Businesses fear they could lose £1bn due to World Cup skiving June 7, 2010 BUSINESSES fear they could lose up to £1bn in lost working days thanks to the World Cup. More than half of employers surveyed by the Chartered Management Institute’s (CMI) said they are worried about staff being distracted by online coverage of the tournament. A further two in five believe employees will take unauthorised time off [...]
Tube Lines boss to quit as strike looms June 7, 2010 TRANSPORT for London (TfL) has begun preparations to take over Tube Lines after overhauling the group’s management structure. Tube Lines chief executive Andrew Cleaves will leave the company following the 30 June acquisition and will be replaced by former Metronet boss Andie Harper. Harper will join Tube Lines this month from the stricken maintenance company, [...]
Tchenguiz-backed cleantech private equity fund closes June 7, 2010 TYCOON Vincent Tchenguiz yesterday stamped a seal on his commitment to environmentally-friendly investment, reaching the final close of a new private equity fund dedicated to clean technology. The Evolution One Fund raised 700m South African rand (£61.9m) of capital from investors including Tchenguiz’ Consensus Business Group, the fund’s founding cornerstone investor. It plans to invest [...]
Vodafone appeals again over capital gains tax on its Indian acquisition June 7, 2010 BRITISH mobile phone operator Vodafone yesterday filed an appeal against the Indian tax department’s latest court order over its purchase of a local mobile phone company. Vodafone bought a majority stake in Hutchison Essar for $11.2bn (£7.7bn) in 2007. It contends that the sale did not take place on Indian soil, as it acquired the [...]
Texas gas explosion kills three June 7, 2010 A natural gas pipeline explosion in North Texas killed three people yesterday, according to local media reports. Enterprise Products Partners said it owned the 36-inch pipeline, which is part of its Texas Intrastate system. The explosion was 15 miles south of Godley, Texas. WFAA-TV, a Dallas television station, quoted Chester Nolen, city manager of Cleburne, [...]
Foxconn raises wages again June 7, 2010 Foxconn, the electronics company hit by a string of suicides has raised wages in China – for the second time in less than a week. The firm, which makes Apple’s iPad and iPhone will increase salaries at its Shenzhen plant by nearly 70 per cent from as early as 1 October, if workers meet certain [...]
BP spill costs surpass $1bn June 7, 2010 COSTS for the Gulf of Mexico oil spill response have pushed through the $1bn mark, BP said yesterday. The embattled oil company said costs, including the response, relief well drilling, claims payments, containment, grants and federal charges have surged to $1.25bn (£863m). Over 18,000 claim payments totalling $48m have so far been paid out of [...]
Grifols buys Talecris for £2bn to boost presence in America June 7, 2010 SPANISH healthcare company Grifols said yesterday it has acquired US firm Talecris Biotherapeutics in a $3.4bn (£2.3bn) deal, one of the largest pharmaceutical takeovers this year. The cash and shares deal will expand Grifols’ market share in the USA and Canada, helping it compete with healthcare rivals Baxter International and CSL. The combined company expects [...]
BP June 7, 2010 MAKE no mistake: there is no light at the end of the funnel yet. BP might have managed to siphon off half the leaking oil, but its costs – currently at $1.25bn – will continue to accumulate at a similar rate until August, when the relief well is completed. Only then will it become clear [...]
No more big buys, says Pru June 7, 2010 THE collapse of the $35.5bn (£25bn) AIA takeover means Prudential will focus on smaller bolt-on acquisitions rather than headline-grabbing mega-deals, the firm indicated yesterday. Asked by a small shareholder to comment on some of the lessons learned from the implosion of Prudential’s bid for AIG’s Asian subsidiary, chairman Harvey McGrath said: “In the post-crisis world [...]