Radio group writes off millions December 20, 2009 The company which owns Classic FM and Heart has written off a large part of its investment over the last two years, as the value of media assets continues to nosedive. Shareholders have put £65m into the company to help tackle its debt, now down from £210m to £110m.
Euromoney chiefs to cash in December 20, 2009 Euromoney, the business publisher, is thought to be preparing to next month ask shareholders to give their support to a £30m incentive plan for its top 150 employees. Under the scheme, the money would be paid out if the company raises pre-tax profits to £100m by 2013. It made £62.3m in the year just ended.
Cash injection for dentists December 20, 2009 Intermediate Capital Group is understood to be taking a stake in dentist chain Oasis. It hopes £25m will be raised, to be reinvested in buying more dental practices, to add to the 170 already owned by the dental group. Duke Street, the buyout firm which bought Oasis two years ago for £125m, also announced last [...]
BP hit with bumper bill in Texas December 20, 2009 Oil giant BP has been ordered by a US court to pay $100m (£62m), to 10 contractors who complained about being exposed to a toxic substance at BP’s Texas City refinery. Each received $10m. One hundred workers were hospitalised by fumes in 2007, but the oil firm denies responsibility. It is the same site where [...]
HUMAN LIE DETECTOR BOOSTED BY CITY COMPANIES ON THE WARPATH December 20, 2009 WE ALL know businesses are rather jumpier than usual given the difficult ride they’ve had over the course of the recession, but I hear some are taking truly unprecedented steps to counter risky office behaviour. Darren Stanton, who calls himself a “human lie detector”, tells me he has seen a surge in requests from corporates [...]
BILL OF THE WEEK December 20, 2009 THESE four diners evidently had something to celebrate when they popped for a £1,929.15 dinner at Beauberry House, the country house restaurant in leafy Dulwich Village, at the weekend. They started their three-course meal with oysters, crispy squid and trout, washed down with a bottle of Dom Perignon 1982 champagne, before moving on to wagyu [...]
CBI: Subdued 2010 and rate rises in spring December 20, 2009 A SUBDUED 2010 lies ahead for the UK economy and, despite a brighter outlook for the following year, the economy will not have reached pre-recession levels until the end of 2011, the Confederation for British Industry (CBI) will say today. Annual GDP growth for 2010 will be 1.2 per cent, compared with the 0.9 per [...]
WHAT IS YOUR FORECAST FOR THE BRITISH ECONOMY IN 2010? December 20, 2009 MELISSA KIDD | LOMBARD STREET RESEARCH Our central forecast for GDP growth in 2010 is 1.4 per cent. We expect quite a strong fourth quarter of 2009 as consumers bring forward spending ahead of the VAT increase. But we then see subdued growth through much of 2010 with interest rates hitting 1.5 per cent by [...]
Mining mergers set to continue into next year December 20, 2009 Consolidation among AIM-listed mining companies will continue next year, according to Ernst & Young (E&Y), following a rapid recovery in stock values in the sector during 2009. Mining stocks on the junior market nearly tripled in value this year, according to an index of shares monitored by E&Y. Its Mining Eye index gained 173 per [...]
HSBC Shanghai plan to boost expansion December 20, 2009 HSBC is poised to become one of the first foreign companies to list on the Shanghai stock exchange, returning to its Asian roots. The bank wants to raise its profile in China as it opens more branches and considers taking stakes in Chinese lenders. It first announced in May last year that it wanted to [...]