SOVEREIGN SCORES A COUP AS IT NETS BANK GRANDEE BOB WIGLEY December 16, 2009 MY MY , but hasn’t it been an eventful few months for Aim-listed home equity release firm Sovereign Reversions? Back in August, Countrywide chairman Harry Hill and a couple of fellow dissident shareholders caused a touch of controversy by trying to oust Sovereign’s board and put the company into run-off by sending out pre-ticked proxy [...]
NatEx brings in Tube boss December 16, 2009 TROUBLED train and bus operator National Express has taken on a new chief executive to steer its recovery. National Express, which has completed a controversial £360m cash call, said Dean Finch, the chief executive of London Underground contractor Tube Lines, will take up his post early next spring. National Express will hope Finch, who worked [...]
MAGICAL DEAL December 16, 2009 British film company Pinewood Shepperton will push into Asia after signing an agreement with the Malaysian government to develop a studio in the south of the country. The firm, whose UK base was used for the Harry Potter films, said the deal with state-owned Khazanah Nasional Berhad would yield consultancy and licensing fees.
Intel sued by US regulators over anticompetitive tactics December 16, 2009 INTEL, the world’s biggest computer chipmaker, was sued by US regulator the Federal Trade Commission (FTC) yesterday, for deliberately stifling competition. The FTC alleged Intel used its market dominance in efforts to shut out rivals by cutting off their access to the marketplace and denying consumers of their choice among competing microchips and lower prices. [...]
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 [...]