Icelandic prime minister optimistic on Icesave debt repayment arrangement February 22, 2010 Iceland’s Prime Minister has insisted that a new Icesave debt repayment deal from Britain and the Netherlands would considerably ease the island nation’s financial burden. The two countries have offered new terms for repaying more than $5bn (£3.23bn) lost by savers during Iceland’s financial crisis, potentially heading off a politically risky referendum on the Icesave [...]
Germany’s Tui rules out buying up British entity February 22, 2010 Germany’s TUI yesterday denied a weekend report that claimed it was planning to bid for the minority stake in TUI Travel it does not already own, with a view to delisting the UK business. “There are neither plans nor decisions as to how we want to develop our core tourism business in the future,” a [...]
Schlumberger agrees to buy Smith International February 22, 2010 Schlumberger said it agreed to buy Smith International in a $11.34bn (£7.3bn) all-stock deal that will boost the oilfield services leader’s revenue to double that of its nearest rival. Under the deal announced yesterday, Smith shareholders will receive 0.6966 shares of Schlumberger for each Smith share. The deal values Smith stock at $45.84, a 37.5 [...]
ECONOMIST VIEWS: WHAT DO YOU THINK HAS CONTRIBUTED TO A RISE IN GDP? February 22, 2010 JONATHAN LOYNES | CAPITAL ECONOMICS “The breakdown looks set to reveal a weak contribution from household spending after the slowdown in retail sales growth in the fourth quarter. With net trade also weak, stockbuilding, investment and government spending may have driven the exit from recession.” PHILIP SHAW | INVESTEC “ONS figures showed industrial production rising [...]
Nortel hit by £2.1bn legal action February 22, 2010 The UK Pensions Regulator has filed a claim for £2.1bn against failed telecom equipment giant Nortel Networks, it emerged at the weekend. According to a filing to an Ontario court, the regulator has set a 1 March deadline for action that could lead to an order against Nortel’s assets. Once America’s biggest telecoms equipment maker, [...]
Ruby Tuesday eyes UK launch February 22, 2010 US restaurant group Ruby Tuesday is planning a launch in the UK later this year. The firm, which was originally a simple bar and grill, has tweaked its offering over the years and now focuses on the higher-end casual dining sector, offering a mix of traditional north and south American foods. It will open its [...]
Green group SLR buys Oz rival February 22, 2010 Environmental consultancy firm SLR has acquired its Australian rival Heggies in a £12m deal, it emerged at the weekend. The group, which is owned by private equity company 3i, is understood to be looking at a string of possible acquisitions. Both firms advise companies on energy efficiency and ways in which they can cut their [...]
Kelso to put Red drivers in the black February 22, 2010 PRIVATE equity house Kelso Place has acquired the company behind Red Driving School, rescuing the stricken driving school from administrators. The firm is this week expected to announce it is buying the business and assets of Landsdowne Venture Group (LVG), which runs the Red student driver operation and the UK’s biggest driving instructor training school. [...]
Swiss query tax evasion rules February 22, 2010 Switzerland’s justice minister yesterday questioned whether tax evasion should continue to be treated as a misdemeanour rather than a crime, in another blow to the country’s cherished banking secrecy. Switzerland has already abandoned the distinction between tax evasion — failing to declare your income or wealth to the taxman — and tax fraud — deliberately [...]
London Fashion Week retains its young counterculture edge that rivals lack February 22, 2010 London Fashion Week remains in full swing over the next few days as designers say the capital’s strong youth culture still gives the event an edge that rivals like Milan, New York and Paris lack. US designer John Rocha who showed off his latest designs in London over the weekend, said: “There is a great [...]