years. The country’s fourth-largest supermarket said the initiative aims to train and provide jobs for disadvantaged people, giving them the skills and opportunity to develop a career in retail. The programme has been [...]
Ikea builds on dominance in key UK market October 31, 2010 SWEDISH retailer Ikea has grown to become the home furnishings market leader after a tough year for the sector. The furniture group said like-for-like sales in the UK and Ireland have risen one per cent to £1.2bn in the year to 31st August. Ikea edged ahead with a six per cent market share at the [...]
Apcims hires Euroclear director as its new chief October 31, 2010 THE Association of Private Client Investment Managers and Stockbrokers (Apcims) has hired former Euroclear director Dr Tim May as its new chief executive, replacing David Bennett, who stepped down earlier this month. May has been at Euroclear since 2004, and was until recently chairman of the board of the firm in the UK and Ireland. [...]
BG Group gets green light for £9bn gas work October 31, 2010 GAS producer BG Group said yesterday it will become the first company to liquefy gas from coal deposits, after approving a £9.3bn project in Queensland, Australia. BG Group will start work on a processing plant and 540km of underground pipelines immediately. The British firm said it would ship its first liquefied natural gas (LNG) in [...]
The housebuilder who is ready to take the long road back to recovery October 31, 2010 DESPITE the generally depressed state of the housebuilding and residential property market, Taylor Wimpey’s chief executive Peter Redfern says he is pretty pleased with business. But sitting in the boardroom of his London office, his mood appears more reflective than upbeat. “Prices are very stable at the moment,” says Redfern. “Stable is good for us. [...]
Goldman plots deal to buy Paternoster October 31, 2010 GOLDMAN Sachs is planning a £300m takeover deal of troubled pensions insurer Paternoster, according to reports. The investment bank is said to be putting together a bid that could see Paternoster merged with Goldman’s existing pensions buyout business, Rothesday Life. Paternoster has appointed Willis Group, the insurance broker, to advise on a deal. Other possible [...]
Glass towers reflect new opportunities for the City October 31, 2010 LAST week was widely reported as a good news week for the City; two more skyscraper projects – British Land’s Cheesegrater and Land Securities’ Walkie Talkie – were revived and One New Change, the new jewel in the City’s retail offering, opened to huge fanfare and to huge crowds. All of this is of course [...]
Hemscott rankings show FinnCap continues to expand Aim client base October 31, 2010 FINNCAP continues to add to its Aim-listed client base, taking it up the Aim advisers rankings compiled by Hemscott, a financial data company owned by Morningstar. The new ranking for the beginning of the fourth quarter in 2010 show that Capita Registrars and auditor Grant Thornton have amassed the highest number of Aim clients, at [...]
CLIFFORD CHANCE’S MR GRUMPY PASSES OVER HIS MR MEN MANTLE October 31, 2010 IT WAS farewell to a City legend at the end of last week, when Michael Smyth CBE – head of public policy at Clifford Chance – hung up his legal briefcase for the last time. Smyth has been a partner at the Magic Circle giant for 26 long years, and has fingers in numerous do-gooding [...]