Eurostar on rollercoaster ride as brand flags February 23, 2010 EUROSTAR’S BrandIndex scores dropped dramatically when five trains broke down on 18 December 2009, leaving 2,500 people trapped in trains and over 100,000 stranded due to disrupted travel plans. Continuous press coverage only compounded the brand’s problems. Eurostar’s overall “Index” score plummeted from +22 on 16 December 2009 to -3 on 1 January 2010. BrandIndex’s [...]
CITY MOVES | WHO’S SWITCHING JOBS February 23, 2010 PVE CAPITAL The investment group has appointed two new members to its team managing the Matrix PVE Global Credit Fund, a hedge fund launched in October last year as a joint venture between PVE Capital and private equity firm Matrix. Elena Ciampichetti joins as head of credit research from Citi, where she was a managing [...]
FSA to pay £270,000 to fraud victims February 23, 2010 CITY regulator the Financial Services Authority is set to hand back £270,000 to victims of a “boiler room” share fraud scam, as part of an investigation into how cold calls from overseas persuaded citizens to invest in worthless shares. The FSA, whose investigation centres on two individuals and seven businesses suspected of involvement, said yesterday [...]
CORPORATE MANSLAUGHTER CASE ADJOURNED February 23, 2010 THE trial of the first UK company charged under the 2007 Corporate Manslaughter Act was yesterday adjourned for legal arguments. Cotswold Geotechnical Holidays is accused over the death of 27 year-old employee Alex Wright who died in September 2008 when a trench collapsed on him. Company director Peter Eaton (pictured centre) also faces a charge [...]
Heineken tips 2010 as tough as sales slide February 23, 2010 HEINEKEN has forecast lower beer consumption and limited price increases this year. The prediction came as the brewing giant yesterday reported 2009 results in line with expectations. Heineken, like other brewers, suffered from recession-hit consumers drinking less beer. Chairman Jean-François van Boxmeer said: “The global economic environment will continue to lead to lower beer consumption [...]
Drinks and pubs group in call for a beer tax freeze February 23, 2010 THE British Beer & Pub Association (BBPA) has called on the UK government to ditch its proposed tax hike on beer estimating it will save thousands of jobs across the sector. The BBPA said that by scrapping the proposed two per cent tax hike the government is proposing ahead of March’s budget meeting, 7,500 jobs [...]
Luminar chief stepping down after 23 years February 23, 2010 NIGHTCLUB group Luminar will see a management changeover next month when chief executive Stephen Thomas intends to step down. Thomas announced yesterday that music industry man Simon Douglas will replace him at the helm of the company he founded in 1987. Thomas will officially step out of his title as chief executive next week and [...]
Dragon Oil diversifies as it looks to expand February 23, 2010 Dubai based oil and gas explorer Dragon Oil, plans to invest $870m (£562m) in oil and gas projects over the next two years, it said in a statement yesterday. The London-listed company is targeting annual output growth of 10-15 per cent through 2012 as it seeks expansion in the Middle East, North Africa and Central [...]
BEST OF THE BROKERS February 23, 2010 BRITISH AMERICAN TOBACCO Morgan Stanley advises investors to “overweight” British American Tobacco shares ahead of tomorrow’s full year results. Says pricing strength, cost savings, improved economic conditions and a reduced hit from currency transactions will mean “solid” earnings per share growth. Raises target price to 2,350p, and highlights favourable industry operating conditions. N BROWN UBS [...]
Brookfield to make $2bn move on General Growth February 23, 2010 CANADIAN group Brookfield Asset Management is understood to be preparing a $2bn (£1.3bn) bid for a 30 per cent stake in General Growth Properties, the bankrupt mall owner. The offer would trump an approach by Simon Property Group and rescue Chicago-based General Growth from Chapter 11 solvency with Brookfield as its largest shareholder. Simon Property, [...]