New Look to float on stock exchange February 2, 2010 BUDGET High Street fashion chain New Look is planning to float on the stock exchange in a bid to raise £650m. The company, owned by Permira and Apax, said that new shares would be used to pay down debts and help bankroll its expansion plans. It said that a secondary sell-down by existing shareholders was [...]
Madoff’s London unit escapes fraud charges February 2, 2010 THE Serious Fraud Office (SFO) has said it will not take any action against Madoff Securities International – a London arm of frausdster Berine Madoff’s business empire. Directors of the Mayfair-based business have also escaped charges as prosecutors had “insufficient evidence”. The SFO said in a statement there isn’t enough evidence to “provide a realistic [...]
Bolland given £15m mission to save M&S February 1, 2010 THE OUTGOING boss of supermarket chain Morrisons is set for a “golden hello” worth up to £15m after accepting one of the toughest missions on the high street – to turn around Marks and Spencer. Dutch Marc Bolland will receive the package in pay, bonuses and compensation for giving up his previous job when he [...]
Myners: 50pc tax rate won’t raise much February 1, 2010 THE government has “significantly reduced” the level of revenue it expects to generate from the new 50p income tax band, City minister Lord Myners admitted yesterday. In a tacit recognition that high earners will find ways to evade the higher rate of tax, Lord Myners said he was doubtful the Treasury would haul in the [...]
Blankfein will not get $100m February 1, 2010 INVESTMENT bank Goldman Sachs yesterday moved to quash speculation among rival bankers that its chief executive Lloyd Blankfein may be in line for a bumper bonus of up to $100m (£62.8m), claiming the figure had been distorted out of hand. “Although the board has yet to determine executive compensation, given everything we have said and [...]
It’s time to halt quantitative easing February 1, 2010 ONE of the most important pieces of data is also one of the hardest to understand. Working out how much money is circulating at any one time in the economy is the Holy Grail of macroeconomics; those who can make sense of it have a huge advantage when it comes to predicting inflation, stock and [...]
Tories at sea, says Mandy February 1, 2010 LORD Mandelson yesterday said a Tory government would “strangle the recovery at birth” as the opposition accused Labour of being in “chaos” over its policy on spending cuts. He also accused David Cameron of “bobbing around like a cork in water”, after the Tories softened their stance on spending cuts over the weekend. “What we [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 1, 2010 FINANCIAL TIMES VANTIS FALLS £10.7M INTO THE RED Vantis, the AIM-quoted company acting as a liquidator to Stanford International Bank, fell £10.7m into the red in its first half to 31 October. The accountancy and professional services group incurred £11.7m of exceptional charges, mostly an impairment of current and intangible assets after a review following [...]
Kappler to leave Premier Foods February 1, 2010 David Kappler, the chairman who steered Premier Foods through its refinancing in 2009, is to move on later this year. Kappler said he will be seeking a board role elsewhere after six “hugely enjoyable” years at Premier.
Lombard to exit France Telecom February 1, 2010 France Telecom chief executive Didier Lombard will step aside after a string of suicides at its native operation hurt staff morale. Lombard will hand over to Stéphane Richard, his deputy, on 1 March. Richard is expected to steer the firm away from bolt-on acquisitions and instead focus on improving core activities. The France Telecom brand [...]