Apax seeks to sell Tommy Hilfiger for $3bn price tag March 3, 2010 TOMMY Hilfiger’s private equity owner is in talks with Phillips Van Heusen about a $3bn (£2bn) takeover bid for the US designer clothing line. London-based Apax Partners, which owns Tommy Hilfiger, has been talking to companies to gauge their interest in acquiring Hilfiger, while at the same time continuing to explore an initial public offering. [...]
Ineos plans to move global HQ to Switzerland March 3, 2010 CHEMICAL manufacturer Ineos is preparing to shift its headquarters from Southampton to Switzerland in the face of rising UK taxes. The firm, Britain’s largest privately owned company by revenue, has launched an internal review and is consulting with its lenders over the move. Ineos estimates it could save €450m (£408m) in tax charges over the [...]
Hague hit in Ashcroft row March 3, 2010 FORMER Tory Leader William Hague yesterday admitted he has known about Lord Ashcroft’s non-dom status for the “last few months”. The peer had agreed with civil servants that he would become a “permanent” UK resident when he joined the House of Lords in 2000, meaning he would likely have paid tax on his overseas earnings. [...]
Wells Fargo chief sees his pay double to $21.3m for 2009 March 3, 2010 WELLS Fargo & Co, the fourth-largest US bank by assets, paid chief executive John Stumpf compensation worth $21.3m (£14.1m) for 2009, a package that likely makes him the highest-paid US bank chief executive officer, according to materials filed with US regulators. Stumpf’s compensation included a salary of $5.6m paid in cash and stock and stock [...]
Your chance to let politicians know what you really think March 3, 2010 THE City is the engine room of the British economy, but you wouldn’t know it from the policies of the main political parties. Few politicians are interested in reflecting or listening to the concerns of the hundreds of thousands of people who work in London’s business and financial sectors. With an election just weeks away, [...]
CALVERT DECLINES TO TESTIFY March 3, 2010 FORMER Cazenove partner Malcolm Calvert standing trial at Southwark Crown Court for 12 counts of alleged insider dealing declined to give evidence in his defence yesterday. Calvert is accused of using secret information gleaned from a source within Cazenove to instruct an accomplice to buy shares ahead of six takeovers. The Financial Services Authority is [...]
Standard Chartered books a record year March 3, 2010 STANDARD Chartered has powered to a seventh successive year of record profits and earnings. It credited strong recovery in its core Asian and African markets for a 13 per cent increase in pre-tax profits to $5.15bn (£3.4bn). Revenue shot up nine per cent to $15.2bn, buoyed by each of its divisions in Korea, India, Singapore [...]
Sands does it again despite hard times March 3, 2010 IT’S almost impossible to believe. Despite the worst recession in a generation and the near-implosion of the global banking sector, Standard Chartered yesterday celebrated a seventh consecutive year of growth. Shrugging off the contraction in worldwide GDP, the Asia-focused bank booked record profits of $5.1bn (£3.4bn) thanks to strong performances from Hong Kong and India. [...]
Employees reap a $4.9bn pay day March 3, 2010 STANDARD Chartered dished out a $4.9bn compensation package for its employees as it announced record profits. Its remuneration ratio is 32 per cent of its $15.2bn revenue – slightly down from the 34 per cent handed out the year before. It works out at $64,000 for each of its 77,000 staff. The amount given in [...]
EasyJet boss is a good fit for Whitbread March 3, 2010 WHITBREAD has appointed Andy Harrison, the former easyJet boss, as its new chief executive. He will replace Alan Parker who spent six years at the head of the group, which counts Premier Inn, Beefeater and Costa Coffee among its businesses, and 18 years at the firm in total. Harrison beat other potential candidates including Carl [...]