O’Brien ups ante at INM September 2, 2009 IRISH billionaire Denis O’Brien was yesterday accused of trying to push Independent News & Media (INM) into administration so he can snap up its Irish titles in a fire sale. The charge came on the day that O’Brien – who owns 26 per cent of INM – called for an extraordinary meeting to vote on [...]
Regulators had five chances to rumble Madoff, says report September 2, 2009 US FINANCIAL regulators missed five chances to uncover Bernard Madoff’s $65bn (£40bn) Ponzi fraud, a scathing report said yesterday. The report by the inspector general of the US Securities and Exchange Commission (SEC) Charles Grassley said the SEC launched five investigations into Madoff’s activities dating back to 1992. But the giant fraud was only uncovered [...]
Credit Suisse on the lookout for private banks, says top director September 2, 2009 CREDIT Suisse is actively seeking to make acquisitions in private banking, one of the bank’s senior directors said yesterday. Walter Berchtold, chief executive of Credit Suisse’s private banking business, said at an industry event that the firm was “clearly ready to acquire”. Sources close to the Swiss bank said any purchase was likely to be [...]
Sales outlook starts to improve for DSG… September 2, 2009 DSG, the electrical retailer behind Currys, Dixons and PC World, yesterday posted a smaller-than-expected fall in quarterly sales and said that the outlook had improved slightly. The firm also confirmed it had sold its loss-making Polish division for a nominal €1 (60p) to IDMSA Brokerage House, following the shedding of its other loss-making Swedish and [...]
…as its boss survives a crucial vote on controversial pay plan September 2, 2009 DSG yesterday succeeded in passing a resolution at its annual meeting, asking shareholders to pass a share option that would enable directors to sacrifice up to 25 per cent of their salaries in exchange for options worth £3 for every £1 they contribute. The scheme will allow chief executive John Browett to replace a quarter, [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF DSG’S TRADING UPDATE? September 2, 2009 MATTHEW MCEACHRAN SINGER CAPITALDSG indicates that revenues are slightly ahead of expectations. Overall, and ahead of the all-important winter trading period, and the World Cup next summer, this statement is encouraging. But, within this, like-for-like sales in the UK were down by 14-15 per cent. JOHN STEVENSON KBC?PEEL HUNTUK like-for-like sales remain challenging at both [...]
BP hails giant discovery in Gulf of Mexico September 2, 2009 OILmajor BP said yesterday it had made a “giant” discovery in the Gulf of Mexico, boosting hopes that oil firms can use the region to slash their dependence on the Middle East. The discovery of at least 3bn barrels of oil at the Tiber Prospect site was made after an unprecedented exploration effort, which saw [...]
Construction PMI at 18 month high September 2, 2009 CONSTRUCTION activity contracted in August at its slowest pace in eighteen months, a leading survey showed yesterday, raising hopes that the economy will grow in the third quarter. The CIPS/Markit construction purchasing managers’ index (PMI) recorded 47.7 in August, compared to 47.0 in July. However, it remained well below the 50 mark, which signals growth. [...]
Private USjob losses drop as productivity improves September 2, 2009 THE NUMBER of private sector jobs being lost in the US decreased in August to around half the rate of losses seen earlier this year, in a welcome sign the worst of the recessionary job cuts are over. Statistics from payroll company Automatic Data Processing (ADP) yesterday revealed that 298,000 jobs were lost last month, [...]
Cattles staff face axe as outlets shut September 2, 2009 DEBT-LADEN doorstep lender Cattles is preparing to wield the axe over 500 jobs, following the firm’s decision to shut 30 of its 180 Welcome Financial outlets. Cattles, which has £2.4bn of debts, said it plans to make cuts in its sales and support teams and has told 510 employees of the Welcome business that they [...]