Mayer Brown transfers secretaries to TMF Group October 4, 2010 INTERNATIONAL law firm Mayer Brown has sold its UK corporate secretarial arm to outsourcing group, TMF. The move will see five secretaries, who work for the law firm’s corporate support unit in the City, transfer over to TMF at the end of the month. At Mayer Brown, the secretaries supported the firm’s corporate department by [...]
Warsaw stock exchange to launch IPO October 4, 2010 THE Warsaw stock exchange announced yesterday its plan to list on its own market offering a 64 per cent stake to private investors by the end of the year, in an offer valued at up to 1.3bn zlotys (£284.2m). The initial public offering (IPO) will target Polish investors and selected foreign institutional players. Poland aborted [...]
CITY MOVES | WHO’S SWITCHING JOBS October 4, 2010 Yell Group The company behind the Yellow Pages has appointed Tony Bates as chief financial officer, effective from 22 November. He will also take up the role of executive director from 1 November. Bates, 54, served as chief operating officer at Colt from 2002 until the end of July. Before this he was with record [...]
BEST OF THE BROKERS October 4, 2010 AHOLD RBS has lowered its target price, but still rates the food retailer a “buy” with a target of €11.80. The broker has cut earnings per share forecasts for 2010 to 2012 by four to six per cent, chiefly due to the recent strength of the euro against the dollar. It believes the departure of [...]
Alliance Boots to cut 900 jobs October 4, 2010 Alliance Boots has announced plans to cut 900 non-retail jobs as part of a programme to save £56m. The cuts will be made mainly at the firm’s health and beauty division Nottingham. The firm said the cuts will not hit staff in shops and will be made through staff turnover where possible. Alex Gourlay, chief [...]
Greece to slash deficit and extend cuts October 4, 2010 GREECE will cut its budget deficit to seven per cent of gross domestic product (GDP) and launch a fresh wave of cuts in the public sector it said in its draft budget. The budget, aimed at convincing European leaders that it is on track to tackle its deficit crisis, would see the debt narrowed more [...]
Construction sector picks up – but confidence dips October 4, 2010 Activity in the construction sector picked-up in September, but firms’ confidence about the future fell to an 18-month low on worries about government spending cuts, a survey of purchasing managers showed. The Markit/Chartered Institute of Purchasing and Supply construction PMI rose to 53.8 in September from 52.1 in August, confounding expectations for an easing to [...]
Swiss to impose tougher capital rules on banks October 4, 2010 Global Swiss banks UBS and Credit Suisse must hold capital well in excess of new international standards, a government commission said, to limit risk that a bank failure could drag down the economy. The new rules may crimp the two banks’ ability to compete in the field of investment banking, but Swiss regulators want them [...]
Chancellor rules out more help for banks October 4, 2010 Chancellor George Osborne said o he was not expecting any bank to need any further government support. aked about a report by a thinktank, the New Economics Foundation, suggesting banks could ask the government for more help, he said: “I am certainly not expecting and I have no indication at all that any British bank [...]
Premier Foods confirms suitors are circling October 4, 2010 Premier Foods has confirmed that it has received takeover approaches for its meat-free business, which includes its Quorn brand of products. The company did not name the parties that had approached it over a possible sale and said that no deal was guaranteed. Premier Foods added that “there can be no guarantee that such a [...]