BSkyB wins £200m case against EDS January 26, 2010 RUPERT Murdoch’s satellite broadcaster BSkyB has won a five-year legal wrangle with Electronic Data Systems over an ill-fated IT project. In a decision that could see EDS forced to pay out more than £200m, a judge said EDS lied to Sky to secure a contract to work on the company’s overhaul of its customer service [...]
Towry Law will use a substantial US cash injection to integrate acquisitions January 26, 2010 TOWRY Law has received a substantial cash injection from a US investment firm, it was revealed yesterday. Asset Management Finance invested an undisclosed sum in the acquisitive UK company. AMF’s funding took the form of mezzanine financing, typically used to finance expansion. But sources close to the company said the money would be used to [...]
ANALYST VIEWS: WHAT DID YOU MAKE OF DE LA RUE’S INTERIM STATEMENT? January 26, 2010 JONATHAN JACKSON | KILLIK & CO “The interim management statement was in line with expectations. Trading has been strong, with banknote and paper volumes showing an increased run rate. Results appear to be well ahead of last year.” PAUL JONES | PANMURE GORDON “We see little reason to change our forecasts on the back of [...]
Cussons sees soap sales drive profits January 26, 2010 BRITISH soap and shampoo maker PZ Cussons said yesterday it was poised to make new acquisitions after revealing a 21 per cent rise in its first-half profit. The maker of Imperial Leather, Carex soap and Original Source products ended the six months to 30 November with a pre-tax profit of £44.7m – slightly above market [...]
Retail heavyweight Phil Wrigley to join Majestic as chair January 26, 2010 MAJESTIC wine yesterday unveiled a shake-up of its board, revealing retail heavyweight Phil Wrigley, 57, as chairman-designate, replacing Simon Burke who has been at the helm for five years. Wrigley, who until recently was chairman of fashion retail chain New Look, has also held senior management roles at Debenhams, Topshop owner Arcadia and BHS. Wrigley [...]
Seatwave hits out at £1bn merger of Live Nation and Ticketmaster January 26, 2010 SEATWAVE, Britain’s biggest ticket exchange, yesterday hit out at the US authorities’ decision to clear the way for a £1bn merger of Live Nation and Ticketmaster. The US Department of Justice authorised the deal to merge the concert promoter that has Madonna and Jay-Z on its books with the ticket sales giant, but imposed certain [...]
Verizon sees delayed recovery January 26, 2010 Verizon Communications yesterday said it is facing a slower-than-expected economic recovery and plans to cut six per cent of its workforce, adding that it forecasts only a modest rebound in late 2010. After reporting fourth-quarter results that were in line with Wall Street’s expectations, Verizon said weak corporate spending hurt its traditional fixed-line business, offsetting [...]
Johnson & Johnson disappoints January 26, 2010 Johnson & Johnson yesterday reported better-than-expected quarterly sales and earnings, helped by sharply lower taxes and a return to growth for its array of medicines, medical devices and consumer products. But the diversified healthcare company, which is traditionally conservative in its outlook, predicted 2010 earnings would rise about five to seven per cent – barely [...]
Manchester United bonds dip in trading January 26, 2010 THE new bonds issued by Manchester United last week are trading below par, it emerged yesterday. The £500m worth of bonds were trading at between 93-94p yesterday afternoon, meaning they were yileding more than 10 per cent. Analysts said that tradional high income investors were wary of the bonds because of the high debts the [...]
Paulson and Friedman asked to explain AIG pay to banks January 26, 2010 FORMER US Treasury Secretary Henry Paulson and ex-New York Fed chairman Stephen Friedman will testify today at a congressional hearing on bailed-out insurer American International Group’s (AIG) payments to banks, a committee aide said yesterday. Paulson and Friedman, both former longtime executives and chairmen at Goldman Sachs, were considered among key figures in AIG’s government [...]