Aldermore to deliver profit June 28, 2010 ALDERMORE, Britain’s first private equity-backed bank, expects to turn a profit this year, less than 18 months after it began lending to small businesses and entrepreneurs. The institution, which is owned by buyout house AnaCap and investment bank Morgan Stanley, is eyeing a small gain after its commercial mortgages, asset finance and invoice finance arms [...]
World Cup flop to boost cinemas and restaurants June 28, 2010 ENGLAND’S failure to get past the second round of the World Cup will give a welcome boost to cinemas and restaurants, analysts said yesterday. Traditional boozers are set to lose the most income, as fans tend to watch non-England games at home, according to Hugh-Guy Lorriman at Seymour Pierce. He said food-led pubs would be [...]
CITY VIEWS: WILL ENGLAND’S FOOTBALL FAILURE AFFECT THE ECONOMY? June 28, 2010 BEN WISE LLOYD’S REGISTER “I would have thought that it will affect the economy positively, as fewer people will be taking the day off work to watch the matches. Beer sales will be down, and retailers with special offers might lose a bit, but the impact won’t be great – we would have only played [...]
DP World in listing delay June 28, 2010 DP World, the Dubai port operator, has put off a London Stock Exchange listing. It is waiting for the merger of the two Dubai exchanges where its shares already trade before coming to London. The earliest it can now look for a dual listing is March 2011. DP World had originally sought the listing to [...]
QinetiQ confirms deal with unions for pay and benefits June 28, 2010 DEFENCE firm QinetiQ has reached a deal with union members to alter redundancy rights in exchange for a 3.5 per cent pay rise, the company announced yesterday. Around three quarters of the 6,500-strong workforce voted in favour of the deal, in which redundancy pay will be capped at four weeks’ pay per year of service [...]
EU prepares to fine steel cartels for price-fixing June 28, 2010 European Union antitrust regulators are this week understood to be preparing to fine steel companies, including world leader ArcelorMittal, for operating a cartel. In October 2008, the European Commission, the EU’s antitrust watchdog, charged several companies with illegally fixing prices. The unidentified companies make wire rods used in prestressing steel for constructing balconies and foundation [...]
Western oilcos move to end trade with Iran June 28, 2010 Iran faced growing economic pressure yesterday after two Western oil firms halted business with it, and a Gulf Arab country seen as a trade lifeline for Tehran moved to freeze some Iranian-linked bank accounts. The developments underlined the major oil producer’s increasing international isolation over a nuclear programme it says is aimed at generating electricity [...]
Taylor Wimpey in volatility warning June 28, 2010 HOUSEBUILDER Taylor Wimpey has warned that conditions in the UK housing market remain volatile despite signs of greater stability in recent months. The FTSE 250 group said private sales rates for the year to date are “broadly in line” with those in the first half of 2009 at an average of 0.58 sales per site [...]
Knight Vinke builds up a stake in Kesa June 28, 2010 Activist investor Knight Vinke has bought a three per cent stake in electrical retailer Kesa. The move sent shares up nearly two per cent, amid speculation the investor may push for the group to be broken up. Knight Vinke is known for its activist tendencies, having demanded changes at firms including HSBC, Royal Dutch Shell, [...]
Le Monde staff vote for Lazard-led offer June 28, 2010 A CONSORTIUM led by Lazard banker Matthieu Pigasse looks set to take control of iconic French newspaper Le Monde. Staff at the firm overwhelmingly backed an ownership bid from the trio of left-leaning tycoons, which also includes internet entrepreneur Xavier Niel and the former business partner of late fashion designer Yves Saint Laurent. The vote [...]