Redrow warns on mortgages February 25, 2010 HOUSEBUILDER Redrow slashed its first-half losses following a pick-up in the number of sales and an increase in prices but warned that a lack of mortgages is still causing problems. Completions climbed 21 per cent to 1,266 for the six months to December with the average selling price of homes rising 3.6 per cent to [...]
BAT criticises UK taxes as it posts jump in profits February 25, 2010 BRITISH American Tobacco (BAT) has warned that the UK’s tax regime is putting off some top foreign executives as it posted a sales and profit hike. The company behind Dunhill, Lucky Strike and Pall Mall cigarettes announced a 17 per cent leap in annual sales to £14.2bn. Profits for 2009 rose 15 per cent to [...]
CITY MOVES | WHO’S SWITCHING JOBS February 25, 2010 Rothschild Rothschild has appointed Mark Kary (pictured) and Helen Watson as managing directors in its private banking & trust division. Kary joins from Polar Capital Holdings where he was chief executive officer and prior to that he spent 19 years at Morgan Stanley. Watson also joins Rothschild from Morgan Stanley where she worked in the [...]
ALL CHANGE AT CENKOS February 25, 2010 CENKOS Securities yesterday unveiled a boardroom shake-up. Founder Andy Stewart (above) is moving from the post of executive deputy chairman to non-executive deputy chairman with immediate effect. Chairman and director John Hodson will stand down in March and will be replaced by Peter Sullivan, currently a non-executive director. The moves came as Cenkos said annual [...]
Takeover Panel boss defers his entrance again February 25, 2010 THE Takeover Panel yesterday said the arrival of incoming director general Peter Kiernan had been delayed again, and it had drafted in former head Philip Remnant, chairman of the Shareholder Executive, to serve in his place. The arrival of Kiernan, a senior Lazard banker who advised Kraft Foods on its takeover of Cadbury, had been [...]
Tenon hit with FSA sanctions February 25, 2010 THE Financial Services Authority (FSA) yesterday handed out its first fine in connection with investments backed by the collapsed Lehman Brothers bank after carrying out a review of the structured products market. The City watchdog fined accounting firm RSM Tenon £700,000 on charges that it failed to “treat some of its customers fairly” between November [...]
London Capital profits dip as chief executive quits February 25, 2010 LONDON Capital has seen 2009 profits fall by nearly 50 per cent as the spread betting group is preparing to overhaul its senior management structure. The London-based company said in its annual financial statement that pre-tax profits, which have fallen from £10.8m to £5.8m, had been impacted by unfavourable market conditions, lower interest income and [...]
BEST OF THE BROKERS February 25, 2010 CAIRN ENERGY Goldman Sachs downgrades Cairn Energy to “sell” from “neutral” saying it believes the shares are too expensive relative to peers. Sees better risk/reward elsewhere in the sector, and cites Cairn rival Dana as its best buy idea, upgrading it to “buy” from “neutral”. However, says Cairn’s assets and management are both “excellent”. HENDERSON [...]
CHEERS TO A GREAT SCOT February 25, 2010 Renowned artist Jack Vettriano was awarded the 2010 Johnnie Walker Blue Label Great Scot Award at a dinner held at the Boisdale of Belgravia restaurant yesterday. Vettriano is pictured here with his prize, a £3,000 bottle of the John Walker Whisky. Jack, who was presented with the award by last year’s inaugural winner Sir Jackie [...]
Landmark corporate trial begins February 25, 2010 Lawyers across the country will be watching as a landmark corporate court case begins today. Cotswold Geotechnical Holdings becomes the first company to be tried under the 2007 Corporate Manslaughter and Corporate Homicide Act after being accused of a “gross breach” of duty in connection with the death of junior employee Alexander Wright, who was [...]