SEC apologises over Madoff September 10, 2009 Contrite US Securities and Exchange Commission officials last night apologised for bungling five probes that should have uncovered Bernard Madoff’s $65bn fraud, and its internal watchdog told top regulators to be more aggressive in investigating tips. A scathing report issued last week by SEC inspector general David Kotz found that the agency missed numerous red [...]
Probe tangles sport retail web further September 10, 2009 ALLEGATIONS of anti-competitive behaviour at JJB Sports and Sports Direct are the latest to ripple a very murky pool. In 2003, JJB – then led by founder Dave Whelan – had to cough up £6.7m in fines after Sports Direct founder Mike Ashley, the owner of Newcastle United, alerted the Office of Fair Trading (OFT) [...]
Investors grab Arcandor stake in Thomas Cook September 10, 2009 CREDITOR banks of insolvent German retailer Arcandor yesterday completed the placing of a 43.9 per cent stake in travel firm Thomas Cook in one of the biggest share placings in Britain in recent years. The placing removes uncertainty about future ownership of the stake and lifted the company’s share price. It was a further sign [...]
House prices still going up September 10, 2009 HOUSE prices rose 0.8 per cent in August, reducing the annual decline to 10.1 per cent, new figures from mortgage lender Halifax revealed yesterday. This marks the second successive monthly increase and the fourth so far this year, supporting the now widespread belief that the UK housing market has stabilised. More encouragingly, the less volatile [...]
Housebuilder Redrow unveils its worst ever annual results September 10, 2009 HOUSEBUILDER Redrow yesterday announced its worst ever yearly trading results, after its revenue dropped by more than half to £301.8m. The company may now be forced to launch a rights issue to boost its capital and finance land purchases. Group revenue fell from £650.1m for the same period a year ago, in line with tough [...]
Bank of England sticks with the status quo as rates stay on hold September 10, 2009 THE Bank of England’s monetary policy committee (MPC) unsurprisingly kept interest rates at 0.5 per cent and quantitative easing on hold at £175bn yesterday. The Bank has purchased almost £146bn worth of assets and said it expects the programme to take another two months to complete. Although there were calls last month to extend QE [...]
Suntory is in talks to snap up Orangina September 10, 2009 JAPANESEbrewer Suntory is in talks to snap up Orangina for at $2.6bn (£1.6bn) as it looks to grow oversees and offset the effects of the rapidly ageing population at home. Privately held Suntory, itself in talks to be sold to bigger rival Kirin, would likely pay more for Orangina than the $2.6bn that Blackstone and [...]
Galliford Try plans 126m rights issue September 10, 2009 CONSTRUCTION group Galliford Try yesterday announced plans for a £125.6m rights issue to raise funds for new developments and take advantage of the property sector upturn. “The rights issue proceeds will allow us to take advantage of the improved land market liquidity we are witnessing and build homes at attractive margins,” said chief executive Greg [...]
PRINCE?BAILED?OUT?BY?WAITROSE September 10, 2009 DUCHY Originals, Prince Charles’s struggling organic food company, has signed a multi-million pound exclusive licensing, manufacture and distribution deal with upmarket chain Waitrose. The deal represents a financial lifeline to the firm, which donates all its profits to charity and has struggled in the recession.
CITY VIEWS: SHOULD THE BBC BE FORCED TO SHARE THE LICENCE FEE? September 10, 2009 GRAHAM NYMAN S&H CONSULTING“The BBC is a great institution and a great brand. That may be because they get funding, but the other companies are all commercial and can find their own funds. Idon’t think we should have to pay for the iPlayer though.” MARK LOVEDAY CAPITAL EPC“I don’t think they should have to share [...]