Bolland to start crunch talks January 10, 2010 MARC Bolland will jet back early from holiday to have crunch talks with Wm Morrison about his departure date. Soon-to-be new employer Marks & Spencer wants him to start as chief executive as soon as possible but under the terms of his contract the Dutchman still has nine months notice to work. Morrison’s is believed [...]
FTSE profits overseas January 10, 2010 Almost all profits made by blue chip FTSE 100 companies are generated outside the UK, according to a report from financial website, The Motley Fool, which says the sluggish recovery of the UK economy will not affect the performance of blue chip shares. The research shows 83 per cent of FTSE profits are from overseas, [...]
UK spending could spark bond crisis January 10, 2010 THE UK faces a currency and bond crisis by 2016 if government expenditure is not drastically cut, according to new findings by the Centre for Economics and Business Research (CEBR). The current level of public spending will fuel a slight acceleration in economic growth of around 0.25 per cent for the next five years but [...]
Winterhill set to raise £6m in Aim float January 10, 2010 INSOLVENCY services specialist Winterhill will today announce its intention to raise £6m through an initial public offering (IPO) on London’s Aim market, as it seeks to capitalise on the spate of corporate bankruptcies coming out of the recession. Directors Andrew and Neil Duckworth, who founded asset valuation and disposal firm Winterhill Asset in 1998, intend [...]
3i to raise £1bn for small caps January 10, 2010 PRIVATE equity giant 3i has spotted a raft of investment opportunities in international growth companies as the world economy improves. The firm is planning to raise £1bn for a growth capital fund that would take minority stakes in small caps. The venture, first mentioned during 3i’s half-year results in November, marks a move by chief [...]
JPMorgan set for bonus haul January 10, 2010 JP Morgan Chase is set to defy calls for restraint and pay out record bonuses this week thanks to bumper investment banking profits. The US investment firm is expected to pay compensation of $29bn (£18bn) to its executives when it kicks off the annual banking results season on Friday. The pay-out is expected to be [...]
Taxpayer will be rewarded for Northern Rock support January 10, 2010 THE taxpayer will be fully rewarded for rescuing Northern Rock from the brink of collapse, according to chairman Ron Sandler. But he claimed it was “highly unlikely” the bank would be sold prior to the general election. The government injected more than £1.4bn restructuring the bank earlier this month but now looks set to reap [...]
Annual fraud breaks the £2bn barrier and could treble soon January 10, 2010 REPORTED fraud in the UK broke the £2bn barrier for the first time and could treble over the next two years. New research from business advisers BDO suggests that business and public sector fraud rocketed a staggering 76 per cent last year with both the number and size of frauds increasing dramatically. And it warns [...]
A BABY RAY OF LIGHT PENETRATES THROUGH SNOWY SKIES OF GLOOM January 10, 2010 GLOOM, gloom and more gloom settles over us because of that dratted snow – dwindling grit supplies, an acute gas shortage, train cancellations, firms left in the lurch by snowed-in staff, the spiralling economic cost for small businesses… the list goes on and on. But there is hope on the horizon, according to a frisky [...]
ABI calls for restraint on executive pay packages January 10, 2010 DIRECTORS at Britain’s largest banks have been warned against tarnishing their reputations by developing schemes to exempt top earners from higher income tax. The Association of British Insurers, whose members own nearly a fifth of the stockmarket, said it “would not be able to approve” salary structures that focused on avoiding the forthcoming 50 per [...]