Why next year will be critical for London’s army of M&A dealmakers October 18, 2009 WHEN Tim Jones, the London managing partner of global law giant Freshfields Bruckhaus Deringer, walks into a room, one is immediately struck by the fact that he still looks every inch the Wales B rugby prop forward he used be. However, as he settles down in one of his firm’s sixth-floor, oak-panelled meeting room, he [...]
JUDGE TO STRIKE OUT ON TURF OF TRADERS October 15, 2009 A SLIGHT glitch yesterday at the long-anticipated court case between wheeler-dealers BGC Partners and Tullett Prebon, as one of the barristers was taken ill and could not attend to give his opening statements. As is customary with these things, the rest of the legal eagles were keen to make the best of their time in [...]
Pirc raises concerns over Sky October 15, 2009 BSKYB investors were yesterday urged to oppose the re-election of five of its board members and to vote against the firm’s remuneration report at its annual meeting next week. Investor body Pirc issued an alert expressing its concerns over a lack of independent representation on BSKB’s board, because a number of non-executive directors have links [...]
Mothercare defies crunch with 9.4pc boost in sales October 15, 2009 MOTHERCARE, the baby products retailer, bucked the recession with improved first-quarter sales driven by a growing international business and a weaker currency. The group said its sales rose 9.4 per cent in the 15 weeks to 10 July, with its international division leading the way with a 32.7 per cent rise in retail sales. Underlying [...]
WH Smith ups its dividend as profits rise October 15, 2009 WH SMITH, the stationers and bookshop, increased its dividend yesterday after reporting an eight per cent rise in its annual profits. Pre-tax profit for the 217-year-old group hit £81m for the year to 31 August, up from £76m last year, despite sales dropping to £1.34bn from £1.35bn year-on-year. WH Smith will pay a final dividend [...]
FIGHTER CONTRACT October 15, 2009 DEFENCE giant BAE Systems has won a £400m contract to provide support for radars and defensive aids on the Typhoon fighter jet. The contract will run for five-and-half years. The Typhoon, whose development employs 100,000 staff worldwide, has been selected by the air forces of Austria, Italy, Germany, Spain, Saudi Arabia and the United Kingdom.
ECB slams scrap plan as sales jump October 15, 2009 THE car scrappage scheme that allows drivers to trade in bangers in exchange for a discount on a newer model was slammed by the ECB yesterday. Europe’s central bank said the benefits from the scheme had been limited and that its withdrawal could hurt the economy next year. But its comments came as the European [...]
Gray Report says Ministry of Defence procurement plans are unaffordable October 15, 2009 BRITAIN wastes up to £2.2bn a year because of over-ambitious defence projects getting out of control, a report commissioned by the government said yesterday. The report, by former Ministry of Defence adviser Bernard Gray, said average defence equipment programmes take five years longer and costs 40 per cent more than planned. “This programme is unaffordable [...]
GKN keeps profits steady but sees revenues fall October 15, 2009 GKN, the automotive and aerospace parts maker, posted a pre-tax profit of £36m in the third quarter and said considerable uncertainty remains in a number of its markets. “In Automotive, the full impact on vehicle production of the phasing out of a number of incentive schemes in Europe and North America will not become evident [...]
Ashmore lifted by debt products October 15, 2009 Emerging markets fund specialist Ashmore said yesterday its assets under management rose 25 per cent in the first quarter, boosted by net inflows to external debt products. The firm said its managed assets rising to $31.1bn (£19.1bn) in its first quarter to end-September, beating analysts’ forecasts.