Mallett predicts return to prosperity for art market despite widening losses August 10, 2009 MALLETT, the Bond Street antique furniture and art dealership, yesterday said pre-tax losses for the first half of the year widened almost threefold, but said it was poised to benefit as more of its rivals succumbed to the economic turbulence. The group reported a pre-tax loss of £0.82m for the six months to the end [...]
COWDERY WINS HIS FIGHT FOR FRIENDS August 10, 2009 WEEKS of price negotiations, multiple public rejections and fierce criticism of his fee structure and corporate governance finally paid off for Clive Cowdery yesterday, as his buyout vehicle clinched the support of Friends Provident for his £1.85bn bid. Cowdery is now set to gain control of the 177-year old life insurer, after Friends’ board said [...]
Investors unimpressed by downbeat update from care firm Southern Cross August 10, 2009 EARNINGS at care home group Southern Cross fell nine per cent in its third quarter, the firm said yesterday, after room occupancy dipped 2.3 per cent. The group posted adjusted earnings before interest, tax, depreciation and amortisation (ebitda) of £22.4m, against £24.4m a year earlier, on revenue of £254.8m, up 3.7 per cent. The company [...]
GOODWIN DREAMS OF COMEBACK ROLE August 10, 2009 SIR Fred Goodwin will start his hunt for a new business role when he returns to his £3m Edinburgh home later this month, City A.M. can reveal. The disgraced former Royal Bank of Scotland chief executive is looking at re-entering the charity sector, after his six-year tenure as chairman of the Prince’s Trust came to [...]
Mitsubishi takes on its rivals August 10, 2009 Japan’s largest chemical firm Mitsubishi Chemical Holdings is in talks to acquire rival Mitsubishi Rayon through an offer worth up to 200bn yen (£1.2bn). The two companies, which do not have capital ties, are likely to agree on a deal as early as this autumn and plan to complete the acquisition spring next year.
Flu threat outweighs slump August 10, 2009 The chief executive of Air Arabia Adel Ali, the United Arab Emirates budget carrier said yesterday that swine flu was a bigger threat to the industry that the worldwide downturn. The H1N1 virus has infected more than 130,000 people and caused more than 800 deaths since it emerged in April in Mexico.
Defence groups fight over MoD August 10, 2009 Defence companies in the UK are preparing to pitch for one of the biggest contracts to be handed out by the Ministry of Defence (MoD) this week. The MoD outlined its requirements for the next batch of unmanned aerial vehicles (UAVs) at a recent meeting.
Liechtenstein cuts tax deal August 10, 2009 HM REVENUE & Customs (HMRC) is set to sign a ground-breaking deal today with the tax haven of Liechtenstein designed to unlock £2bn to £3bn of cash from the secret bank accounts of British citizens in the tiny European principality. HMRC will ask around 5,000 UK investors to volunteer the details of their deposits. Banks [...]
Portmeirion upbeat on half-year August 10, 2009 Pottery firm Portmeirion said it remained confident of a £12m boost to revenues following its rescue of the Spode and Royal Worcester brands. Announcing upbeat half-year results, the firm said the addition of the historic fine china names, after a £3.2m deal with administrators in April, had provided it with a “great opportunity” for growth. [...]
Funds buy up UK property August 10, 2009 PROPERTY fund managers are storming back into the UK market, believing the correction has now ended and bricks and mortar assets are looking cheap. Managers believe the collapse of the property bubble has created a wealth of investment opportunities, with Henderson’s Herald fund and F&C’s Commercial Property Trust both diving back in to the UK [...]