Punch warns of renewed profits slide December 16, 2009 PUNCH Taverns has warned that profits will be hit again after reporting a fall in sales at its managed pubs in the past four months. The company, which has a net debt of £3.3bn, said that looming VAT rises and the continuing affect on trade of the recession were taking their toll. It has been [...]
Eye-catching deal for Essilor December 16, 2009 FRENCH corrective eye lens maker Essilor is to buy US group FGX International in a $565m (£345m) deal to boost its presence in the growing market for non-prescription reading glasses. The deal, which includes repayment of FGX’s net debt of about $100m, is worth $19.75 per FGX International share and will boost Essilor’s earnings per [...]
Clients of big banks reveal they lack trust in providers December 16, 2009 JUST 22 per cent of clients have trust in their current banking providers, according to a global study published by the IBM Institute for Business Value. The study, which conducted surveys in 13 countries, found that many banks continue to suffer from unsustainable cost structures and unreliable revenue streams. It added that much of the [...]
CITY MOVES | WHO’S SWITCHING JOBS December 16, 2009 Prudential The insurer has appointed Margaret Coltman as general counsel and company secretary. Coltman, who will also be on the executive committee, was initially appointed to the role in July on an interim basis, having formerly worked as general counsel and company secretary at Lloyds Banking Group. She started her career at law firm Norton [...]
NEWS | IN BRIEF December 16, 2009 Petrofac boosted by order rush Oil services group Petrofac yesterday said a rush of contract wins would boost its full-year profits by 25 per cent from last year. The group said it had had a surge of orders for work worth $6bn (£3.7bn) over the year. Petrofac, which designs and makes oil and gas infrastructure, [...]
The top spots to see in the new decade December 16, 2009 BLACK AND WHITE BALL AT BEACH BLANKET BABYLON Think art nouveau and film noir with a dash of Casino Royale – if your mind stretches that far. Notting Hill’s most glamorous restaurant/bar is offering a New Year’s Eve night with a jazz band and guest DJs till 2AM. There’s a four-course dinner too, for those [...]
BA SUES UNION OVER XMAS STRIKE CRISIS December 15, 2009 BELEAGUERED airline British Airways (BA) is taking legal action against the Unite union in a desperate bid to prevent cabin crew from striking over the peak Christmas period, it said yesterday. Thousands of cabin crew voted to walk out for 12 days from 22 December earlier this week, in the latest blow to an airline [...]
C Suisse to pay £329m fine to US December 15, 2009 CREDIT Suisse shocked the financial markets last night after it revealed it expected to pay US authorities a hefty $536m (£329m) following a probe into its financial dealings with Iran. The Swiss bank said the settlement would likely result in a SFr445m charge this quarter, or a net impact of SFr360m after tax. Manhattan District [...]
Rock chooses Pym as its boss December 15, 2009 RICHARD Pym, the chairman of Bradford and Bingley, is being brought in to head up the “bad bank” division of Northern Rock. Following the restructuring of the state-owned bank to take effect New Year’s day, Pym will become chairman of Northern Rock (Asset Management), which will hold the bulk of the existing mortgage book. Current [...]
Nobody should ever be bailed out again December 15, 2009 CAPITALISM only really works when success is rewarded and failure punished. So as the New Year approaches, here is a radical suggestion: let us usher in a new era of personal responsibility. Let 2010 be a year of no bailouts, no handouts, no bleating and no more blaming everybody else for one’s own mistakes. This [...]