KPMG: Public services to require radical changes February 22, 2010 The delivery of public services must be redefined according to a study compiled by accountancy firm KPMG. Recommendations contained within the report suggests that UK public sector companies need to go through a raft of radical changes to successfully redefine their role. “At the moment there is a lot of focus on short-term measures to [...]
Ethical site for pensions is launched February 22, 2010 A new website has been established to allow trustees to lobby fund managers over how their pensions are invested. The scheme, set up by FairPensions and backed by the Co-operative and Unison, hopes to sway upcoming shareholder votes by BP and Shell over the development of environmentally damaging oil sands fields. FairPensions hopes reaching out [...]
Google hacker tracked down February 22, 2010 The US claims to have identified the Chinese hacker responsible for the state sponsored attacks on Google and other firms. Analysts say the code, which exploited holes in Internet Explorer, came from a freelance security consultant. The news follows revelations that the spyware was launched from within educational institutions in China with close links to [...]
Hilton close to new debt deal February 22, 2010 Hotel giant Hilton is close to finalising a deal that would cut its debt by $4bn (£2.6bn). Private equity vehicle would inject around $800m into the chain by buying back part of the debt at a reduced rate and pushing back some maturity dates. Blackstone bought Hilton at the height of the buyout boom for [...]
Candys set to lose US deal February 22, 2010 THE Candy brothers have been dealt a fresh blow as their plans to develop luxury apartments in the Beverley Hills district of Los Angeles are set to be scrapped later this week. The eight-acre site was to be turned into 235 apartments, shops and restaurants. Instead it will be sold at auction on Thursday after [...]
Uralchem and Acision to IPO February 22, 2010 THE collapse of a string of high-profile flotations has not deterred two Russian-backed companies, Uralchem and Acision, from drawing up plans to list in London. Uralchem, Russia’s largest fertiliser manufacturer, has appointed three investment banks to advise on an initial public offering that will raise around $400m (£259m). UBS, Morgan Stanley and Renaissance Capital have [...]
EMI insists it will keep hold of famous Abbey Road studio February 22, 2010 Music company EMI wants to retain ownership of the Abbey Road recording studios, immortalised by the Beatles album of the same name, though it is talking to other firms about revitalising the site, the UK publisher said yesterday. Loss-making EMI was believed to have put the studios up for sale and was talking to interested [...]
Aerospace and defence firms rein back spending on M&A February 22, 2010 MERGER and acquisition activity in the aerospace and defence sectors remained at near-record levels in 2009, though the value of completed deals plummeted as firms reined in their acquisition budgets, new research from accountancy firm PricewaterhouseCoopers has shown. The value of deals in the sector more than halved over the past year to $10bn (£6.5bn), [...]
Mining charter contracts boost Skywest Airlines February 22, 2010 AUSTRALIAN regional carrier Skywest Airlines will this morning reveal it has swung into the black over the first half of the year, despite a worldwide slump in demand for air travel in the downturn. Skywest, which charters planes to ferry employees of some of the world’s largest mining groups to and from resource developments in [...]
Provident looks to float Kabel Deutschland February 22, 2010 Private equity firm Providence Equity Partners is thought to be considering listing German cable TV operator Kabel Deutschland on a stock exchange, abandoning its plan of a €1bn (£882m) sale to a buy-out firm. The listing could lead to a higher valuation of the company than an outright sale. Providence, which owns 88 per cent [...]