Promethean set for £500m IPO despite investor fears February 15, 2010 EDUCATIONAL technology company Promethean will defy choppy markets to announce its intention to list on the stock exchange at a valuation of up to £500m this morning. The Blackburn-headquartered maker of electronic whiteboards for classrooms is likely to sell 50 per cent of its equity in the March flotation. Apax Partners, the private equity firm [...]
Germans want Greece kicked out of eurozone February 15, 2010 A MAJORITY of Germans would like debt-ridden Greece to be thrown out of the eurozone if necessary and more than two-thirds oppose handing Athens billions of euros in credit, a poll published yesterday showed. Vocal opposition to aid for Greece from members of Chancellor Angela Merkel’s coalition also grew at the weekend with several senior [...]
ARM men sell £8.5m shares February 15, 2010 SENIOR figures at ARM Holdings, the Cambridge-based microprocessor designer, have cashed out £8.5m worth of shares after the stock soared on speculation its technology is used in Apple’s new iPad. Chief executive Warren East raised £1.8m by selling 937,000 shares last week, leaving him with around 1m shares. Other members reducing their stakes included finance [...]
We must grow ourselves out of debt February 15, 2010 BRITAIN has been spending more than it earns for years now, which is why the government and individuals alike are crumbling under a huge burden of debt. Two kinds of policies are needed to get us out of this hole: we must spend less; and we need to grow faster and more sustainably. Everybody has [...]
Spencer to quit Tory post February 15, 2010 MICHAEL Spencer, chief executive of ICAP, will resign as treasurer of the Conservative Party in order to try and turnaround the fortunes of the struggling inter-broker dealer. He is set to leave the post after the general election, having spent four years fund-raising for the Conservatives. Under his tenure the Party has reduced an £8m [...]
LA budget crisis a threat to jobs February 15, 2010 Los Angeles, the second-largest city in the United States, is confronting a mounting budget deficit that threatens to force thousands of job cuts, deplete its fiscal reserve and further damage its credit rating. The $212m (£135m) budget shortfall, projected to more than double next year, is attributed mainly to plunging tax revenue blamed on the [...]
Iceland restart UK debt talks February 15, 2010 Iceland is set to resume talks today with Britain and the Netherlands on repaying more than $5bn (£3.2bn) lost when Icelandic banks collapsed in 2008, Finance Minister Steingrimur Sigfusson said yesterday. The British and Dutch governments have already compensated savers in their countries who invested in “Icesave” online high-interest savings accounts for their losses, and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2010 FINANCIAL TIMES MUTUALS CLOSE TO CAPITAL DEAL Building societies are close to finalising details of a new investment instrument that would allow them to comply with tough new capital requirements without compromising their mutual status. According to senior figures in the industry, talks are close to conclusion on the creation of of “mutual ordinary deferred [...]
Kraft bosses to be grilled by Parliament February 15, 2010 SENIOR executives from Kraft will be grilled by a Select Committee about the US firm’s controversial Cadbury takeover. The hearing, which has not yet been finalised, will try to pin Kraft down on its plans for the 186-year-old confectioner. Kraft received criticism from business secretary Lord Mandelson last week after it announced it will not [...]
Euro entry would have cost UK jobs February 15, 2010 BRITAIN’S unemployment rate would be twice as high as it is now if former prime minister Tony Blair had taken Britain into the euro, a leading think tank has claimed. The Centre for Economic and Business Research (CEBR) has used its economic model to calculate what might have happened if Blair had signed up to [...]