Enterprise boss earns £811k December 14, 2009 CHIEF executive of pub group Enterprise Inns Ted Tuppen was handed a total remuneration package of £811,000 last year – even as the pub group’s profits dipped by more than a fifth. Pre-tax profits at Enterprise dropped from £263m to £208m in the year to September but Tuppen’s pay package was still raised. Tuppen will [...]
CITY VIEWS: ARE BRITISH AIRWAYS’ STAFF RIGHT TO STRIKE? December 14, 2009 BOB AYERS | BULLIVANT & PARTNERS “The timing to strike over the Christmas period could not be more cruel. I really can’t understand why the staff have decided to strike bearing in mind BA’s dismal performance. It will damage the company, no doubt, and striking staff are unlikely to achieve much.” STUART PHILLIMORE | ROYAL [...]
ArcelorMittal set to slash 10,000 jobs as global demand for steel levels off December 14, 2009 ARCELORMITTAL, the world’s biggest steelmaker, is getting set to slash around 10,000 jobs worldwide, it emerged yesterday, as demand for steel wanes in the recession. The bulk of the job cuts are thought to be in Europe and the US, where potential for growth is restricted. “Company representatives discussed the possibility that the business could [...]
BAH, HUMBUG December 14, 2009 Despite reports of strong trading on the high street, a leading stockbroker has predicted that spending on Christmas presents this year is likely to take a significant knock thanks to the muted economic environment. Responses to Execution’s November “spend trend” survey suggest that consumers expect to spend an average of £373 on Christmas presents this [...]
China buys part of Saab’s technology December 14, 2009 RECOVERING US car giant General Motors (GM) sold part of the technology behind its Swedish Saab marque to China’s Beijing Automotive Industry Holding Corp (BAIC) yesterday. The move, which allows the Beijing group to build Chinese cars based on the Saab platform, should now make it easier for GM to sell off the rest of [...]
Moore Capital goes on hiring spree in Europe December 14, 2009 HEDGE fund Moore Capital Management is understood to have hired a clutch of new staff as part of an expansion drive. The London office of Moore Europe Capital Management, the European arm of New York-based Moore, is thought to have recruited six staff in portfolio management, investor relations and marketing. The recruits are said to [...]
London ranking under threat December 14, 2009 LONDON’S ranking as a global financial hub could be overtaken by Shanghai in 10 years time, according to a survey published yesterday. Over 600 executives in London, New York, Shanghai, Mumbai and Dubai were questioned about business confidence in the “Boom or Gloom?” report by law firm Eversheds. New York will remain top dog in [...]
CITY MOVES | WHO’S SWITCHING JOBS December 14, 2009 Edison Investment Research Céline Saikali has joined the research firm as an account director, tasked with re-launching its investor access offering and focusing on European opportunities. Saikali previously worked at financial PR agency Redleaf Communications as an account director and head of the transaction team. Prior to that, she was at Dresdner Kleinwort, covering emerging [...]
Austrian gaming operator Bwin plays down PartyGaming merger discussions December 14, 2009 AUSTRIAN online gaming firm Bwin Interactive Entertainment has quashed talk of a £2bn tie-up with rival PartyGaming, but said prospects for industry mergers were rising. Bwin said it was not in advanced merger talks with the UK firm or any other, although it did not rule out involvement in future deals. PartyGaming is said to have [...]
BEST OF THE BROKERS December 14, 2009 BUNZL Accendo Markets said that international distribution and outsourcing group Bunzl still deserved a “buy” rating, and set a short-term target of 680p a share. It said Bunzl’s 11 per cent revenue growth compared to last year was in line with expectations and its pre-close statement provided assurance that progress is still on track. CARPETRIGHT [...]