CITY MOVES | WHO’S SWITCHING JOBS October 13, 2010 PwC The accountancy firm has appointed three new senior managers to its business continuity team, part of the risk assurance practice. Tom Buchanan, who previously worked at Barclays and Tesco, joins the crisis management team. James Cooke joins from Deloitte to focus on IT disaster and service recovery planning, while James Crask (pictured) will develop [...]
Blood on the beach as Apprentices get nasty October 13, 2010 The great mystery of The Apprentice is when everyone actually sleeps. After last week’s midnight challenge, they were this time woken at 5.30am. Summoned to Heathrow, it was an elaborately cruel way to announce their new task: to create and pitch a new beach accessory. In the ever-inspiring confines of Terminal 5, the teams had [...]
Aer Lingus profit to hit top of forecasts October 13, 2010 Irish airline Aer Lingus yesterday said it expected to report full year underlying operating profit at the top end of market forecasts provided industrial action by cabin crew and pilots doesn’t disrupt operations. Earlier cabin crew at the former flag carrier started “work to rule” action against management plans for increased working hours at the [...]
Petronas IPO to raise $4.2bn at $1.69 a share October 13, 2010 Malaysia’s Petronas Chemicals is likely to raise $4.2bn (£2.6bn) in Southeast Asia’s biggest ever IPO after setting an indicative price range for the float, analysts said. The unit of Malaysian state oil giant Petronas indicated at a briefing it is likely to price its IPO at 5.05 ringgit for retail investors and 5.20 ringgit ($1.69) [...]
Wal-Mart sees US sales improve October 13, 2010 Wal-Mart should see improvement in sales at its US discount stores in the fourth quarter as the company returns items to shelves and focuses anew on low prices, the company’s chief executive said yesterday. “I expect to see positive sales results in this fourth quarter,” Mike Duke said of the unit at the world’s largest [...]
CINVEN POISED TO CUT JOST STAKE October 13, 2010 Private equity firm Cinven is understood to be close to ceding part of its stake in German truck and trailer parts maker Jost to creditors to cut debt. Jost’s management, its private equity backer, and holders of just under €400m of loans are finalising a debt-for-equity swap after an earnings slump.
THIRD BIDDER IN LIVERPOOL FIGHT October 12, 2010 AMERICAN hedge fund Mill Financial has emerged as a third bidder for Liverpool FC as the High Court prepares to rule on the bitter war over the football club’s ownership this morning. Mill Financial’s offer includes the promise to repay the £200m owed by Liverpool owners Tom Hicks and George Gillett to the Royal Bank [...]
Fed hints at more QE in near future October 12, 2010 AMERICA’S Federal Reserve is considering a new round of quantitative easing (QE) “before long”, according to the minutes of the panel’s most recent meeting, released yesterday. The minutes said “many” Fed officials thought a second round of monetary easing might be needed to kickstart America’s flagging recovery, in the strongest signal yet that they are [...]
Further Fed easing is likely October 12, 2010 THE MINUTES of the Federal Reserve’s latest meeting released yesterday showed growing tension between members, as the panel edged towards further quantitative easing to help rouse the American economy. The panel of banking governors took more than five hours to reach an agreement on 21 September – around twice as long as meetings earlier in [...]
Don’t rejoice too soon about US QE2 October 12, 2010 IT now looks as if the US will embark on another round of quantitative easing (QE), sooner rather than later. Last night’s minutes could hardly have been any clearer. While an important minority of Fed decision-makers remains opposed, or (sensibly) wants to wait for additional information, “many participants” think that unless growth accelerates, unemployment fall [...]