Distressed firms depart Aim in growing numbers July 9, 2009 THE NUMBER of Aim-listed companies that have delisted due to financial distress and insolvency soared by 183 per cent in the quarter ending 30 June, according to figures released yesterday. City law firm Trowers & Hamlins and accountancy group UHY Hacker Young published the research, which showed that 34 companies delisted due to financial problems [...]
Jones puts his house in order as loan row grows July 9, 2009 Embattled JJB executive chairman Sir David Jones has put his main home on the market, in the midst of a storm over a £1.5m loan from Sports Direct owner Mike Ashley. It was revealed yesterday that Jones has been trying to sell his seven bedroomed home in West Yorkshire for three months. The property features [...]
GPE to head back into market July 9, 2009 Central London office landlord Great Portland Estates is on the cusp of returning to Britain’s bombed-out property market, despite concerns that unstable economic conditions will persist for months to come. Chairman Martin Scicluna said the company had seen an uptick in “attractively priced acquisition opportunities” in the last two months and was engaged in early [...]
PLUS volumes leap in first half July 9, 2009 Independent stock exchange PLUS Markets said yesterday that the number of shares traded on its platform in the first half of 2009 grew to £36bn, a 217 per cent rise on the same period in 2008. The group said that, by trade value, it traded £29.93bn of shares during the period, up 76.9 per cent [...]
France rebuffs EDF tariff calls July 9, 2009 French economy minister Christine Lagarde yesterday rebuffed calls by EDF chief executive Pierre Gadonneix for a 20 per cent increase in French state-set electricity tariffs. “The government is absolutely not bound to the assessment made by Gadonneix. This is an issue that (industry minister) Christian Estrosi and I will review later,” Lagarde said.
Wimbledon project fills coffers July 9, 2009 Galliford Try, the company which built the roof for Wimbledon’s Centre Court and last month announced the £54m West Kent College project, has released reports for the year ending 30 June. The construction and housebuilding company finished the year with around £35m in cash, up from a £2m debt last year.
UBS FACES CRISIS IN US TAX ROW July 9, 2009 A MIAMI judge has asked the US authorities if they would be prepared to shut down UBS operations in America entirely, if the Swiss bank does not agree to hand over details of 52,000 of its US clients accused of evading tax. In the latest chapter of an ongoing diplomatic row, Alan Gold – the [...]
Parker to be Anglo chairman July 9, 2009 MINER Anglo American will name City heavyweight Sir John Parker as its new chairman today, as the group attempts to calm investors after it rejected a bid from rival Xstrata. Parker, the 67-year old chairman of utilities giant National Grid, is one of the most respected boardroom figures in the UK . He served on [...]
Hopes up for Iberia deal July 9, 2009 SPANISH flag carrier Iberia appointed Antonio Vazquez as its new chairman and CEO yesterday, boosting hopes of a tie-up with British Airways (BA). Hard-nosed dealmaker Vazquez, who was already involved in the merger talks due to his role as director at Iberia, will kick-start discussions which have become bound up in red tape a year [...]
Mervyn King’s gilts move very welcome July 9, 2009 IT was a brave decision – and one few thought the Bank of England would choose to make. Its decision not to increase its quantitative easing target from £125bn to £150bn, contrary to what was widely expected, must mean that it is confident the economy is starting to grow again or is at least stagnating; [...]