Economists say sorry to Queen July 26, 2009 ECONOMIC experts have written to the Queen, explaining why they did not predict the credit crunch. The letter, signed by Monetary Policy Committee member Tim Besley, blames the “failure of the collective imagination of many bright people” for not predicting the downturn. Last November the Queen asked why no one foresaw the slump. “We won’t [...]
North-South housing price divide widens July 26, 2009 THE chasm between house prices in the north and south of England widened in the month of July despite nationwide figures remaining broadly static, according to the latest Hometrack housing market survey. Overall house prices remained unchanged for a third consecutive month, Hometrack said. But among the 10 per cent of postcodes which did report [...]
INM is close to brink, warns major investor July 26, 2009 Independent News and Media (INM) could go into the Irish equivalent of Chapter 11 bankruptcy protection, the group’s second largest shareholder said at the weekend. Denis O’Brien, who owns a 26 percent stake, said: “We’ll have to consider it. I am being very clear.” But O’Brien said the costs of examinership would be prohibitive for [...]
Rexam pursues cash call to protect rating July 26, 2009 DRINKS can maker Rexam is considering launching a £350m cash call this week to reassure investors over its massive £2.7bn debt pile. The group said that tough trading conditions would hit its ability to pay down its debt next year. Rexam, whose clients include Coca Cola and Pepsi, is desperately trying to preserve its investment [...]
E&Y earns 3.2m while many Zavvi creditors miss out July 26, 2009 ERNST & Young (E&Y) has made £3.2m in fees after being appointed as joint administrators to Zavvi after the business collapsed last December, whilst unsecured creditors are set to receive only between 5-10p in the pound. Unsecured creditors, which include employees , trade creditors and voucher holders, are set to receive 5-10p for every pound [...]
Jaguar hits 673.4m in losses as it inches towards loan deal July 26, 2009 CARMAKER Jaguar Land Rover (JLR) saw its UK operations tumble to a dramatic loss of £673.4m last year, down from a net profit of £641.5m in 2007. Accounts filed at Companies House show that total recognised losses – which includes money lost on pension schemes – hit almost £1.2bn for 2008. The news of how [...]
LIBERTY GOES SHOPPING July 26, 2009 Liberty, the iconic department store famed for its mock Tudor front, is on the hunt for a new investor to help fund its growth plans. The company, which is 68 per cent owned by MWB Group is expected to appoint advisers Cavendish Corporate Finance and Global Leisure Partners to seek out new backers to take [...]
Lloyds considering JV asset sale July 26, 2009 Lloyds Banking Group is mulling a sale of some or all of its Bank of Scotland joint ventures arm, which invests in the property and hotel sectors, it emerged over the weekend. It was not clear yesterday which of the division’s assets would be put up for sale. The division has previously invested alongside property [...]
Chinese exec beaten to death July 26, 2009 A Chinese executive of a state steel company has been beaten to death by angry workers, prompting the firm to abandon privatisation plans. Chen Guojun had been surrounded by a mob of around 30,000 workers outside the offices of Tonghua Iron & Steel. The workers were protesting about lay-offs from state firms in industries targeted [...]
Business libel suits treble July 26, 2009 The number of reported libel cases mounted by businesses more than trebled last year. Figures from data provider Sweet & Maxwell show defamation claims by companies accounted for 16 of the 78 cases reported up to May 31, compared to five out of 59 the year before.