Partner profits lifted at Baker & McKenzie August 12, 2010 Baker & McKenzie said yesterday profits per equity partner at the firm jumped by 13 per cent to $1.13m for fiscal year 2010 – even as gross revenue at the 3,750-lawyer firm was essentially flat, falling 0.4 per cent to $2.104bn. While Baker’s profits reversed course from last year’s 17 per cent drop, 2010 marks [...]
THE CITY’S GOT TALENT: OUR TOP TEN LOVELIEST LADIES August 12, 2010 1 GEORGIA RAIMES WORLD FIRST Last year’s winner, the gorgeous Sarah Davison of RBS Sempra, was always going to be a tough act to follow, but the City has found an eminently worthy successor in the form of brunette bombshell Georgia Raimes. The lovely Georgia is a forex dealer on the private client desk at [...]
GM back in black as boss heads for exit August 12, 2010 General Motors (GM) posted its biggest quarterly profit in six years yesterday and chief executive Ed Whitacre stepped aside on the cusp of an IPO expected to allow the US government to relinquish its majority stake. Whitacre, who has served just eight months as chief executive of the top US automaker, said he would step [...]
New EU rules set to boost reinsurance and securities issues August 12, 2010 New EU rules to boost insurers’ financial strength will spur more issues of securities tied to natural disasters and peak mortality risks as the sector moves onto even safer footing, Swiss Re said yesterday. The world’s second-biggest reinsurer and other industry experts expect the Solvency II capital regulations – set to take effect in 2013 [...]
UKTV appoints new boss as Virgin seeks a buyer for the JV August 12, 2010 UKTV yesterday announced a major shake-up of its board just days after it emerged Virgin will sell its stake in the joint venture. Darren Childs will take the helm at the profitable broadcaster, stepping down from his post as managing director of BBC Worldwide Channels. He will replace David Abraham, who stepped down in April [...]
BEST OF THE BROKERS August 12, 2010 INTERSERVE UBS downgrades Interserve to “sell” from “neutral” with an 180p price target warning it faces “serious headwinds” going forward. Expects significant revenue drop in UK construction of 32 per cent from peak to trough resulting in an 85 per cent fall in divisional profit. Believes support services margin pressure will also persist. ING Deutsche [...]
Airports face closure as BAA workers vote for strike action August 12, 2010 BAA workers have voted in favour of strike action that could close Heathrow and five other UK airports. The ballot came after the Unite union rejected a one per cent pay offer from the airport operator. Airports will have to close on any strike days, as essential staff including firefighters are due to take part [...]
KNOC bid for Dana hits the buffers August 12, 2010 Oil explorer Dana Petroleum takeover talks had stalled after Korea National Oil Corp (KNOC) said it was unwilling to raise its offer and refused to sign a confidentiality agreement. Dana said senior board members had met with state-owned KNOC on 6 August following a £1.67bn approach for Dana last month. Dana said in a statement [...]
Findel sells unit to tackle debt August 12, 2010 Home shopping and education supplies firm Findel said it would sell a unit, which includes its gadgets and gifts business, to online retailer The Hut Group in a cash deal worth £0.6m to help reduce its debt pile. Findel, whose net debt stood at £309.6m as of 2 April, had earlier said its level of [...]
Sportingbet boosted by World Cup August 12, 2010 British Internet gambling firm Sportingbet said it had performed strongly during the World Cup in South Africa with margins boosted by a number of results going against the favourites during the competition. Sportingbet said it had taken over £50m worth of bets during the tournament, of which 65 per cent were made during matches using [...]