BP cases to be heard near Gulf August 10, 2010 Lawsuits against BP following the Gulf of Mexico oil leak will be heard in New Orleans, a judicial panel said yesterday. BP had argued for the cases to be heard in Texas, a state traditionally more sympathetic to the interests of oil firms. The news comes as the oil giant suspended work on a relief [...]
Aegis eyeing Switzerland base August 10, 2010 Security contractor Aegis has set up a Swiss holding company in a move that could pave the way for its offices to move to the tax haven. The firm, which is privately-owned and currently based in London, operates in conflict zones such as Afghanistan.
Probe targets Streetcar deal August 10, 2010 The Competition Commission is to investigate US car sharing firm Zipcar’s acquisition of UK rival Streetcar after the Office of Fair Trading said that the combination could threaten competition. Privately-owned Zipcar, which in June filed for an IPO worth as much as $75m, bought Streetcar in April in a deal worth around $50m.
WHAT THE OTHER PAPERS SAY THIS MORNING August 10, 2010 FINANCIAL TIMES HIGH COURT RULES INVESTOR BROKE BUY-OUT FUND CONTRACT An important precedent for the private equity industry has been set by a High Court ruling that Robert Adair, chairman of oil group Melrose Resources, breached a contract by refusing to put more money into Advantage Capital’s buy-out fund. Adair, who owns more than half [...]
Justice dept to slash £2bn from budget August 10, 2010 THE SCALE of the cuts to hit the public sector were exposed yesterday after the Ministry of Justice (MoJ) said it was planning to slash £2bn from its £9bn annual budget, leading to tens of thousands of job cuts and far fewer prison places. Ann Beasley, the MoJ’s director-general of finance, wrote to senior civil [...]
Disney gets its fairytale ending with $1.3bn profit August 10, 2010 HIT movies like Toy Story 3 and higher advertising sales have lifted quarterly profit at Walt Disney by 40 per cent, the firm said yesterday. Pre-tax profit for the three months to 3 July rose to $1.3bn (£820m), from $954m a year ago, while revenue beat analyst forecasts by rising 16 per cent to $10bn. [...]
Oracle slams HP’s corporate correctness August 10, 2010 Oracle boss Larry Ellison yesterday laid into Hewlett-Packard after its chief executive Mark Hurd was forced to resign following allegations by a former porn star. Ellison slammed HP’s board for ousting close friend Hurd despite clearing him of sexually harassing Jodie Fisher, star of movies including Sheer Passion and Intimate Obsession. Ellison said: “The HP [...]
International Power to get higher rating August 10, 2010 INTERNATIONAL POWER (IP) will get a healthier credit rating through its long-awaited merger with GDF Suez, shaving £40m from its annual financing costs, the firm said yesterday. IP is confident of improving its credit rating to “investment grade”, at least BBB–, meaning it will be able to borrow at cheaper rates. The lowered funding charges [...]
Shareholders have got off lightly August 10, 2010 THANK god for that. International Power (IP) shareholders have been given a welcome reprieve, after the majority of the company was snapped up by GDF Suez. Truth be told, there was trouble ahead for IP if it decided to go it alone. Cheer at the new investment grade credit rating belies the fact that IP’s [...]
TUI suffers as cuts dent holiday sales August 10, 2010 TUI Travel saw its London-listed shares plunge by almost ten per cent yesterday after the Thomson Holidays owner said bookings had fallen over the third quarter of its fiscal year. Europe’s largest travel operator said airspace closures due to the volcanic ash crisis, coupled with uncertainty caused by government Budget cuts, had hit its business [...]