Venture eyes up acquisitions August 19, 2009 Oil company Venture Production touted the possibility of launching a field buying spree yesterday, as it fights off a $2bn (£1.6bn) hostile takeover bid from Centrica, as it announced a one per cent drop in first-half profits. Venture said that “large asset packages” may come onto the market in the coming year as the international [...]
Seven arrested in tax fraud case August 19, 2009 The British tax office arrested seven people in London yesterday in a suspected £38m value-added tax fraud in the European market in carbon allowances, it said. Officers from HM Revenues and Customs (HMRC) searched 27 properties around London and arrested six men and one woman in early morning raids, the HMRC said in a statement. [...]
KPMG warns Tories over plans for FSA August 19, 2009 BIG FOUR accountancy firm KPMG yesterday hit out at Tory shadow chancellor George Osborne’s plans to reform financial regulation, suggesting his pledge to scrap the Financial Services Authority (FSA) could be disastrous. KPMG’s head of regulatory services Marcus Sephton said the change could lead to the City treading water for 15 months as the transition [...]
Investor optimism rises despite mixed economic outlook August 19, 2009 INVESTOR optimism about the global economy has leapt to its highest level in nearly six years as asset managers pile their cash back into the equity markets. According to the Merrill Lynch fund managers survey for August, 75 per cent of respondents believe the world economy will strengthen in the coming 12 months – the [...]
FirstGroup unveils new Greyhound buses August 19, 2009 FIRSTGROUP yesterday unveiled the iconic Greyhound buses it plans to use for journeys between London, Portsmouth and Southampton. The buses, which are named after women from American songs like “Peggy Sue”, will run hourly from Victoria to the south coast. They offer free Wi-Fi, power sockets for each passenger, air conditioning, free newspapers and leather [...]
Shore Capital boosts profits August 19, 2009 BOUTIQUE investment bank Shore Capital signalled a cautious return to the good times yesterday, posting a 13.4 per cent rise in first half profit and adding it was on the lookout for acquisitions. Shore reported a pre-tax profit of £2.3m for the six months to end of June. Sales also rose 13 per cent to [...]
Aer Lingus set to streamline August 19, 2009 Irish flag carrier Aer Lingus is bracing itself for a cost-cutting drive under incoming chief executive Christoph Mueller, the company warned yesterday, as it seeks to streamline in anticipation of a third hostile takeover bid from budget rival Ryanair. Details of the cost cutting will be outlined in the carrier’s half-year results on 27 August. [...]
BATS to launch special tariff August 19, 2009 BATS Europe, the multi-lateral trading platform, said yesterday it will launch a special tariff in September, with the aim of grabbing market share from the London Stock Exchange. BAT plans to offer inverted pricing, whereby the rebate for adding liquidity is higher that the cost of removing it.
Ofcom hunts for C4 chairman August 19, 2009 Ofcom has appointed headhunter Zygos Partnership to search for a successor to Channel 4 chairman Luke Johnson, whose tenure ends in January 2010 after six years. An ad for the job will be placed next month, and the watchdog hopes to have someone in place in time for Johnson’s departure. State-owned Channel 4 is still [...]
INM in further standstill talks August 19, 2009 Independent News & Media (INM) is in the process of negotiating a fourth extension to its financial standstill with investors regarding the repayment of a €200m (£178m) bond. The current agreement is due to expire on 27 August, a day before the publisher reports its interim results.