Clapham House shares rocket on bid approach July 29, 2010 BRITISH restaurant operator Clapham House said yesterday it received an offer approach, sending its shares up as much as 27 per cent. The owner of Gourmet Burger Kitchen and the Real Greek said there was no certainty that an offer would be made. The company, which operates 73 restaurants across the UK and 15 internationally, [...]
BP in Venezuelan asset sale talks with Russian JV July 29, 2010 BP IS currently negotiating a deal that could see it sell off some of its Venezuelan assets to joint venture partner TNK-BP. The Russian group, which is split between BP and a consortium of oligarchs known as AAR, is considering the South American purchase in a bid to pursue plans to expand internationally. Analysts estimate [...]
US plans offshore drilling vote July 29, 2010 The US Senate is planning to hold a procedural vote next Wednesday to test whether there is enough support to pass legislation clamping down on offshore oil drilling procedures and expanding alternative energy. If Democrats cannot get the necessary 60 out of 100 votes in favor of debating the legislation, they are likely to put [...]
KNOC to finalise Dana bid loans July 29, 2010 Korea National Oil Corporation (KNOC) is one step closer to setting up the loans it needs to put in a £1.7bn bid for Dana Petroleum. The South Korean state owned oil company already has letters of commitment a consortium of banks, which it plans to deliver to Dana’s advisers as early as tomorrow, it is [...]
Sony bounces back in to the black July 29, 2010 Sony said yesterday it had returned to the black in the fiscal first quarter due to sales of televisions, PlayStation 3 consoles and computers, as other Japanese makers followed suit. Sony also revised its annual profit forecast by 20 per cent to 60bn yen in the year ending March 2011, despite worries about the yen’s [...]
Firms hit out at retirement age proposals July 29, 2010 BUSINESS groups yesterday rounded on plans to scrap the default retirement age (DRA), accusing the government of rushing the proposals through without proper consultation. From next October, firms will be unable to automatically lay off staff when they reach 65, allowing millions to work into their 70s and 80s. The DRA?will be scrapped in October [...]
BUSINESSVIEWS:WHAT DO YOU THINK ABOUT THE GOVERNMENT’S DECISION TO SCRAP THE DEFAULT RETIREMENT AGE July 29, 2010 JOHN CRIDLAND | CBI A default retirement age (DRA) helps staff think about when it is right to retire, and also enables employers to plan more confidently for the future. In certain jobs, especially physically demanding ones, working beyond 65 is not going to be possible for everyone.” GRAEME LEACH | INSTITUTE OF DIRECTORS We [...]
DEFAULT RETIREMENT?AGE July 29, 2010 Q.WILL FIRMS STILL BE ABLE TO GET RID OF STAFF THAT ARE “TOO OLD”? A.It will be much, much harder. Companies will have to begin a performance management process to prove that a member of staff is no longer able to carry out their duties effectively. Even if they can prove that an employee is [...]
Eurozone pain eases profits at Santander July 29, 2010 SPANISH banking giant Santander yesterday unveiled a year-on-year fall in first-half profits, stung by a weak performance in the crisis-hit Eurozone and another hike in the amount it put aside to cover bad loans. Net attributable profit over the first six months of the year slumped 1.6 per cent to €4.45bn (£3.73bn), dragged down by [...]
Moore Capital follows rivals to open Swiss unit July 29, 2010 MOORE CAPITAL, the New York-based hedge fund, has become the latest alternative investment manager to set up an office in Switzerland. Moore Capital has opened a branch in Zürich to give its partners the option of working in a low-tax environment. Portfolio manager Kornelius Klobucar has moved from London to lead the team. The investment [...]