Petrofac to set up in Iraq as it seeks to boost orders pipeline June 24, 2010 BLUECHIP oil and gas services company Petrofac yesterday said it expected its backlog of contracts to be higher at the end of the year than it was at the start as its bidding pipeline strengthened. Group backlog is estimated to be around $6.9bn (£4.6bn) on 30 June the FTSE 100 company said and by the [...]
AFTER FINANCE AND FILMS, CITY VETERAN IS STILL FULL OF BEANS June 24, 2010 WILL that Stefan Allesch-Taylor ever stop adding to his already thickly-strung bow? A City veteran of some stature (quite literally: Allesch-Taylor stands a formidable 6’10” tall), he is best known as the founder of boutique Mayfair-based investment bank Fairfax. In addition to that, his CV lists top positions at any number of firms, including Clearbrook [...]
BA to hire cut-price crew to beat strike June 24, 2010 BRITISH Airways (BA) said yesterday it planned to recruit over one thousand new cabin crew on lower wages than current staff as it faces possible further strikes by existing flight attendants in August. The Unite union, which represents 90 per cent of BA’s 12,000 cabin staff, criticised the move which would do nothing to end [...]
BAT shuffles top staff as chief exec Paul Adams retires June 24, 2010 BRITISH American Tobacco said its chief executive Paul Adams will retire next February, to be replaced by chief operating officer Nicandro Durante. The world’s second biggest cigarette-maker said yesterday 53-year-old Durante, who has worked for the company for 29 years, will take over as chief executive designate in September. A number of other staff shuffles [...]
BAA weathers air travel disruption and plans Heathrow improvements June 24, 2010 AIRPORT operator BAA lowered its 2010 profits forecast by £10m yesterday, less than the £40m lost in disruption caused by the British Airways strikes, winter storms and volcanic eruptions. It also rekindled plans for a high speed railway from Waterloo to Heathrow, mooting further investment in rail links and improving Terminal Two with the money [...]
P&G increases its European market share June 24, 2010 PROCTER & Gamble, the maker of Gillette razors, said yesterday that new product ranges and cheaper versions of existing brands were boosting its market share in Europe in a particularly difficult economic climate for retailers. The world’s biggest consumer goods group has launched new automatic dishwasher and stain removal products over the last two years, [...]
CITY VIEWS: WHERE DID YOU WATCH THE ENGLAND MATCH? June 24, 2010 STEFANO AMBROGI THOMSON REUTERS “I watched the game in Shoreditch, at work. I’m not a massive football fan, but it was a good game. People haven’t really been watching the football at work, as we’re often too busy. I’m not too bothered, personally. I’ll possibly watch the next match on Sunday, if I don’t get [...]
Pubs enjoy boost from England win June 24, 2010 CITY pubs were celebrating a bumper day’s trading on Wednesday after England beat Slovenia to reach the knock-out stages of the World Cup. The streets of the Square Mile were packed from 3pm onwards as some took a half day of leave to watch the game and others chose to stay in the pub celebrating [...]
Carillion lands key PPP project June 24, 2010 SUPPORT services group Carillion said yesterday it had been awarded a public private partnership (PPP) project in Toronto worth £306m, buoying its London-listed shares. Under the deal, Carillion will invest £11.8m into the project, Toronto’s Forensic Services and Coroner’s Complex (FSCC). It will also arrange debt financing for the construction of the project, as well [...]
McBride hit by raw price surge June 24, 2010 OWN-BRAND personal care products supplier McBride yesterday warned that its raw material costs are set to soar next year and that there would be an inevitable delay before the increase can be passed on to its customers. McBride, which counts supermarket groups Asda and Tesco among its UK clients, went some way towards soothing investors [...]