Porn sites to get .xxx addresses June 24, 2010 THE company that oversees web addresses is expected to give the go-ahead today for the creation of a .xxx suffix for websites with pornographic content, company officials said yesterday. The Internet Corporation for Assigned Names and Numbers (ICANN), which oversees the Internet on behalf of the US government, has in the past resisted creating a [...]
Weak Irish growth may hit deficit plan June 24, 2010 THE clear possibility of weaker growth than Irish authorities anticipate could endanger Dublin’s plans to cut its budget deficit, the International Monetary Fund said yesterday. Ireland has so far stayed the course with its fiscal reform plans without too much resistance from voters but there was a risk “consolidation fatigue” could set in, the IMF [...]
Pennon expands its recycling subsidiary June 24, 2010 VIRIDOR, a subsidiary of waste management group Pennon, has bolstered its recycling business after completing a £23.8m acquisition of Reconomy Recycling Solutions. The acquisition is part of Viridor’s plans to expand its recycling business, which will be bolstered by Reconomy’s East Anglia and South Midlands operations. Colin Drummond, chief executive at Viridor, said: “The UK’s [...]
Paternoster brings in ex-UBS banker June 24, 2010 PENSIONS insurer Paternoster has appointed former UBS banker Julie Chakraverty as non-executive director as it begins a review of its business. Chakraverty, 38, will give advice to Paternoster’s board on all aspects of governance. An experienced investment banker, she worked for JPMorgan and UBS in the 1990s, sitting on UBS’ board until May 2008. She [...]
CITY MOVES | WHO’S SWITCHING JOBS June 24, 2010 Hogan Lovells The law firm has boosted its banking team by hiring Stuart Brinkworth from rival SJ Berwin. Brinkworth is a partner at SJ Berwin, where he specialises in leveraged buy-outs, public bids, trade purchases and recapitalisations. He recently acted on key deals including advising lenders to Manchester City FC in connection with the £210m [...]
BEST OF THE BROKERS June 24, 2010 ENDESA UBS has upgraded Endesa to “buy” from “neutral” citing three reasons for the move. It says re-gearing could imply 60 per cent total return over two years, the possibility of a minority buyout provides support to the stock, and rising power prices give it positive earnings momentum. BASF Nomura gives BASF a “buy” rating [...]
FRESH APPEAL FOR CONRAD BLACK June 24, 2010 THE US Supreme Court yesterday put strict new limits on prosecutors’ abilities to charge white collar criminals. The ruling opens a window of opportunity for two convicted former executives who are currently in prison: Conrad Black of Hollinger International (above) and Jeffrey Skilling, Enron’s former chief executive. The Court said both cases could be reviewed [...]
DS Smith rises as profits soar 227pc to £55m June 24, 2010 DS SMITH, the supplier of packaging and office products, has more than tripled its pre-tax profits on the back of a strong recovery in demand among its industrial and consumer goods clients. The firm notched up a 227 per cent rise in profits to £55m in the year to 30 April on sales of £2.1bn. [...]
WPP’s Sorrell bullish on ad market future June 24, 2010 ADVERTISING firm WPP’s full-year revenue forecast, raised in April, is likely too pessimistic, the group’s chief executive said, despite warning the UK market would be tougher due to deep government budget cuts. The world’s largest advertising company by sales was overly optimistic last year and therefore is being cautious this year with its forecast for [...]
Strikes at Eskom threaten World Cup power supply June 24, 2010 A UNION representing thousands of workers at South African utility Eskom has won the right to begin a strike, which could disrupt power supply and hurt industry and mines during the Soccer World Cup. The National Union of Mineworkers (NUM) said it had been granted a certificate of non-resolution of the wage dispute with Eskom, [...]