Pinewood investor ups ante on Grade August 22, 2010 MICHAEL Grade has come under fresh fire for his performance as chairman at Pinewood Studios, with activist investor Crystal Amber calling another meeting at this week’s results announcement to discuss his departure from the firm. “We are meeting with the management team on Wednesday, and are in correspondence with other shareholders,” Crystal Amber chief executive Richard [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 22, 2010 THE SUNDAYS The Sunday Telegraph TESCO TO OPEN DRIVE-THRU STORE It has moved into banking, pet insurance and telecoms, but Tesco will expand its reach further this week with the launch of the UK’s first ever “drive-thru” supermarket. The service will allow customers to pick up their weekly shop without leaving their car. LIDL SET [...]
Labour close to bankruptcy August 22, 2010 The Labour party is £20m in debt and “on the verge of bankruptcy”, former deputy Prime Minister John Prescott warned yesterday. The 72-year-old ex-ship’s steward, who is campaigning to become party treasurer, said Labour needed to find smarter and more cost-effective ways to take on the cash-rich Conservatives. In an implicit criticism of former leaders [...]
Aim market to return to growth August 22, 2010 The tide of firms delisting from the Alternative Investment Market (Aim) will finally bottom out over the second half of the year, heralding a return to growth for the junior market next year. Deloitte predicts the number of firms on the market will reach a low point of 1,200, a drop of almost 30 per [...]
Virgin pilots hit out over days off August 22, 2010 Virgin Atlantic pilots have warned the firm’s managers not to push them as the two sides meet in last-ditch talks over working hours. The pilots are claiming Virgin has reneged on a deal allowing them a minimum number of scheduled days off every year. Under the rota they currently work under they receive the same [...]
Stay of execution for Four Seasons August 22, 2010 The UK’s biggest provider of carehomes won an eleventh hour stay of execution when three quarters of its lenders agreed an extension on its debt repayment. The beleaguered Four Seasons will now have an extra two years to pay off part of its £600m debt pile. The welcome news comes just a year after the [...]
Rent soars for best West End window space August 22, 2010 WEST END retail rents are set to soar further in the wake of a record £700 per square foot lease secured by Spanish retailer Desigual. The fashion chain will pay the eye-watering sum for the lucrative window-side parts of the shop floor, as part of a deal with property investor Prupim last week. Desigual’s rent [...]
Minister denies rift between Duncan Smith and Osborne August 22, 2010 SUGGESTIONS of a cabinet rift between George Osborne and Iain Duncan Smith were scotched by a senior minister yesterday, but Whitehall sources insisted the pair were at loggerheads. David Willetts, the universities minister, said he was “not aware” of any acrimony between the chancellor and Duncan Smith, the work and pensions secretary. “All I can [...]
Swannell set to win M&S chairmanship August 22, 2010 ROBERT SWANNELL, the veteran investment banker and HMV boss, is expected to be confirmed as Sir Stuart Rose’s replacement at the chair of Marks & Spencer this week. Swannell spent the weekend thrashing out an agreement with M&S, friends said, and while his appointment was not sealed last night he is understood to be in [...]
McAfee finance boss to get windfall after Intel takeover August 22, 2010 NEW McAfee chief financial officer Jonathan Chadwick has seen stock options he was awarded just two weeks ago jump in value by more than $4m (£2.6m) following the firm’s takeover by Intel. Chadwick was given 97,000 performance-related stock options and 125,000 restricted stock options on 6 August as part of a lucrative compensation package. The [...]