Astaire buys up Hoodless February 10, 2010 ASTAIRE, the rapidly-expanding City stockbroker headed by small-cap broking veteran Edward Vandyk, yesterday announced its fourth acquisition in just 12 months, buying up Hoodless Brennan for £3.6m. Vandyk said Hoodless was an attractive fit for Astaire because both firms operate stockbroking businesses in London and Bristol, while Hoodless is strong in market-making, an area in [...]
Honda faces global recall over airbags February 10, 2010 Honda’s troubles are deepening as it was forced to extend its global recall for faulty airbags by 437,000 cars yesterday. The second-biggest Japanese carmaker will replace the driver’s side airbag inflator on the cars because they can deploy with too much pressure, causing the inflator to rupture and injure or kill the driver. The recall [...]
Imperial fights ban on vending machines February 10, 2010 IMPERIAL Tobacco said it would seek a judicial review of plans to ban cigarette vending machines yesterday, upping the ante in the battle between the industry and the government. The maker of Lambert & Butlers believes the crackdown, due to come into effect in October 2011 under the Health Act 2009, is disproportionate because booths [...]
BA turns to old staff to cover strike February 10, 2010 British Airways yesterday asked staff whose temporary contracts expired last year to cover expected upcoming strike action. Former staff have been offered six month contracts worth £1,000 a month with an additional £2.40 an hour flying allowance. The staff would have to undergo a week long refresher course that would begin on 22 February. BA’s [...]
Tax dodgers come clean February 10, 2010 German tax authorities yesterday reported a surge in the number of tax dodgers who are turning themselves in after the government decided to buy stolen Swiss bank account data from a whistleblower. Lawyers specialising in tax crimes are also noticing a brisk upturn in business as Germans, who hold an estimated €200bn in undeclared funds [...]
Reckitt defies recession with annual profit surge February 10, 2010 RECKITT Benckiser, which makes products including Nurofen, saw profits jump by 23 per cent last year despite the recession. The company said 2009 had been a good year and predicted growth in 2010. Reckitt’s drug Suboxone – a heroin substitute – accounted for 16 per cent of the profits. “Our five per cent target is [...]
Single stain on spotless results February 10, 2010 ON the surface, these results are sparkling, as if they’ve been polished up with a can of Reckitt Benckiser’s Brasso. Full year sales are up 18 per cent, pre-tax profit is up 28 per cent and the final dividend of 57p brings the total to £1 – a 25 per cent hike. Emerging markets are [...]
Hands in call to arms against regulation February 10, 2010 GUY Hands, the chairman of private equity group Terra Firma, yesterday urged members of his industry to push back against “populist moves” to increase regulation. Hands, speaking at the Super Returns conference in Berlin, said that current moves on both sides of the atlantic to tighten regulation of the private equity industry, would “hamper and constrain [...]
Hargreaves beats 50pc tax February 10, 2010 HARGREAVES Lansdown, the investment advisory giant, is to hand its shareholders a special dividend to maximise returns before the top rate of income tax jumps in April. The Bristol-based company announced the unusual move as it revealed a nine per cent increase in pre-tax profits to £39.8m for the six months to the end of [...]
Temasek sets up an Asian focused investment firm February 10, 2010 SOVEREIGN wealth fund Temasek Holdings yesterday confirmed that it is setting up a new global investment firm called Seatown, which will be headed by its chief strategist Charles Ong. Seatown – the English translation of Temasek – is expected to have an investment capital of around $3bn (£1.9bn) to be invested in emerging markets with [...]