Germany will soon tire of footing the euro bill September 5, 2010 HOW much longer will Germany want or need to be a member of the Eurozone is a question that’s been increasingly asked since the start of this financial crisis. With the stunning strength of the bounce back in Germany becoming clearer with every data series release, this is a crucial yet slow burn story that [...]
HayFin to lend €3bn with Cohen backing September 5, 2010 HAYMARKET FINANCIAL, the recently-established small business lender, has raised €450m (£375m) from Lord Rothschild, Sir Ronald Cohen and an Australian fund. HayFin was set up last year to extend credit to young businesses with enterprise values of between €100m and €500m. It is run by former Goldman Sachs partner Tim Flynn and boasts non-executive advisers [...]
FXPro to announce plans for Aim float September 5, 2010 RETAIL broker FXPro will today signal its intention to float on the AIM junior stock market, in a move that could make existing shareholders up to £60m. An announcement to the stock market is expected at 7am today, when the Cyprus-based firm will outline its plan to place 30 per cent of its existing shares [...]
IOD chairman lays into new boardroom rule September 5, 2010 INSTITUTE of Directors (IOD) chairman Neville Bain has slammed the new rules that force board members at top firms to face annual re-election. Bain, the former chairman of Royal Mail, warned the recommendation that FTSE 350 directors must pass a vote of confidence once a year could play havoc with shareholder relations. “Annual board evaluations [...]
Chinese bid to block BHP Billiton tie-up September 5, 2010 CHINESE officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton’s $39bn (£25.3bn) bid for Potash. In response to the directive, sources say Sinochem is holding meetings with several banks, including Citigroup, HSBC and Morgan Stanley. The order from Beijing underscores the seriousness with which China is taking the [...]
Gartmore to lock in more key managers September 5, 2010 AILING fund manager Gartmore is considering extending a share incentivisation scheme designed to lock in key staff as fears grow of defections. Gartmore was rocked two months ago when Guillaume Rambourg, a star European fund manager, resigned to concentrate on a Financial Services Authority inquiry into irregular trades made through his account. Small companies expert [...]
Morrison to offer internet sales September 5, 2010 Dalton Philips, the new chief executive at supermarket Wm Morrison, will use his first big presentation to the City to unveil plans to move into online grocery shopping this Thursday. The announcement will be part of the firm’s half-year results. Analysts have predicted a pre-tax profit of around £400m, a rise of 10 per cent [...]
Cobra Beer posts annual loss September 5, 2010 The first set of accounts from the Cobra Beer Partnership show a loss of £475,000 in 2009, on turnover of £24.7m. The joint venture was formed last year after American brewer Molson Coors bought the brand out of administration. The company will however pay a dividend of £1.1m to its two shareholders, Molson Coors and [...]
Waterstone’s man plots £100m return September 5, 2010 THE founder of the Waterstone’s book chain could launch a bid of more than £100m to take the business private if owner HMV decides to sell, it is understood. Tim Waterstone, the novelist-cum-entrepreneur who started the company in 1982, is reported to have lined up financing from backers including a London-based hedge fund. Waterstone has [...]
House of Fraser to revitalise Swinging Sixties brand Biba September 5, 2010 DEPARTMENT store House of Fraser is this week set to breathe new life back into Biba, the cult clothing brand which defined the 1960s. Biba, which will now be fronted by model Daisy Lowe, is to relaunch on Wednesday at the group’s Oxford Street store, featuring leopard print, faux-fur and denim clothing, party frocks and [...]