Cheap booze risks overstated June 2, 2009 The impact of cheap alcohol on heavy and hazardous drinkers has been overestimated according to a report out today by the Centre for Economics and Business Research (CEBR). The report claims that moderate drinkers are seriously overpaying for the government’s policy on alcohol where the benefits of increased prices such as reductions in health, crime, [...]
Acer to launch a Google laptop June 2, 2009 Acer, the world’s third-biggest PC brand, said yesterday it plans to sell netbook PCs that run on Google’s Android operating software in the third quarter of this year. The announcement is a major coup for Google, which is pushing into software and services, to complement its online advertising revenues. But the news will come as [...]
Omega in Names offer June 2, 2009 OMEGA Insurance plans to boost its exposure to Lloyds of London, spending up to £125m buying out Names who are members of the insurance market’s successful Syndicate 958. Omega already has a 16 per cent stake in Syndicate 958, which has turned a profit every year since 1980. It is offering to pay private investors [...]
Premium food brands are staging a comeback June 2, 2009 AFTER the extensive coverage that the ascent of the discounter retailers received throughout 2008, it may come as a surprise to hear that the trend has been reversing for the past six months. From the beginning of January 2008 through to mid-November, the value-brand supermarkets of Aldi, Lidl, Netto and Somerfield achieved an average uplift [...]
SEC creates new senior position in bid to improve its reputation June 2, 2009 THE US Securities and Exchange Commission (SEC) is to create a position of chief operating officer to help manage the regulator and improve internal operations, its chairman Mary Schapiro said yesterday. Schapiro said she was in the process of reviewing the SEC’s operations, including how it manages its records and call centres, to ensure it [...]
Intermediate Capital sinks to first loss June 2, 2009 INTERMEDIATE Capital Group (ICG), which lends money to buyout firms, has fallen to the first loss in its history as bad debts mounted amid the financial crisis. The specialist financier suffered a pre-tax loss of £67m in the year ending 31 March, a dramatic reversal from the £230m profit it booked in the previous year. [...]
Wednesday looks for 20m June 2, 2009 SHEFFIELD Wednesday’s chairman Lee Strafford has just appointed US banking advisers to help him flush out a £20m investment for the Championship football club. Strafford, who co-founded PlusNet before selling it to BT in 2007 for £67m, has just returned from the US where he and Wednesday chief executive Nick Parker met a number of [...]
Penna profits boosted by turmoil in the job market June 2, 2009 HUMAN resources consultancy Penna Consulting yesterday reported a trebling in full year profits as it continues to capitalise on increased demand from firms juggling their recruitment strategies in the downturn. Pre-tax profit soared 176 per cent to £6m for the year to March, while revenue grew 30 per cent to £63.2m. Penna said it saw [...]
WESTFIELD CUTS CHARGES June 2, 2009 WESTFIELD shopping centre yesterday bowed to pressure from retailers by dropping its service charges at its White City mall from £13.94 a sq ft to £12.98. Retailers were angered in September after the group hiked its fees sharply from the £8.50 initially agreed. Westfield said the reductions were part of a six month trading review [...]
CITY MOVES WHO’S SWITCHING JOBS June 2, 2009 DeloitteThe business advisory firm has appointed Anne Hamilton to lead its insurance tax team. Hamilton was previously a tax partner at rival PricewaterhouseCoopers. “In light of Solvency II we anticipate that there will be considerable restructuring work to make sure that insurance companies’ balance sheets have capacity,” said Deloitte head of UK insurance Mark Fitzpatrick. [...]